Radiology Partners Signs Definitive Agreement to Acquire MEDNAX Radiology Solutions
September 10 2020 - 6:55AM
Business Wire
Acquisition accelerates Radiology Partners’
mission to transform radiology, offer unparalleled clinical value
and service at scale and further elevate the role of radiologists
within the healthcare field
Radiology Partners (RP), the leading radiology practice in the
U.S., today announced a definitive agreement to acquire MEDNAX
Radiology Solutions, a division of MEDNAX, Inc. (NYSE: MD), in a
transaction with an enterprise value of approximately $885 million.
The combination of RP and MEDNAX Radiology Solutions brings
together two of the top radiology leaders and teams in the U.S. The
boards of directors for both organizations unanimously approved the
transaction.
“This is a milestone day. The MEDNAX radiology practices are
among the best in the country, and we are excited to welcome so
many outstanding radiologists and physician leaders to our
practice,” said Rich Whitney, Chief Executive Officer, Radiology
Partners. “We believe the benefits of increased scale, paired with
local practice autonomy and physician leadership, will allow us to
continue to advance patient care, improve clinical value and
ultimately transform radiology. The addition of these leading
practices, as well as the nation’s premier tech-enabled
teleradiology platform, represents an amazing opportunity to
accelerate our progress on this important mission.”
When finalized, the acquisition is expected to add more than 800
radiologists to RP’s existing practice of 1,600 radiologists.
MEDNAX Radiology Solutions consists of more than 300 onsite
radiologists, who primarily serve patients in Connecticut, Florida,
Nevada, Tennessee, and Texas, and more than 500 teleradiologists,
who serve patients in all 50 states. MEDNAX Radiology Solutions
physicians interpret 11.8 million exams annually, guiding the care
of millions of individual patients.
“Radiology Partners has distinguished itself within the
radiology community as a mission-driven practice committed to
clinical innovation, outstanding service delivery, physician
leadership development and local practice decision-making, all of
which aligns with the values of our radiologists,” said Ricardo C.
Cury, M.D., FACR, Chief Medical Officer of MEDNAX Radiology
Solutions. “Combining our expertise, experience and infrastructure
will enable us to create new pathways for innovation that we can
bring to our patients and our clients. I could not be more excited
about the new home for our physicians and staff.”
The combination will enable greater capabilities for large-scale
clinical programs driving value-creation and cost reduction across
the healthcare system, subspecialty offerings for patients and
clients in the regions served, and increased opportunities to
develop and elevate radiologist leaders to advance RP’s mission and
improve patient care. The transaction between RP and MEDNAX
Radiology Solutions is subject to regulatory approval and customary
closing conditions.
Advisors
Goldman Sachs & Co. LLC is serving as financial advisor and
Kirkland & Ellis LLP is serving as legal advisor to Radiology
Partners. Barclays is serving as financial advisor and DLA Piper
LLP (US) is serving as legal counsel to MEDNAX.
About Radiology Partners
Radiology Partners is the largest physician-led and
physician-owned radiology practice in the U.S., serving nearly
1,300 hospitals and other healthcare facilities across the nation.
As a physician-led practice, our mission is to transform radiology
by innovating across clinical value, service and economics, while
elevating the role of radiology and radiologists in healthcare.
Using a proven healthcare services model, Radiology Partners
provides consistent, high quality care to patients, while
delivering enhanced value to the hospitals, clinics, imaging
centers and referring physicians we serve. Learn more at
www.radpartners.com.
About MEDNAX
MEDNAX, Inc. is a national health solutions partner comprised of
the nation's leading providers of physician services. Physicians
and advanced practitioners practicing as part of MEDNAX are
reshaping the delivery of care within their specialties and
subspecialties, using evidence-based tools, continuous quality
initiatives, consulting services, clinical research and
telemedicine to enhance patient outcomes and provide high-quality,
cost-effective care. The Company was founded in 1979, and today,
through its affiliated professional corporations, MEDNAX provides
services through a network of more than 3,000 physicians in all 50
states and Puerto Rico. Additional information is available at
www.mednax.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200910005356/en/
Media Contact for Radiology Partners: Sheila Biggs
312.837.3458 sbiggs@jarrardinc.com
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