Private equity firm Grovecourt Capital Partners is acquiring a leading teleradiology group that provides reads across 48 states, the two announced Monday.
Based in Miami and launched in 2006, Premier Radiology employs about 100 physicians, interpreting almost 2 million medical images each year. Grovecourt Capital declined to disclose terms of the deal, instead highlighting Premier’s “diverse range” of clients, which include mobile imaging providers, occupational health centers, urgent care and outpatient clinics.
“Premier Radiology Services has developed an exceptional customer base, bolstered by a world-class network of radiologists, while demonstrating a remarkable track record of growth,” Alex Vargas, MBA, managing partner and co-founder of the West Palm Beach, Florida-based investment group, said in a June 12 announcement. “We look forward to strengthening Premier’s position as a leader in teleradiology by supporting its organic growth initiatives as well as through strategic M&A.”
Drew Gaudet—who co-founded the company and became Premier Radiology’s CEO this month after serving 17 years as chief growth officer—believes the merger will help attract talent and fuel further expansion. The provider group will continue to focus on its mission of providing accurate and efficient reads, he added. In conjunction with the deal, Grovecourt also brought aboard Mark Stevens, previously Envision Healthcare’s VP of distributed radiology services, as its new chief operating officer.
“With this partnership, Premier is thrilled to be able to grow while remaining focused on fulfilling our mission,” Gaudet said in the announcement. “With Grovecourt by our side, we will attract even more skilled radiologists as we continue to invest in our technology and our talented team.”
Law firm Greenberg Traurig acted as a legal advisor to Grovecourt in executing the acquisition, while Capitala Group and Siguler Guff provided financing. The company is unaffiliated with Nashville-based Premier Radiology, the largest outpatient diagnostic imaging network in Tennessee, with more than 20 locations across the state.
Premier Radiology Services joins a growing number of imaging groups that are supported by private equity firms. Others on the list include Radiology Partners, Rayus Radiology, US Radiology Specialists, SimonMed and Solis Mammography.
Last year, Premier Radiology Services inked a long-term deal to interpret X-rays for Concentra, one of the largest occupational medicine providers in the U.S. with more than 500 locations.