RadNet Acquires Lenox Hill Radiology for $30.3M
RadNet (NASDAQ: RDNT) today reported effective December 31st, 2012 it acquired Lenox Hill Radiology of Manhattan, New York for approximately $30.3 million, which includes the assumption of approximately $1.2 million of debt.
Lenox Hill has been an operator in the New York City market for 25 years. The cluster of centers includes its flagship Lenox Hill Radiology multimodality facility at 61 East 77th Street, between Park and Madison Avenues. Lenox Hill also wholly owns and operates multimodality facilities at 202 East 70th Street (Regency Medical Imaging) and 240 Madison Avenue (Madison Avenue Medical Imaging) as well as several satellite routine imaging facilities throughout Manhattan. In addition to its wholly owned facilities, Lenox Hill has an interest in Park West Radiology at 315 West 57th Street, near Columbus Circle, and several outsourced business and professional reading arrangements in Staten Island, Brooklyn and Long Beach, New York. The Lenox Hill operations should add approximately $40 million of revenue to RadNet on an annualized basis.
Dr. Howard Berger, President and Chief Executive Officer of RadNet