RadNet Acquires Manhattan-based Lenox Hill Radiology for $30.3 Million
The big keep getting bigger. RadNet, Inc. announced on December 31 that it has acquired Lenox Hill Radiology for approximately $30.3 million, including the assumption of $1.2 million of debt. A factor in the deal was that it gives RadNet an entry point in the Manhattan area. Lenox Hill is based in Manhattan and has operated in New York City for 25 years through a group of centers that include Regency Medical Imaging and Madison Avenue Medical Imaging. RadNet also expects the acquisition to add approximately $40 million of revenue annually. Dr. Howard Berger, RadNet president and chief executive officer of RadNet, said in a press statement, "With existing contiguous market presence in Northern New Jersey and the surrounding New York markets of Rockland County, Westchester County and Brooklyn, the borough of Manhattan is a logical extension for RadNet. Characterized by a significant and dense patient population exceeding 1.6 million, a favorable mix of insurance carriers and a limited number of entrenched outpatient, non-hospital-affiliated imaging center competitors, we believe Manhattan is an attractive market for us." Lenox Hill Radiology is the latest addition to RadNet’s network of 236 owned and operated outpatient imaging centers, which includes 20 joint ventures. Radnet’s core markets include California, Maryland, Delaware, New Jersey, New York and Rhode Island.