Radiology firm Alliance Healthcare Services could fetch upward of $400M in potential sale
A Chinese financial firm is reportedly mulling a sale of Irvine, California-based radiology provider Alliance Healthcare Services, which could fetch between $300 and $400 million.
Tahoe Investment Group has already discussed the potential divestiture with advisers and may opt to keep the business, Bloomberg reported Wednesday, citing anonymous sources. Acquired in two separate transactions totaling $178 million in 2016 and 2017, Alliance provides a range of services that include imaging joint ventures, help with center acquisitions, and outsourced radiology care.
The company at one point was traded on the Nasdaq and also operates in oncology and pain management. It typically partners with hospitals, health systems and outpatient imaging center owners to help “build long-term value for their radiology program,” according to its website. Alliance operates across 47 states and works with more than 1,100 hospitals and physician groups and 100-plus fixed-site imaging locations.
Tahoe is reportedly a big shareholder in luxury real estate overseas. And leaders are eyeing the Alliance sale after becoming the first major Chinese developer to default on a bond in five years, amid struggles during the pandemic. TIG declined to comment on the report to Bloomberg. Read more below.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.