Deal: Herbert Smith Freehills has advised Crescent Capital Partners on the debt financing aspects of its acquisition of PRP Group. 

Crescent Capital is now the new owner of the $440 million radiology group PRP.

Value: Undisclosed. 

Area: M&A and finance.

Key players: The Herbert Smith Freehills finance team was led by partner Hayley Neilson and was assisted by senior associates John Erbacher and Anthony Economou and solicitor Emily Paterson.

Deal significance: Crescent has been the most active private equity manager in healthcare in Australia in the past 10 years and has a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands.

The deal sees the doctor shareholders walk away with $32.5 million cash, which is about the same as a group of financial investors spearheaded by ex-Macquarie Group CEO Nicholas Moore and former Macquarie bankers Andrew Low and John Prendiville.

VIEW ALL

Daren McKennay, partner from Crescent Capital Partners, said they have secured an investment in the “jewel in the crown” of the diagnostic imaging market where they look forward to working with the management and doctors to achieve a great outcome.

The acquisition of PRP which is one of Australia’s most significant radiology groups was funded by a combination of debt and equity.

“We are delighted to have assisted Crescent [in] this acquisition and thank the team for entrusting us to help and support them through this transaction,” partner Ms Neilson said. 

“We thoroughly enjoyed working with the Crescent team and we look forward to continuing to work with them in the future.”

Voting is now open for The Lawyers Weekly Award, to be presented to one individual for making substantial, consequential achievements in advancing the Australian legal profession since 2000.

Finalists for this prestigious award have been confirmed as those listed below. To vote for your preferred winner, click here. 

Julian Burnside AO QC (barrister)

Bernard Collaery (barrister, former Attorney-General of the ACT)

Kate Eastman SC (barrister and co-founder, Australian Lawyers for Human Rights)

The Honourable Robert French AC (former chief justice, High Court of Australia)

Sue Kench (global chief executive, King & Wood Mallesons)

The Honourable Chief Justice Susan Kiefel AC (chief justice, High Court of Australia)

The Honourable Michael Kirby AC CMG (former justice, High Court of Australia)

Jane Needham SC (barrister and former president, NSW Bar Association)

Geoffrey Robertson AO QC (barrister)

Professor Gillian Triggs (assistant secretary-general, United Nations and former president, Australian Human Rights Commission)