Feb’ 2024

CAPZA and Bpifrance accelerate the development of IMDEV

IMDEV, a leading French medical imaging group, welcomes CAPZA and Bpifrance as minority shareholders

CAPZA acquires, alongside Bpifrance, a minority stake in IMDEV, one of the leading medical imaging companies in France. CAPZA invests through its Flex Equity Mid-Market II fund, marking its fifth transaction since May 2022.


IMDEV (for Imagerie Développement) was founded in 2019 by radiologists Frédérick Breittmayer and Patrick Laugareil, in Ile-de-France. Since then, its network has gradually extended to many regions in Metropolitan France and the French overseas departments and territories.


With a fleet of 90 MRI and CT scanners, 3 PET scanners and 6 Gamma cameras, the Group now covers the entire territory, with almost 120 centres and 200 radiologists. This territorial coverage ensures that IMDEV can guarantee quality care and access to medical services throughout the country, especially in underserved areas.


Radiologists who join IMDEV’s network receive support from the central team on operational and strategic matters such as IT, recruitment, legal and financial aspects, etc. This support allows them to focus on their medical practice.


IMDEV is also positioning itself as an innovative forerunner in the medical imaging industry by introducing Artificial Intelligence to improve diagnostics and optimize processes, by implementing tele-radiology to effectively combat medical deserts and speed up patient care, and by modernizing their IT infrastructure to meet the specific cyber security requirements of the medical environment.

We are proud to support Frédérick Breittmayer, Alexandre Azouaou, their teams, and the radiologists during this new phase of the Group's development.
Guillaume Basquin, Partner of CAPZA Flex Equity Mid-Market

IMDEV, with the support of CAPZA and Bpifrance, aims to reinforce its status as a leader in France by expanding organically (through the deployment of new MRI and CT scanners) as well as through an ambitious, targeted acquisition strategy, to maintain high-quality care for patients in all regions. CAPZA and Bpifrance will also assist the Group in implementing concrete sustainable development initiatives, notably in reducing the company’s carbon footprint in line with the Paris Agreements.


“We have found with CAPZA and Bpifrance partners of choice who share our values and will support us in our upcoming phase of development. We will benefit from their networks in France and their expertise in establishing an ESG roadmap and in external growth operations, allowing us to pursue strategic acquisitions that will create value for our radiologists and patients. ” – Frédérick Breittmayer and Alexandre Azouaou, President and CEO of IMDEV


“We are proud to support Frédérick Breittmayer, Alexandre Azouaou, their teams, and the radiologists during this new phase of the Group’s development. We were impressed by the quality of this management team and by IMDEV’s vision, which aims to provide cutting-edge medicine throughout France, by proposing a high-quality medical project in each geographical area. » – Guillaume Basquin, Partner of CAPZA Flex Equity Mid-Market


“We are delighted to be joining IMDEV, a leading national player in the field of radiology. With the increasing importance of radiology in patient care, the industry requires more investments than ever before. We have been impressed by IMDEV’s strong growth in recent years, and we look forward to supporting the management and radiologists of the Group in the development of state-of-the-art radiology throughout France. ” – Paul-Philippe Bernier, Director at Bpifrance Large Cap


CAPZA’s investment as a reference minority shareholder is made through its Flex Equity Mid-Market II Fund, making this its fifth transaction since May 2022. CAPZA Flex Equity Mid-Market aims to support medium-sized European companies in their growth trajectory and in their transformation to meet the challenges of sustainable development.

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12 transactions since January 2021
Source: CAPZA as of 31/03/2024
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