ICV Partners, LLC, an investment firm focused on lower middle market companies in business services, consumer goods & services, food & beverage, and healthcare, has sold Outpatient Imaging Affiliates (OIA), a scaled outpatient imaging platform that develops joint ventures with health systems to build and operate outpatient imaging centres.
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 centres across 18 markets. Headquartered in Nashville, Tennessee and led by a management team with more than 60 years of experience managing freestanding and hospital-based imaging facilities, OIA partners with health systems and academic medical centres and radiology groups to develop, market and operate quality, patient-friendly, service-oriented outpatient imaging centres. 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, says: “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 centres.”
Ira Moreland, ICV Managing Director, says: “OIA has built an outstanding network of imaging facilities, distinguishing their centres 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.”
