The Cranemere Group takes majority stake in Outpatient Imaging Affiliates

UNITED STATES Health Providers / Outpatient Care / Radiology EV €300–700M

Context

Cranemere Group has acquired a majority stake in Outpatient Imaging Affiliates (OIA), a leading US provider of outpatient medical imaging services. This transaction strengthens Cranemere's presence in the healthcare sector by partnering with a prominent player in the diagnostic imaging market. OIA's attractive positioning is driven by its joint venture model with hospital systems, a segment fueled by the ongoing growth in demand for care delivered outside traditional hospital settings. Outpatient imaging centers offer a cost-effective solution that enhances patient accessibility and experience while reducing healthcare costs. The investment by Cranemere brings significant financial and strategic resources to OIA, aimed at accelerating its growth trajectory. The new shareholder intends to leverage its network in the hospital sector and operational expertise to support OIA's geographic expansion, development of new partnerships, and targeted acquisitions. The company plans to continue expanding its network of imaging centers and increasing its presence among major US healthcare systems. This deal is also part of a broader trend of consolidation in the US outpatient medical imaging market, driven by the pursuit of economic efficiency and hospitals' desire to develop community-based care capabilities.

In the past, Outpatient Imaging Affiliates was acquired by Icv Partners in 2018 as part of its expansion strategy.

Outpatient Imaging Affiliates, which reported an EBITDA margin of [members only] in 2020, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.

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Target

Outpatient Imaging Affiliates is a leading provider of outpatient diagnostic imaging services in the United States, founded in 2000 and headquartered in Franklin, Tennessee. The company operates 60 outpatient centers in 19 markets and 18 states, and has established long-term partnerships with health systems, academic medical centers, and radiology groups to develop, market, and operate patient-friendly outpatient imaging centers. Outpatient Imaging Affiliates invests equity in each project alongside its local partners, while providing development, management, marketing, billing, and collection services to the joint venture, with a focus on effective execution, patient retention, and improved earnings for its health system partners.

Ent. Value

€300–700M

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2020

2019

Other operations with Outpatient Imaging Affiliates

Other operations with Outpatient Imaging Affiliates
Date	Acquirer	Target	Country	Sector
03/2018	ICV PARTNERS	OUTPATIENT IMAGING AFFILIATES	UNITED STATES	Radiology

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09/2021	LIVINGBRIDGE	EVERLIGHT RADIOLOGY	UNITED KINGDOM	Radiology
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REFERENCES

Valuation range: EV €300–700M

EBITDA range: €10–30M

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Outpatient Imaging Affiliates by The Cranemere Group are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: outpatient imaging affiliates

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Outpatient Imaging Affiliates, an American company specialised in Outpatient Care, by The Cranemere Group in 2021, structured as a leveraged buyout (LBO). This followed an earlier holding cycle initiated in March 2018, when the company was acquired by Icv Partners.

How was the acquisition of Outpatient Imaging Affiliates by The Cranemere Group valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €300–700M band and its EV/EBITDA multiple within the 10x - 18x range. Exact figures are available to members.

What was Outpatient Imaging Affiliates’s EBITDA at the time of the deal?

At the time of the transaction, Outpatient Imaging Affiliates’s EBITDA was estimated within the €10–30M bracket (FY 2020). Detailed financial figures are available to members.

What sources support the information on this transaction?

The details of this transaction are sourced directly from the official corporate announcement published on the parties’ institutional website, ensuring primary-source verification of the closing and perimeter.

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