The acquisition expands Radon's biomedical and C-Arm offerings and grows its presence across Ohio, Indiana, Kentucky, and Louisiana
CHARLESTON, W.Va., July 11, 2023 - Radon Medical Imaging (Radon), a leading medical imaging equipment maintenance and repair services company, today announced it has acquired Tristate Biomedical Solutions, LLC (TBS), a provider of medical equipment sales and services for new, used and refurbished imaging and biomedical equipment, with a specialty in C-Arms, X-Ray, as well as other imaging equipment. This acquisition reinforces Radon's strategy to be an industry leader in the medical imaging market, strengthens its business by providing access to new solutions and technology and further expands its geographic footprint to better serve its customers.
For nearly 15 years, TBS has established itself as a leading seller and servicer of specialized imaging equipment with deep expertise in C-Arm, X-Ray and other respiratory and dental equipment, in addition to a growing biomedical equipment engineering offering. In 2021, in addition to being recognized as one of the fastest growing private companies in the Cincinnati area, the firm completed a merger with Nightingale-Alan Medical Equipment Services, which added respiratory equipment to its portfolio of offerings. TBS's customer base includes a variety of medical facilities such as hospitals, imaging centers, and private practices.
"Both Radon and our Premier division have been partnering with TBS for more than 10 years, and we're thrilled to formalize our relationship and officially welcome them to the Radon family," said Anthony Border, CEO at Radon. "Tyler Thornberry is highly respected in the industry and a fantastic leader who has built a terrific team at TBS, which has a reputation for delivering high quality products and services and having some of the best service engineers in the business. We're excited to have them as part of the Radon team and believe this will open up multiple benefits for our customers. In addition, we believe the cultural alignment of both firms will provide our employees with the opportunity to do great things together and lead to greater success for everyone."
Tyler Thornberry, the CEO and founder of Tristate, who has a biomedical engineering background will join the Radon leadership team and will also remain a shareholder in the combined business.
"TBS is a leader in the markets and geographies where we operate and possess deep technical expertise," said Tyler Thornberry, President of TBS. "Partnering with Radon provides us with the opportunity to expand into new markets and bring our expertise to the entire Radon family of businesses and customers. By joining Radon, we'll be able to utilize a larger engineering knowledge base, offer additional products to sell to our clients, access better financial backing and enhance career paths for our employees."
Radon assembles, sells, refurbishes, repairs and services medical imaging equipment across 10 different modalities, such as PET/CT, MRI and X-Ray equipment, among others. It serves hospitals, health systems and other healthcare providers across 16 states with an employee base of more than 140 team members. Radon's stellar reputation and highly skilled technicians led to the company being selected as one of only two authorized agents in the U.S. for new United Imaging MRI, PET/CT and X-Ray equipment. Radon continues to seek opportunities to partner with other like-minded service providers in the imaging equipment space.
The Tristate transaction closed in June 2023 and is Radon's second add-on acquisition. In the fourth quarter of 2022, the company acquired Premier Imaging Medical Systems (see news release here). In September 2022, 5th Century Partners partnered with Radon to recapitalize the company. DLA Piper served as legal counsel to Radon. Avante Capital Partners provided debt financing to support the Premier transaction. Terms of the transaction were not disclosed.
About Radon Medical Imaging
Founded in 1976 and headquartered in Charleston, West Virginia with additional corporate offices/warehouses in Moneta, Virginia, Rome, Georgia and Gaffney, South Carolina, Radon Medical Imaging is a leading independent service organization that services, assembles, repairs, sells and distributes new and refurbished medical imaging equipment including, but not limited to: MRI, PET/CT, fluoroscopy, mammography, cardiac cath lab, urology, digital DR and CR, C-arm, general radiographic (X-Ray) and select PACS systems. Radon Medical Imaging has more than 140 employees across 16 states and covers a service and sales region encompassing parts of the Midwest, the mid-Atlantic and southeastern regions of the U.S., while offering parts nationwide and internationally.
About Tristate Biomedical Solutions
Founded in 2009 and headquartered in Franklin, Ohio, Tristate Biomedical Solutions is a leading independent service organization that specializes in imaging and biomedical equipment and counts as its clients some of the leading hospitals, ambulatory surgery centers, doctor's offices, fire department and veterinary offices. The company services, assembles, repairs, sells and distributes new and refurbished medical imaging and respiratory-related equipment. Additionally, Tristate provides biomedical equipment engineering services to customers within its geographic service region. In addition to its 20,000 square-foot headquarters in Franklin, the company maintains an office in Mandeville, Louisiana.
About 5th Century Partners
5th Century Partners is a purpose-driven private investment firm that invests in middle-market companies within healthcare, consumer and business services that are committed to driving economic value and social impact. The firm provides capital, operating expertise and strategic relationships that lead to sustainable growth, which in turn allows partner companies to realize their full potential and deliver positive outcomes to their stakeholders. Learn more at www.5cpartners.com.
SOURCE Radon Medical Imaging
