Clearview Capital has recapitalized Metairie, Louisiana-based Capitol Imaging, a provider of outpatient diagnostic imaging services. No financial terms were disclosed.
Stamford, CT, October 21, 2020 — Clearview Capital Fund IV, L.P. and its affiliates (“Fund IV”) announced today the recapitalization, in partnership with management, of Capitol Imaging Services, LLC (“Capitol Imaging” or the “Company”). The transaction closed on October 1, 2020.
Headquartered in Metairie, LA, Capitol Imaging is a leading provider of outpatient diagnostic imaging services in Louisiana and Alabama. Through its 20-freestanding facilities, the Company offers multi-modality capabilities including MRI, CT, and mammography, among others. The Company was founded by Dr. John Hamide who began acquiring diagnostic imaging centers in 2013. He and the management team have since completed 18 acquisitions, building one of the largest outpatient imaging platforms in the Gulf South region today.
Through its market leading position, the Company stands to benefit from favorable industry dynamics expected to drive increases to outpatient imaging volumes as a result of its comparatively low cost relative to hospital-based alternatives. Additionally, management’s proven acquisition track record paired with an actionable add-on pipeline present a unique consolidation opportunity for the Company.
Fund IV partnered with the Company’s founder, Dr. John Hamide, as well as management, to recapitalize the business and provide additional capital to support the Company’s organic and acquisition growth initiatives. Dr. Hamide will remain on the Company’s board of directors while retaining a meaningful equity stake, and the Company’s CEO, John Stagg, will continue to manage the day-to-day operations of the business.
“We are excited to be working with Dr. Hamide, John Stagg and the entire Capitol Imaging team,” commented Geoff Faux, Principal of Clearview Capital. “We believe the Company has a tremendous opportunity to strengthen its density within its existing footprint and expand into new markets in the Gulf South region.”
“Our team is thrilled to partner with Clearview Capital to accelerate our growth trajectory,” remarked John Stagg, CEO. “We are excited to have a strong and experienced partner who is as committed to our success as we are and will help us further build our infrastructure and geographic reach.”
“The partnership with Clearview is a fantastic opportunity to augment the Company’s acquisition strategy,” added Dr. John Hamide. “Clearview brings the relevant experience in healthcare services, as well as experience executing buy-and-build growth strategies, to allow us to acquire on a larger scale than ever before.”
Capitol Imaging is the third platform investment in Fund IV, a $550 million committed fund raised in 2018.
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