Specialized medical firm Radiology Partners raised $200 million for an undisclosed stake from a group of new and old investors, the privately held El Segundo company announced this week.
The investors included venture capital firm New Enterprise Associates Inc., which previously put up $60 million; Future Fund, the Australian government’s wealth fund; and some of the fund’s employees.
Radiology Partners, which Chief Executive Rich Whitney said functions as a large physician’s practice specializing in radiology, will use the money to expand beyond the nine states where it operates in 280 hospitals and to fund more clinical research.
Radiology Partners’ doctors own roughly 40 percent of the company. Whitney declined to share revenue but said the company, founded in 2012, was profitable.
Radiology Partners sought an investment partner in order to capitalize on the coming wave of consolidation in the field of radiology, which he said has been slower than other areas of the medical industry to the trend.
“The industry has been consolidating, and I think it is reaching an inflection point,” Whitney said. “We wanted to be positioned financially to lead the way in consultation.”
Caroline Anderson is a staff reporter covering retail, restaurants, and hospitality. She can be reached at email@example.com.
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