PwC’s Corporate Finance team leads two sales mandates


PwC’s Corporate Finance team has been recruited to manage two sales mandates these last weeks– for radiology group Imaging Associates and chicken farmer Hazeldenes.

The engagements add to a heavy portfolio for negotiators at PwC – recently recognized as the world’s most active M&A advisor by a leading research firm. In Australia, accounting and consulting firm Big Four has been working on the sale of Natural Pet Food Group and Clarke Creek Wind Farm among others since late last year, and is currently supporting a two-stage auction for Ace. Dairy and Penten.

Two new projects on the list: Imaging Associates, a Victoria-based medical imaging company, tapped PwC to solicit potential buyers for private equity; and Hazeldenes – a family-owned poultry manufacturing business also based in Victoria – is also in PwC-advised talks with buyers.

Imaging Associates

Based in Box Hill, Victoria, Imaging Associates is a team of over 15 highly specialized radiologists providing medical and diagnostic imaging services through CT scans, MRIs, biopsies, x-rays and more. The company founded in 2008 operates with five private clinics – in Box Hill, Wagga, Mitcham, Tecoma and Baw Baw.

Australian Financial Review (AFR) reports that PwC expects to get more than $ 120 million for a full sale from Imaging Associates, which puts the company’s profit (EBITDA) at $ 12 million. The large requested margin builds on current trends in the radiology industry, where two recent acquisitions – the ASX-listed infrastructure investment firm Infratil, the early addition of QScan and Pacific Radiology – attracted 13 and 14 times EBITDA respectively.

That said, a number of major private equity players in the medical imaging arena have reportedly abandoned Imaging Associates’ proposal – opening up the sale to a dynamic market of innovative new entrants. PwC has already collected indicative bids, and many new names are on the list of interested parties.


Hazeldenes was founded in 1938 and is now among Australia’s top five chicken farmers – according to PwC, which reports AFR made a six-part business case in a flyer sent to potential buyers.

Size and profitability are central to the pitch: PwC estimates Hazeldenes sales to be over 75 million kilograms of chicken in fiscal 2020, generating revenues of over $ 300 million. The family-owned business owns more than $ 200 million in real estate assets – covering nearly 50 breeding and broiler farms, as well as a hatchery, processing plant and factory.

Hazeldenes supplies the largest supermarket chains in Australia as a wholesaler as well as a retailer through its private label. Add to this the company’s strategic location near supply chain hubs and a booming industrial context – poultry is the most consumed meat in Australia with the lowest competition in production – and the pitch is complete.

A two-stage auction is planned. “Shareholders will consider the offers for the operating company, the land portfolio or a combined sale,” the sales flyer said.


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