Piper Alderman advises longstanding client Carlisle Health on sale to Quadrant
15/08/2025
Piper Alderman is proud to have advised longstanding client Carlisle Health Pty Ltd (Carlisle Health) on the sale of all of all of its shares to Quadrant Private Equity, for an enterprise value of $200 million.
The $10 billion private equity firm will partner with Carlisle Health’s existing radiologist shareholders and management to support the company’s next stage of growth, which includes considering the acquisition pipeline to scale the platform beyond the current 500 staff and 70 plus radiologists.
Carlisle Health is one of Australia’s fastest growing radiology operators, with $20 million on the earnings line and more than $100 million in annual revenue. Carlisle Health’s partnership with Quadrant will support further investments in existing clinics, the opening of new clinics, the introduction of new complex modalities, as well as fund additional acquisitions.
The Piper Alderman team, led by Corporate Partner James Dickson and Associate Bonnie Doyle, with support from Ashleigh De Silva, Lauren Slattery and Lili Caltabiano, advised on all aspects of the transaction. As the deal was structured as a voluntary unanimous sale by Carlisle Health’s 51 securityholders to Quadrant, the team was required to manage several complex challenges that arose, including managing different requirements and requests from the different sellers. Completion of the transaction is expected to occur at the end of September. Piper Alderman has acted for Carlisle Health since its inception, developing its corporate structure and shareholder arrangements, and has acted on each of Carlisle Health’s acquisitions and capital raises.
This transaction reflects Carlisle Health’s continued commitment to growth and excellence in the healthcare sector. Our experience in mergers and acquisitions enabled us to oversee the deal successfully.
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