Quadrant Private Equity Pty Limited, Adamantem Capital and Bain Capital, LP are among a handful of private equity firms believed to have shown interest in an acquisition of the $800m Healius Limited (ASX:HLS) diagnostic imaging unit, which is expected to be put up for sale by the healthcare provider next month. Healius was believed to be preparing to announce the outcome of its strategic review in May, but this is likely to be pushed into next month. Apparently there is internal division as to whether to move forward right now with a Diagnostic Imaging sale, and sources suggest that John Wylie, whose Tanarra Capital owns about 6%, is still uncertain about the best way to proceed.

A sale is likely to yield a price of $700 million to $800 million, but it would come at a time when a number of buyout funds have been burnt by paying too much for healthcare assets in previous years and the healthcare industry is at a weak point. However, most expect that Healius will ultimately run a sale process to test market interest and then determine whether to divest the division. DataRoom understands that a handful of parties have expressed interest in an acquisition of the Healius unit, with Australia-based funds such as Quadrant Private Equity and Adamantem Capital known to be interested buyers.

Pacific Equity Partners would be another logical suitor. It comes after Healius announced in March that it would start a wide-ranging strategic review of its structure and assets. Sources believe UBS is preparing the business for a possible sale process, to launch within weeks.

Healius's directors were due to meet to sign off on the move recently. Healius recently said that the strategic review, led by newly appointed boss Paul Anderson, was aimed at "maximising shareholder value" in a changing diagnostics market and would be undertaken in conjunction with the ongoing pathology "Transformation Reset Program". It would be run concurrently with finding greater efficiencies in the business.

Healthcare providers have been struggling under challenging conditions, with staff shortages and higher costs.