by Gus Iversen
, Editor in Chief | May 09, 2023
TTG Imaging Solutions has completed the acquisition of Digirad Health, a servicer and manufacturer of fixed and mobile solid-state nuclear medicine cameras, for $40 million.
Georgia-based Digirad has been serving hospitals and outpatient providers for more than two decades, and has operated as the healthcare division of Star Equity Holdings since 2021.
TTG provides a nationwide network of field service engineers, equipment, maintenance and repair services, clinical staffing, and radiopharmaceutical products. TTG operates three equipment repair centers and three radiopharmacies that serve over 1,700 customers across 46 states.
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The acquisition expands TTG's footprint across the country, notably on the West Coast, and increases its field service team to more than 80 individuals.
The $40 million consideration is composed of $27 million in cash, a $7 million promissory note, and $6 million of rollover common equity interest in TTG. Star Equity Holdings will retain an investment in TTG.
"The merger with TTG creates tremendous opportunity for the employees of Digirad," said Rick Coleman, CEO of Star Equity Holdings, and new member of the TTG board of directors. "We have known for a long time that expansion into other modalities was the next evolution for Digirad. We are excited to partner with TTG as we expand our combined capabilities."
In his own statement, TTG president and CEO, Matt Mastarone described the acquisition as "transformational" and noted the unique value of integrating the vast customer network and infrastructure of Digirad's OEM camera business with TTG's expansive service offering.
TTG operates three equipment repair centers and three radiopharmacies that serve over 1,700 customers across 46 states.