NASHVILLE AND LONDON, October 20, 2021 – The Cranemere Group, a holding company focused on partnering with outstanding businesses for the long-term, and Outpatient Imaging Affiliates (“OIA” or the “Company”), a scaled outpatient imaging platform and a market leader in developing joint ventures with health systems to build and operate outpatient imaging centers, today announced that Cranemere has acquired majority ownership of OIA, with members of OIA’s management team retaining a meaningful ownership stake in the company. Terms of the transaction were not disclosed.
OIA is a market leader in outpatient imaging, led by a proven management team and with distinguished long-term health system partners. We are committed to supporting OIA in its mission to help health systems succeed in providing high quality service, greater convenience and a seamless experience to patients.
Cannon King, President and Chief Executive Officer of OIA, commented, “We know that health systems, with which OIA partners, are focused on their mission of protecting and improving the health of their communities with a horizon of decades and generations, not quarters or years. Cranemere has the same time horizon, along with a deep understanding of the healthcare industry and an extensive network of relationships with hospitals and health systems. OIA is deeply committed to supporting the health systems we are privileged to call our partners, and we look forward to continuing to optimize their outpatient imaging presence for the long-term.”
Founded in 2000, OIA operates 56 imaging centers across 18 markets. Headquartered in Nashville, Tennessee and led by a management team with more than sixty years of experience managing freestanding and hospital-based imaging facilities, OIA partners with health systems and academic medical centers and radiology groups to develop, market and operate quality, patient-friendly, service-oriented outpatient imaging centers. OIA invests equity in each project alongside its local partners, while providing development, management, marketing, billing and collection services to the joint venture.
Eric Minkove, Senior Managing Director of Cranemere and leader of its Healthcare Services Group, stated, “OIA is a market leader in outpatient imaging, led by a proven management team and with distinguished long-term health system partners. We are committed to supporting OIA in its mission to help health systems succeed in providing high quality service, greater convenience and a seamless experience to patients.”
McDermott Will & Emery and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to Cranemere.
OIA previously was a portfolio company of ICV Partners, LLC, a leading investment firm focused on lower middle market companies in business services, consumer goods & services, food & beverage, and healthcare.
About The Cranemere Group The Cranemere Group partners with founders and owners of businesses to help them continue to build enduring companies. Cranemere is a distinct alternative to those considering going public, or a transaction with private equity or a strategic buyer. As a highly-aligned holding company, Cranemere provides owners with permanent capital, business-building expertise and global relationships to continue to invest, innovate and grow for generations to come. The Cranemere Group is headquartered in London and has offices in New York and Washington, D.C.