Apex Radiology to acquire Island Radiology

Image Plus Consultants Limited which operates under the Apex Radiology brand, plans to acquire the assets and brand of Island Radiology, a move that would extend its footprint into central Jamaica and tighten its grip on the country’s private diagnostic imaging market.

The purchase price was not revealed in the company disclosure to the Jamaica Stock Exchange on Wednesday.

Island Radiology has been providing medical imaging services since 2003, with branches in Mandeville and Ocho Rios and an agency in Santa Cruz. The entity started over a decade ago, led by chairman Dr. Welsford Sinclair and Dr. Anna Fenna.

“In Central Jamaica, they are the sole private providers of MRI and bone densitometry studies,” stated the release.

For IPCL, the deal marks its second acquisition in quick succession. The company earlier entered a deal to acquire The Woman’s Place, an imaging centre founded 2006, which offers mammography, bone densitometry and ultrasound services.

Chairman Dr Steven Lewis framed the Island Radiology deal as consistent with the company’s inorganic growth strategy. “This second acquisition is well aligned with IPCL’s inorganic growth priorities. In expanding our footprint, we are thankful and humbled that another subset of our peers have entrusted us with their 23-year brand, allowing us to bring our expertise and IPCL service delivery model to a new market in central Jamaica,” he said in the disclosure.

CEO Kisha Anderson said the acquisition would consolidate IPCL’s market position. “By making this strategic move, the company is well positioned for sustained growth in the years ahead,” she said.

The transaction is expected to close in the first quarter of IPCL’s financial year 2027. IPCL made flat revenue of $1.0 billion for its February 2026 year end. From that, staff costs took half, then utilities, finance costs, and so on left $49 million as net profit. IPCL was listed on the JSE Junior Market in January 2023 and its capital stands at $1.1 billion in February.

Despite the revenue pressure, work is progressing on a new diagnostic centre at 33 Lady Musgrave Road. Its joint venture with Ripton Real Estate slated for completion in 2026, which will replace the company’s Winchester Road location.

IPCL was incorporated in 1996 and currently operates under the Apex Radiology brand across multiple Kingston locations and in Ocho Rios, St Ann.

business@gleanerjm.com