American Securities to acquire SimonMed for $600 million

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American Securities to acquire SimonMed for $600 million

by John R. Fischer, Senior Reporter | April 21, 2021
Business Affairs
American Securities to acquire SimonMed for $600 million
American Securities has put forth $600 million to acquire radiology and imaging company SimonMed.

The hybrid practice consists of a large radiology group and 150 imaging centers. Both made the agreement in March and hope to close the deal by the end of April, according to private equity intelligence news resource, PE Hub.

Serving as both an outpatient diagnostic imaging provider and operator of its own radiology group, SimonMed employs 200 experienced subspecialty-trained radiologists across nine states, with its headquarters located in Scottsdale, Arizona.

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It began exploring a possible sale back in January. Its auction attracted two other contenders, with the practice’s adjusted earnings tallied at $75 million before interest, taxes, depreciation and amortization. Lenders have been out with a loan in the last couple of weeks, which is structured as a club deal and led by JP Morgan Private Bank, reports PE Hub.

Its sale builds on American Securities’ healthcare portfolio, which already consists of North American Partners in Anesthesia, Aspen Dental, and Air Methods.

The acquisition is also considered to be a sign of further consolidation in healthcare, with other recent examples including six new partnerships established by Radiology Partners with practices providing services in California, Colorado, Idaho, Montana, Tennessee, Texas, Wisconsin and Wyoming; and Prestige Medical Imaging’s acquisition of G.E. Walker, a Southeast provider of radiology solutions and services.

American Securities declined to comment.

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