LNC, which is maintaining a minority interest in the company, grew revenues by 3.7x over its seven-year hold
West Physics tests and certifies medical imaging equipment — MRI, CT, and X-ray systems — against the accreditation standards of the American College of Radiology (ACR), the Intersocietal Accreditation Commission (IAC), and the Joint Commission.
June 25, 2026|John McNulty
Incline Equity Partners has acquired a majority equity interest in West Physics, a provider of medical and health physics testing and consulting services. LNC Partners, which acquired West Physics in May 2018, is retaining a minority position in the company in partnership with Incline.
West Physics tests and certifies medical imaging equipment — MRI, CT, and X-ray systems — against the accreditation standards of the American College of Radiology (ACR), the Intersocietal Accreditation Commission (IAC), and the Joint Commission.
The company’s service portfolio extends into radiation therapy physics, supporting the calibration and quality assurance of equipment used in cancer treatment, and industrial radiation protection consulting for non-medical facilities that handle radioactive materials. The company serves more than 6,000 client sites across all 50 states, federal territories, the Caribbean, Latin America, and the Middle East.
West Physics maintains a nationwide network of board-certified physicists and field-based technical personnel – the company claims more board-certified medical and health physicists than any other consulting firm in the world – that assist hospitals, freestanding imaging centers, mobile imaging providers, and physician offices with regulatory compliance and accreditation status.
West Physics’ network operates without affiliate networks or subcontractors and stands in contrast to its competitors who use third-party providers to fill geographic coverage.
Atlanta-headquartered West Physics was founded in 2002 by CEO Dr. Geoffrey West. “For 24 years we have remained committed to delivering exceptional service and trusted expertise to our customers,” said Dr. West. “Partnering with Incline, we plan to accelerate organic growth by investing in our services support structure, in-house residency program and broader physicist network.”
LNC Partners first invested in West Physics in May 2018. Over the following seven years, the company grew revenue by more than 3.7 times through a combination of organic expansion and six acquisitions: Phoenix Technology Corporation (May 2019); North Carolina-based Radiological Physics Consultants (July 2020); Louisiana-based Enterprise Physics (2023); Illinois-based Radiation Protection Services (December 2023); the Kentucky-based medical physics service division of Tricord (April 2024); and in January 2025, it partnered with the owner of Arkansas-based Mid-South Medical Physics to acquire the business a two year period.
Kevin Cunningham
“We are proud of the success achieved by West Physics since our initial investment,” said Kevin Cunningham, a partner at LNC. “West Physics reflects LNC’s ability to support high-quality, founder-led B2B and professional services businesses as they scale.”
“LNC has been a valuable partner to West Physics, providing strategic support and flexible capital that helped us expand our capabilities, grow our team, and continue delivering exceptional service and trusted expertise to our customers,” said Dr. West. “We are grateful for LNC’s support and look forward to continuing our growth with both Incline and LNC as partners.”
LNC Partners invests from $10 million to $50 million of capital in US-headquartered companies that have at least $5 million of revenue and $2 million to $10 million of EBITDA. Sectors of interest include business services; financial and insurance services; software and technology, and healthcare services. In May 2025, the firm held a final hard-cap closing of its third investment fund, LNC Partners III – SBIC LP with total commitments, including leverage, of $325 million. Arlington, Virginia-based LNC was founded in 2011 by its managing partners Mark Raterman, Matt Kelty, and Robert Monk.
Incline Equity Partners invests in North America-based companies with enterprise values of $25 million to $750 million. Sectors of interest include services, value-added distribution, and specialized light manufacturing. In January 2025, the firm announced the above-target final closing of Incline Ascent Fund II LP (Ascent II), with $500 million in committed capital. In October 2023, Incline closed its sixth fund, Incline Equity Partners VI LP, with $1.9 billion of capital. The Pittsburgh-based firm was formed in 2011 and is led by its Managing Partner Jack Glover and Senior Partner Leon Rubinov.
Nic Meiring
“Under Geoff West’s leadership, West Physics has become a premier scaled service provider in a highly fragmented industry,” said Nic Meiring, a managing director at Incline. “We are excited to pursue opportunities to expand into adjacent service offerings and geographies organically and through strategic M&A.”
The LNC deal team included Managing Partner Mr. Monk, Principal David Schmoeller, and Associate Charlie Grube.
Raymond James was the financial advisor to West Physics on the sale to Incline.
