Radiation oncology management, development, and advisory firm Integrated Oncology Network (ION) has made a strategic investment in cancer treatment and therapy business SightLine Health and its subsidiaries. ION is a privately held company whose shareholders include a small group of strategic investors, including Capricorn Investment Group and Comvest Group.
Integrated Oncology Network, LLC (“ION”) today announced that it has made a strategic investment in SightLine Health, LLC, and its subsidiaries (“SightLine”). SightLine, through its subsidiaries and affiliates, develops and manages radiation centers in partnership with radiation oncologists, medical oncologists, urologists and surgeons. Currently, SightLine owns minority interests in and manages six radiation oncology centers located in Houston, West Houston and Lubbock, Texas; Beverly Hills and Woodland Hills, California; and Tukwilla, Washington. SightLine has an additional center scheduled to open in Denver, Colorado in the the second quarter of 2012.
“We are excited by the opportunity to partner with TJ Farnsworth and the SightLine management team with a focus on continuing to integrate multispecialty oncologic physicians in community-based cancer centers,” said Jeffrey Goffman, the chairman and CEO of ION. “SightLine’s business model as a minority owner is consistent with ION’s strategy, and we believe with ION’s core expertise we can add significant value to SightLine as it expands into integrated group practice opportunities.”
TJ Farnsworth, SightLine’s chief executive officer, said, “Synergies between ION and SightLine will help both companies reach the next level of growth. ION’s network of solutions for integrated oncology groups will help us achieve our strategic business goals rapidly and efficiently. We look forward to working together.”
JMP Securities LLC acted as financial advisor to SightLine on the transacton.
ION, headquartered in Corona del Mar, California, is a radiation oncology management, development, and advisory firm that provides oncology solutions and capital for physician practices and hospitals who seek strategic, financial, and management expertise. ION’s management team has expertise in assisting physicians with the formation of integrated oncology groups, which can enhance operational efficiencies and optimize utilization while continuing to focus on providing the best patient care. ION provides solutions for transactional services, project development for cancer centers, financing, and management services with expertise in radiation oncology operations, billing and collection, accounting, compliance, IT, M&A, physics and dosimetry, and other administrative services. ION provides liquidity for physician and hospital owners as it invests as a minority partner in radiation oncology centers with both physicians and hospitals. ION’s management team has over 50 years of combined health care expertise, including working with several of the most prestigious oncology groups in the country as a trusted resource.
ION is a privately held company whose shareholders include a small group of strategic investors, including Capricorn Investment Group and Comvest Group.
About SightLine Health, LLC
SightLine Health, headquartered in Houston, Texas, specializes in groundbreaking cancer treatments such as intensity-modulated radiation therapy (IMRT), image-guided radiation therapy (IGRT), high-dose-rate (HDR) brachytherapy, and electron-beam radiation therapy. The company opened its first facility near the renowned Texas Medical Center, in 2005 and was recently ranked 86 on Inc. magazine’s 2011 Inc. 500 list.
About Capricorn Investment Group
Capricorn Investment Group is a private, independent investment firm designed to be an ideal partner for clients desiring a global portfolio driven by consistent returns and underpinned by a principled philosophy. Capricorn currently manages approximately $5 billion through various investment strategies, which cover a range of areas, from long term, diversified global growth investment strategies, venture capital and private equity, credit strategies, and “clean and green” growth capital. Capricorn’s investment philosophy is grounded in a strong fundamentals focused investment model, comprehensive research on long term, global mega-themes, such as energy, agriculture, transportation, consumer, health and wellness, technology, and consideration of business smart sustainability principles.
About Comvest Group
The Comvest Group is a leading private investment firm focused on providing debt and equity capital to lower middle-market companies. Our firm includes seasoned, senior level operating executives at all levels who partner with managers and owners of companies to grow businesses and create long-term value. Since 1988, Comvest has invested more than $2 billion of capital in over 200 public and private companies. For more information, please visit http://www.comvest.com.
Statements in this Press Release that are not historical facts constitute “forward-looking statements.” Any statements contained herein which are not historical facts or which contain the words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “should,” and similar expressions are intended to identify forward-looking statements. Such statements reflect the current view of ION with respect to future events and are subject to certain risks, uncertainties and assumptions, including, but not limited to, the risk that ION may not be able to implement its growth strategy in the intended manner, including the ability to identify, finance, complete joint venture opportunities, risks regarding currently unforeseen competitive pressures and risks affecting ION’s industry, such as increased regulatory compliance and changes in regulatory requirements, changes in payor reimbursement levels. Should one or more of those risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein.