ProNerve, which is backed by Waud Capital Partners, has acquired PhysIOM Group, a Colorado-based provider of intraoperative neuromonitoring. Terms were not disclosed.
Waud Capital Partners (“WCP”) announced today that its portfolio company, ProNerve (the “Company”), has acquired PhysIOM Group, LLC (“PhysIOM”), one of the largest providers of intraoperative neuromonitoring (“IONM”) services in the western and southeastern United States. Headquartered in Colorado, PhysIOM serves over 290 hospital clients across 33 states. PhysIOM represents ProNerve’s third acquisition in 2012 and establishes the Company as a national provider of IONM services and the market leading provider of IONM services in the western United States.
“Having a stated objective of building the leading provider of IONM services in the western United States, we are thrilled to complete this business combination,” said David Neighbours, Partner at Waud Capital Partners. WCP first invested in ProNerve in February 2012 and has also completed acquisitions for ProNerve in Washington and Arizona.
“Individually, both companies are well respected in our field, but combined we have a stronger platform from which to serve our customers,” said Luke Johnson, Chief Executive Officer of ProNerve. “I look forward to working with PhysIOM’s management team as I believe their strengths to be complementary to our organization.”
“We are eager to begin the process of joining forces with ProNerve,” said former PhysIOM Chief Executive Officer Rick Flores, who will become President of ProNerve. “PhysIOM’s employees, clinicians and clients have all welcomed the news of this merger.”
ProNerve is one of the leading providers of intraoperative neuromonitoring services in the United States. IONM involves the use of a variety of electro-physiological monitoring procedures during surgery to allow for early warning and avoidance of injury to nervous systems structures. ProNerve’s IONM services include onsite technical support provided by trained technologists in the operating room, combined with real-time professional oversight delivered remotely by the Company’s team of clinicians. ProNerve’s customers include health systems, acute care hospitals, specialty hospitals, ambulatory surgery centers, surgeons and physician groups.
For more information on ProNerve, visit www.pronerve.com.
About Waud Capital Partners
Waud Capital Partners (WCP) is a private equity investment firm founded in 1993 that partners with exceptional management teams to invest in middle-market growth equity investments, buyouts, industry consolidations and recapitalizations. The firm seeks to invest $20 million to $100 million in private companies in the following four areas: healthcare services, business, consumer and government services, specialty distribution and value-added industrial. Typically, the companies in which WCP invests have enterprise values between $30 million and $300 million. The firm has completed more than 100 acquisitions since its founding and currently has approximately $1 billion of capital under management.