ICV Partners has sold Outpatient Imaging Affiliates to The Cranemere Group. No financial terms were disclosed. Nashville-based OIA is an outpatient imaging platform.
MIAMI, October 20, 2021 – ICV Partners, LLC, a leading investment firm focused on lower middle market companies in business services, consumer goods & services, food & beverage, and healthcare, announced today the sale of Outpatient Imaging Affiliates (OIA), a scaled outpatient imaging platform and a market leader in developing joint ventures with health systems to build and operate outpatient imaging centers. OIA was acquired by The Cranemere Group, a holding company focused on partnering with outstanding businesses for the long-term.
Founded in 2000, OIA operates 56 imaging centers across 18 markets. Headquartered in Nashville, Tennessee and led by a management team with more than sixty years of experience managing freestanding and hospital-based imaging facilities, OIA partners with health systems and academic medical centers and radiology groups to develop, market and operate quality, patient-friendly, service-oriented outpatient imaging centers. OIA invests equity in each project alongside its local partners, while providing development, management, marketing, billing and collection services to the joint venture.
W. Cannon King, President and CEO of OIA, said, “We thank the ICV team for their support and guidance over the past three years to combine our efforts and create a leading provider of diagnostic imaging centers.”
Ira Moreland, ICV Managing Director, said, “OIA has built an outstanding network of imaging facilities, distinguishing their centers by delivering quality value to healthcare providers and patients. Upon acquiring the company in 2018, we had tremendous respect for the network that OIA had built and we are proud to have played a role in further building the company’s leadership position in the outpatient imaging sector. OIA has dramatically enhanced the imaging services delivered to patients and we are very happy with our partnership with Cannon and his team. Cranemere is an outstanding new home for OIA to continue its pathway for growth.”
Since ICV’s initial investment in March, 2018, OIA has increased the number of centers it operates from 36 to 56 and EBITDA has more than doubled during the same period.
In addition to OIA, ICV’s experience of partnering with excellent founders and entrepreneurs in the healthcare sector includes, Cherry Tree Dental, a leading general dentistry provider in Wisconsin, Interventional Management Services, one of the largest providers of interventional pain management services in the Atlanta metropolitan market, Atlantis Healthcare Group Puerto Rico, Inc., a leading provider of dialysis services throughout Puerto Rico, and Total Access Urgent Care, a leading operator of urgent care centers in the St. Louis market.
About ICV Partners
Founded in 1999, ICV Partners is a leading private investment firm that supports management leaders of strong lower middle market companies in pursuing growth. Over its first four funds, the principals of ICV have crafted a strong track record of helping companies expand their footprint and improve performance over the long term and across a variety of industries. Additional information is available at www.icvpartners.com.