Onex Exits Center for Diagnostic Imaging
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Onex Exits Center for Diagnostic Imaging

Onex Corporation today announced that it has completed the sale of Center for Diagnostic Imaging (“CDI”) to Insight Imaging for proceeds to the Onex Group of $91 million. “CDI has been a successful investment for Onex and we are pleased with the outcome for everyone involved, including our shareholders and limited partners,” said Robert Le Blanc, a Managing Director of Onex. “We have thoroughly enjoyed our partnership with the management team and wish them continued success.”

Onex Corporation today announced that it has completed the sale of Center for Diagnostic Imaging (“CDI”) to Insight Imaging for proceeds to the Onex Group of $91 million. “CDI has been a successful investment for Onex and we are pleased with the outcome for everyone involved, including our shareholders and limited partners,” said Robert Le Blanc, a Managing Director of Onex. “We have thoroughly enjoyed our partnership with the management team and wish them continued success.”

The Onex Group acquired CDI in January 2005 with an equity investment of $73 million and has received total proceeds of $145 million, including a prior distribution. This results in a multiple of invested capital of 2x and a 10% rate of return. Onex’ portion of the proceeds is approximately $37 million, including $3 million of carried interest and the prior distribution.

The Center for Diagnostic Imaging provides outpatient radiology imaging services. The company currently owns and operates 60 diagnostic imaging centers in nine states, including Florida, Illinois, Indiana, Ohio, Minnesota, Missouri, South Dakota, Washington and Wisconsin. CDI partners with radiologists, hospitals and health systems to offer physician-led radiology services and the expertise of subspecialized radiologists focused on neurological, spine, musculoskeletal, body, breast and cardiovascular imaging, in addition to advanced diagnostic injections and pain management procedures. The company is based in Minneapolis, MN (www.CDIradiology.com).

Onex Corporation makes private equity investments through the Onex Partners and the ONCAP families of funds. The firm invests in small and mid-sized North American businesses with enterprise value of between $50 and $500 million. Onex has more than $15 billion of assets under management and is located in Toronto, Canada (www.onex.com).

Insight Imaging is a provider of fixed-site and mobile diagnostic imaging services to healthcare providers such as hospitals and physicians, and payors, such as managed care organizations, Medicare, Medicaid and insurance companies, in over 30 states, including the following targeted regional markets: California, Arizona, Texas, New England, the Carolinas, Florida and the Mid-Atlantic states. The company is headquartered in Lake Forest, CA (www.insighthealth.com).

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