El Paso’s Desert Imaging acquired by private equity-backed radiology company
Dallas-based private equity firm Panos Partners announced Friday its healthcare radiology platform company is acquiring Desert Imaging.
Diagnostic Imaging Centers of Texas, or “DICOT,” is adding the El Paso, Texas, radiology group for an undisclosed sum. Founded in 2002, Desert Imaging employs four physicians and operates five outpatient centers across the western border city.
DICOT now offers radiology services at 23 locations in five markets following the deal. Panos Partners said the acquisition will allow Diagnostic Imaging Centers of Texas to bolster patient access while generating additional revenue.
“DICOT’s recapitalization and new line of credit will provide liquidity for it to continue its growth and mission of providing outpatient diagnostic imaging and pain management services throughout Texas,” Bryan Scott, managing partner and founder of Panos private equity, said in a statement June 27.
Desert Imaging was El Paso’s first full-service outpatient imaging center operator, and 20 years later says it remains the community’s “market leader.” The practice provides diagnostic imaging services across both western Texas and southern New Mexico. Desert Imaging’s longtime CEO said he believes the sale will bring “positive change in the well-being of our employees” while “allowing us to continue to serve our community and helping to save lives.”
“This is a logical step in our company’s evolution and our team looks forward to Desert Imaging remaining El Paso’s trusted brand for outpatient imaging…,” CEO and Founder Leroy Candeleria, MBA, said in a statement.
Diagnostic Imaging Centers of Texas also launched over 20 years ago, now operating outpatient facilities in the Houston and Dallas metro areas, Corpus Christi, Beaumont and El Paso. Its brands include Memorial MRI & Diagnostic, Prime Diagnostic Imaging, Desert Imaging, Foundation Physicians Group, and Signature RX.
As part of the transaction, Panos Partners and its financial backers are recapitalizing DICOT. They have also closed a newly formed special purpose investment fund to more efficiently finance the practice.
“Desert Imaging aligns seamlessly with our platform strategy. We’re excited to partner with their leadership team as they continue delivering diagnostic imaging services across El Paso…,” DICOT CEO Todd Greene, MBA, said in the same 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.