Atlantic Street Capital Announces Acquisition of Brown's Medical Imaging, to combine with Prestige Medical Imaging, to establish the No.2 presence nationally in Medical Imaging Distribution
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NEW YORK, October 18, 2023-- Atlantic Street Capital ("ASC"), a private equity firm targeting entrepreneurial businesses poised for the next level of growth, acquired Brown's Medical Imaging, the largest independent medical imaging service and solutions provider in the Midwest United States. ASC previously acquired Prestige Medical Imaging (PMI), a leading provider of imaging service and solutions serving the eastern half of the U.S., in 2021.
Founded in 1995 and headquartered in Omaha, NE, Brown's Medical Imaging is a medical imaging solutions company providing equipment, service, maintenance, services and support to hospitals, physician practices and ambulatory service centers across the Midwest. Key products include a broad suite of medical imaging equipment including X-ray machines, mammography systems, CT scanners, ultrasound machines, MRI systems, and surgical C-arm systems. Customer practice specialties include orthopedics, radiology, pulmonology, veterinary, chiropractic, urology, podiatry, and urgent care centers.
Peter Shabecoff, Managing Partner of ASC, and deal lead said, "Brown's is a service first organization, differentiating itself against competitors that are positioned as sales-first. Brown's offers deep and differentiated service coverage, providing the flexibility that national competitors are unable to provide, and servicing its customers at the local level. Brown's are seen as partners, rather than product and service providers. We are excited to begin working with Chad and the team to broaden the company's geographic footprint and identify select acquisitions to enhance its suite of product and service offerings. The partnership of Brown's and Prestige will be a national market leader; the combined companies will be uniquely positioned to serve customers across geographies and imaging modalities."
Chad Brown, President of Brown's Medical Imaging, commented, "Our business was founded on the basis of providing the highest level of expert service to our local customers - irrespective of size; and for over 28 years we have lived up to that purpose. With the added support of Atlantic Street Capital, who have invested in businesses similar to ours, we will continue to grow while delivering best-in-class radiology solutions and services to new and existing customers."
Chad will continue to lead the Brown's business, and with the other key members of the senior management team, has maintained a meaningful ownership position in the business. The team will also work closely with newly appointed ASC Medical Imaging Platform CEO, Larry Hicks, to collaborate, and eventually combine with PMI, to optimize service and sales across a wider geography, modalities, and vendor base.
Hicks commented, "We will ultimately bring PMI and Brown's together at the appropriate time to create the 2nd largest independent provider of medical imaging service and solutions in the US. In the meantime, we will collaborate to identify key learnings that allow us to provide higher quality service for our customers and optimize our territorial service delivery for efficiency. I am looking forward to working with the talented teams at Brown's and PMI moving forward."
ASC's expertise in the healthcare services sector includes its investments in Renew Digital, a leading provider of refurbished dental imaging equipment and services, as well, it's proprietary Global Surgical dental microscope business (the leading dental microscope brand in the U.S.); Prescott's, the leading independent provider of refurbishment, maintenance, repair, and service work for surgical microscopes in both the U.S. and the UK, utilized in hospital operating rooms and ambulatory surgery centers; Aligned Orthopedic, the premier provider of orthopedic services in the greater Washington, D.C. region; BioTouch, a leading provider of mission critical, transportation solutions exclusively focused on the medical laboratory and hospital industry; and Anatomy IT, the leading provider of managed IT services to the healthcare industry in the Eastern United States.
About Brown's Medical Imaging
Brown's Medical Imaging is a leading independent medical imaging and solutions provider in the Midwest United States. Founded in 1995, Brown's is headquartered in Omaha, NE. With a highly experienced field service engineer team and a committed sales staff, Brown's proudly serves hospitals, imaging centers, medical groups, and orthopedic groups, providing the digital imaging technology, support, products, and training necessary to keep mission-critical environments running smoothly.
For more information, visit www.brownsmedicalimaging.com
About Atlantic Street Capital
Atlantic Street Capital is a private equity firm that invests in lower middle market companies with between $4 million and $25 million in EBITDA. The firm invests in fundamentally sound companies that will benefit from capital investment and value-added strategic and operational initiatives. Atlantic Street Capital's approach is hands-on investors who work closely with management to unlock their business' underlying value and help them succeed. The firm is currently making investments in Atlantic Street Capital V, LP.
For more information, visit www.atlanticstreetcapital.com