Private equity-backed Rayus Radiology acquiring 3 more imaging centers and a research institute
Rayus Radiology and its owner Wellspring Capital Management are purchasing three more imaging centers along with a research institute, the two announced Wednesday.
The news comes on the heels of the Minneapolis-based firm rebranding from the Center for Diagnostic Imaging name and acquiring another practice in Washington state. With this week’s expansion, Rayus is adding Sand Lake Imaging’s eight radiologists and trio of locations in the Orlando, Florida, area.
In addition, Rayus is also obtaining a majority stake in the Radiology Research Institute, a joint venture with Stephen Bravo, MD, Sand Lake Imaging’s former managing partner and medical director.
“With this partnership, we are effectively combining two research facilities into one of the most comprehensive and progressive research organizations of its kind," Rayus CEO Kim Tzoumakas said July 7. “We look forward to working closely with Dr. Bravo, and outside research partners to advance cutting-edge treatments and improve quality of life for our patients.”
Following the partnership, Rayus said the institute will continue providing imaging expertise on a wide variety of clinical trials. Alzheimer’s disease, multiple sclerosis, Parkinson’s, nonalcoholic steatohepatitis and irritable bowel syndrome will be key areas of focus. Rayus Radiology’s network is currently involved in more than 150 clinical trials tied to every imaging modality, officials said.
Tzoumakas and colleagues called Wednesday’s news the latest in a “series of major announcements and aggressive growth strategies” after CDI first became a part of Wellspring Capital Management in 2019. The newly minted leader said she sees Rayus potentially doubling in size over the next two years, with scale to match industry giants such as Radiology Partners and RadNet.
“We’re going to focus on, on quality partnerships, and we will pass on ones that don't meet that test,” Tzoumakas told Radiology Business. “We're not out to buy everything for sale by any means, but we absolutely envision ourselves being as big or bigger than those organizations. There's still a lot of opportunity for growth in this space.”
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.