An investment firm billing itself as an alternative to private equity or going public has purchased a growing outpatient imaging chain with plans to hold onto it for the long term.

London-based Cranemere Group is acquiring Outpatient Imaging Affiliates in a deal valued at $400 million, PE Hub reported Wednesday citing anonymous sources. Founded in 2000, the Nashville, Tennessee, healthcare group operates 56 centers across 18 markets. Investment firm ICV Partners is the seller, having acquired Outpatient Imaging Affiliates in 2018, growing from 36 locations and more than doubling earnings during the three-year timespan.

“OIA has built an outstanding network of imaging facilities, distinguishing their centers by delivering quality value to healthcare providers and patients,” Ira Moreland, managing director of Miami-based ICV Partners, said in a statement. “Cranemere is an outstanding new home for OIA to continue its pathway for growth,” he added later.


The provider group’s primary business model is to form joint ventures with local providers, investing its own equity into new or existing centers. Health system partners include three-hospital UVA Health in Virginia, 10-hospital MedStar Health in Maryland and 14-hospital Jefferson Health headquartered in Philadelphia. Along with the initial investment, OIA also handles development, management, marketing, billing and collection services in its ventures.

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E-mail Author: Marty Stempniak