ICV Partners has acquired Outpatient Imaging Affiliates, a provider of outpatient radiology services, from the company’s founder, Frank Kyle, and family office MedCare Investment Funds.
Outpatient Imaging Affiliates (OIA) partners with health systems, academic medical centers, and radiology groups to develop, market and operate outpatient imaging centers which provide PET/CT, MR, CT, ultrasound, mammography, nuclear medicine, bone densitometry, and film X-ray procedures. OIA has over 30 locations in more than nine states in the Southeast, Mid-Atlantic and Midwest regions. Ten of the company’s locations are wholly-owned, 19 are joint-ventures with health system partners, and the remaining locations are where the company has a management and billing contract. The company was founded in 2000 and is headquartered near Nashville in Franklin, TN (www.oiarad.com).
Cannon King, President and Chief Executive Officer of OIA, will continue in his current position under ICV ownership. “ICV has successfully invested in healthcare companies similar to ours, they understand our business model, and their experience will be extremely valuable as we seek ways to enhance and broaden our imaging centers,” said Mr. King.
“This investment in OIA is consistent with our strategy of partnering with high-quality management teams in industries we know well and solidifies our investment focus in the healthcare sector,” said Ira Moreland, a Managing Director of ICV. “OIA has a successful track record of partnering with healthcare providers and integrating new facilities into its network. OIA is now well-positioned as a platform investment and because of the fragmented nature of the industry we will be able to tap into a rich pipeline of opportunities as we execute strategic acquisitions into new geographic regions and existing markets as we pursue further growth and, at the same time, identify new ways to provide the highest quality patient care.”
ICV Partners invests in family-owned and closely-held businesses as well as corporate divestitures that have revenues from $25 million to $250 million and EBITDAs from $5 million to $30 million. Sectors of interest include manufacturing, consumer goods and services, business services, food and beverage, commercial services, and healthcare. ICV was founded in 1998 and has offices in New York and Atlanta (www.icvpartners.com).
Previous healthcare investments made by ICV include the February 2013 acquisition of American Alliance Dialysis, a provider of dialysis services in Puerto Rico, and the December 2013 acquisition of Interventional Management Services, a provider of pain management services in the Atlanta metropolitan market.
MedCare Investment Funds, the seller of OIA, was founded by Dr. James Leininger in 1991 to invest in companies that are active in the medical and healthcare services industry. The firm is headquartered in Nashville (www.medcarefunds.com).
Canaccord Genuity (www.canaccordgenuity.com) was the financial advisor to OIA.
© 2018 Private Equity Professional | March 13, 2018
