Apex Radiology parent Image Plus discloses $620m tag on two imaging buyouts

Image Plus Consultants Ltd (IPCL), which operates as Apex Radiology, has revealed that it committed $620 million to purchase two diagnostic imaging businesses. The deals had been announced earlier without a price. Together they take the group’s network to eight sites in Jamaica.

Management put the full price at $620 million and said about $470 million remains unpaid.

“Having successfully completed two acquisitions, the company leads the provision of diagnostic imaging in Jamaica, offering patients convenient access to multiple modalities across eight service locations,” Chairman Dr Steven Lewis and Director Dr Jacqueline Leckie said in the directors’ report that accompanied results for the quarter ended May 2026.

The unpaid balance appears in the accounts as deferred consideration. That item helped push total liabilities to $946.3 million from $420.8 million at the opening of the financial year. IPCL also used a $49.3-million bank overdraft to help finance the deals; it said that facility has since been replaced with a term loan.

The Island Radiology purchase took effect on May 1 and added three centres: Eight Rivers Town Centre in Ocho Rios, Caledonia Mall in Mandeville, and Oasis Plaza in Santa Cruz. IPCL told The Gleaner the Island Radiology deal was priced at $550 million, with $70 million attributed to The Woman’s Place.

Cash-flow figures show $100 million paid in cash during the quarter, with the balance set up as deferred payments.

IPCL said Island Radiology has offered medical imaging since 2003 and is the only private operator supplying MRI and bone densitometry work in central Jamaica. Taking over that business was the second step in its growth plan after buying The Woman’s Place in the third quarter of the previous financial year.

The added sites supported a stronger quarter. Revenue climbed by a third to $351.9 million from $267.4 million a year earlier, and the two acquisitions supplied $45.7 million of that. Because Island Radiology joined on May 1, only one month of its trading entered the period.

Profit before tax more than doubled to $32.8 million from $13.7 million, while earnings per share moved to three cents from one cent. Total assets rose by more than a third to $2.1 billion, chiefly on assets brought in through the purchases. Scans performed in the quarter increased by a third to 17,444.