Welsh, Carson, Anderson & Stowe and Charlotte Radiology have formed US Radiology Specialists, a physician-owned radiology group. No financial terms were disclosed. John Perkins will serve as CEO. Leerink Partners LLC provided financial advice to Charlotte Radiology, with McGuireWoods LLP serving as legal counsel. And, Ropes & Gray was legal counsel to WCAS.
CHARLOTTE, N.C., April 4, 2018 /PRNewswire/ — Charlotte Radiology, one of the nation’s largest and most progressive radiology practices, and Welsh, Carson, Anderson & Stowe (“WCAS”), a leading healthcare investment firm, today announced the formation of US Radiology Specialists, a new venture focused on building the premier physician-owned radiology partnership in the country.
“US Radiology Specialists is a physician-owned and quality-focused group set up to support our mission of providing exceptional patient care,” said Bob Mittl, MD, Chairman of the Clinical Governance Board of Charlotte Radiology and a US Radiology Specialists Board Member. “We are excited to form US Radiology Specialists in a joint partnership with highly experienced and like-minded partners such as WCAS.”
Charlotte Radiology is one of the nation’s largest and most successful radiology groups, serving the Southeast for more than 50 years. With 126 physicians and advanced care practitioners, it provides sub-specialized radiology and interventional care on a 24-hour basis across 18 hospitals, and owns and operates 14 breast centers, three mobile mammography units, two vein centers, and several vascular and interventional care sites. In addition, in a joint venture with Atrium Health, formerly known as Carolinas HealthCare System, Charlotte Radiology operates five outpatient imaging centers and two mobile MRI units. Collectively, Charlotte Radiology interprets or performs more than 1.5 million imaging studies and imaging-guided procedures each year.
“Charlotte Radiology is the perfect founding partner for US Radiology Specialists,” said Brian Regan, WCAS General Partner. “Combining their commitment to clinical quality with our resources, business support and capital investment, US Radiology Specialists will be able to rapidly expand, enabling us to reach more patients across the country.”
The group also announced today that John Perkins has agreed to join US Radiology Specialists as its Chief Executive Officer (CEO), and a member of the Board of Directors.
Perkins is a seasoned executive with decades of operating experience and a focus on scaling high-quality healthcare companies. He comes to US Radiology Specialists from Bio Products Laboratory (BPL), a global plasma protein therapeutics company where he served as CEO. Prior to that, Perkins was the EVP of Global Commercial Operations for Talecris Biotherapeutics.
Perkins specializes in growing and scaling businesses and has also had significant private equity experience as an operator and operating partner for Bain Capital, Ampersand Capital and Cerberus Capital. He started his career at General Electric, where he held a variety of operating and M&A roles. Perkins received his BA from DePauw University and earned his MBA from Northwestern’s Kellogg School of Business.
“I am incredibly excited to partner with Charlotte Radiology and WCAS to create US Radiology Specialists,” said Perkins. “I strongly believe in our model of a national, physician-owned partnership, that is closely aligned with leading health systems to provide the highest quality patient care.”
Leerink Partners LLC acted as exclusive financial advisor to Charlotte Radiology, with McGuireWoods LLP serving as legal counsel. Ropes & Gray served as legal counsel to WCAS.
About Charlotte Radiology
Charlotte Radiology is one of the largest and most progressive radiology groups in the country. The practice consists of over 100 board-certified radiologists with training in a range of specialties including Body Imaging, Emergency Radiology, Interventional Radiology, Mammography, Musculoskeletal, Neuroradiology, Nuclear Medicine, Pediatrics and Teleradiology/Nighthawk Imaging. The practice owns and/or operates 14 breast centers, two vein centers, five freestanding outpatient imaging centers and several mobile imaging units, and provides radiologist coverage to 18 hospitals in NC including numerous Atrium Health facilities. See https://www.charlotteradiology.com to learn more.
About Welsh, Carson, Anderson & Stowe
WCAS focuses its investment activity in two target industries: technology and healthcare. Since its founding in 1979, WCAS has organized 16 limited partnerships with total capital of over $22 billion. The firm is currently investing an equity fund, Welsh, Carson, Anderson and Stowe XII, L.P., which has closed on over $3.3 billion in commitments. WCAS has a current portfolio of approximately 20 companies. WCAS’s strategy is to partner with outstanding management teams and build value for its investors through a combination of operational improvements, internal growth initiatives and strategic acquisitions. See www.wcas.com to learn more.