Radiology Partners Signs Definitive Agreement to Acquire MEDNAX Radiology Solutions
EL SEGUNDO, Calif., September 10, 2020 — 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.
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.
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 www.mednax.com.