BPE Deal Tracker: Medical Imaging Industry Leader Acquires Medical Equipment Sales and Services Provider

July 17, 2023

5th Century Partners-backed Radon Medical Imaging announced on July 11, 2023, that it recently acquired Tristate Biomedical Solutions, LLC, its second add-on acquisition. Tristate is a provider of medical equipment and sales and services for new, used and refurbished medical imaging and biomedical equipment. As part of the acquisition, Tyler Thornberry, the CEO and founder of Tristate, will join the Radon leadership team and remain a shareholder in the combined business.

In Q3 of 2022, 5th Century Partners partnered with Radon’s ownership and management to recapitalize Radon, and completed its first add-on transaction in Q4 of 2022 when Radon acquired Premier Imaging Medical Systems.

5th Century Partners, headquartered in Chicago, is a Black-founded private investment firm led by Bruce Hampton and Marques Torbert that focuses on investments in middle-market companies within the healthcare, consumer and business services industries.

Radon Medical Imaging, headquartered in Charleston, West Virginia, is a leading independent service organization that services, assembles, repairs, sells and distributes medical imaging devices, including MRI, PET/CT, fluoroscopy, mammography, cardiac cath lab, urology, digital DR and CR, C-arm, and general
X-ray equipment. Radon has more than 140 employees across 16 states and covers the mid-Atlantic and southeastern regions of the United States with its service and sales capabilities.

Terms of the acquisition were not disclosed.