Private equity firm HealthEdge Investment Partners is teaming with a top teleradiology services firm, the two announced Thursday.
Radsource LLC was founded in 2001 and bills itself as the “nation's largest provider of subspecialty orthopedic and neurological MRI interpretations,” employing 25 fellowship-trained radiologists. Based in Brentwood, Tennessee, the firm also supplies ProtonPACS, a “leading” imaging technology solution launched in 2012 via partnership with Intelerad.
HealthEdge—a lower middle market fund focused on the healthcare space—said Radsource’s size and market position attracted it to the transaction.
“Their status as one of the largest providers within their subspecialties is a testament to their dedication to offering the highest quality in musculoskeletal and neurological MRI interpretation,” HealthEdge Partner Matt Dawson said in a Jan. 18 announcement. “Similarly, Radsource has developed an equally impressive base of highly satisfied ProtonPACS customers. We look forward to working with and supporting the Radsource team through their next evolution of growth.”
Hill Ward & Henderson served as legal counsel in the transaction for HealthEdge, which was founded in 2005 and based in Tampa, Florida. B.C. Ziegler & Company was financial advisor to Radsource, while Holland & Knight LLP provided legal services. Avante Capital Partners, meanwhile, handled debt financing for the deal, according to the announcement.
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.