April 21, 2021
SimonMed Partners with American Securities
SimonMed Imaging ("SimonMed"), one of the largest independent outpatient medical imaging providers and physician radiology practices in the United States, and American Securities LLC, a leading U.S. private equity firm, today announced a strategic partnership that includes an investment from American Securities to support continued growth. Financial terms of the transaction were not disclosed.
Based in Scottsdale, Arizona and founded in 2002 by Dr. John Simon, SimonMed operates 147 diagnostic medical imaging centers across 11 states that offer the full modality of diagnostic scans, including 3T MRI, CT, ultrasound, 3-D mammography, PET/CT, nuclear medicine, DEXA, and X-rays. SimonMed's integrated technical and professional business model includes operating the centers where imaging scans are performed and employing subspecialty-trained radiologists who read and interpret the images for referring physicians and patients. With over 2,200 employees, including nearly 200 radiologists, and approximately two million patient visits per year, SimonMed is both one of the largest independent imaging center operators and radiologist groups in the United States. SimonMed delivers a highly compelling value proposition to its over 40,000 referring physicians and their patients due to its focus on the most advanced equipment and technology, subspecialized reads, affordable and transparent pricing, and offering convenient locations and a commitment to fast access to care.
"We are extremely proud of the SimonMed service offering that includes the most advanced equipment and technology available, as well as reads from some of the most talented subspecialty-trained radiologists in the world. We are committed to delivering the highest quality of care at affordable prices across our convenient base of locations," said Dr. John Simon, Founder and Chief Executive Officer of SimonMed. "We chose American Securities as the best partner for SimonMed because they bring strategic, functional and financial resources that will support and accelerate our many growth initiatives, and also because they understand and share our commitment to offering the highest quality imaging services and patient experience in the market."
"Referring physicians and patients are increasingly looking for high quality imaging and radiology services that are affordable and performed in an outpatient setting. SimonMed has been an incredible growth story and we believe its focus on quality of care, technology, patient experience, and fair pricing positions it to be a long-term winner in its market," said Ben Dickson, a Managing Director of American Securities. "We have significant experience partnering with founder-led companies and growing distributed healthcare businesses. Dr. Simon and the rest of the talented SimonMed team offer truly differentiated imaging and radiology services and we are excited to work with them to reach more patients by continuing to build density in SimonMed's existing markets, as well as expanding into new markets around the United States."
Jefferies LLC served as financial advisor and Perkins Coie LLP served as legal counsel to SimonMed. Kirkland & Ellis LLP served as legal counsel to American Securities.
Headquartered in Scottsdale, Arizona, SimonMed is one of the largest independent outpatient medical imaging providers and physician radiology practices in the United States. SimonMed has 147 sites across 11 states and nearly 200 subspecialty-trained radiologists. SimonMed offers the full modality of diagnostic scans, including 3T MRI, CT, ultrasound, 3-D mammography, PET/CT, nuclear medicine, DEXA, X-rays, among others. The company uses the newest, most-advanced, diagnostic imaging technologies while maintaining affordability and accessibility. SimonMed is a worldwide leader in the clinical use of AI to improve diagnoses with one of the largest global deployments to enhance early breast cancer detection and in the evaluation of brain disorders. Through its simonONE division, SimonMed is also at the forefront of personalized imaging for the early diagnosis and treatment of disease. For more information, visit www.simonmed.com.
About American Securities
Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion and/or $50 million to $250 million of EBITDA. American Securities and its affiliates have approximately $23 billion under management. For more information, visit www.american-securities.com.