DENVER--(BUSINESS WIRE)--Premier Imaging Ventures (“PIV”), the exclusive management services provider to Riverside Radiology and Interventional Associates (“Riverside” and combined with PIV, the “Company”) is pleased to announce the recent closing of a strategic growth partnership with Excellere Partners (“Excellere”). Incorporated in 1980, Riverside is one of the ten largest radiology practices in the U.S. with 90 subspecialized physicians serving more than sixty facilities across Ohio and providing over 1.6 million annual interpretations.
Riverside has developed a unique, proprietary technology solution resulting in innovative workflow processes that drive exceptional clinical quality and efficiency and data analytics capabilities that are required to meet evolving reimbursement models. The partnership with Excellere will provide the strategic and financial resources to enhance the Company’s business development capabilities and to pursue partnerships with other progressive radiology practices across the United States. To this end, Riverside’s physician leaders, senior management and the Excellere team intend to implement a growth strategy comprised of foundational investments that further solidify Riverside and PIV’s scalable infrastructure; identified organic growth initiatives in existing and new markets; and complementary strategic partnerships across the U.S.
“We found an exceptional opportunity to partner with Excellere which has a proven track record of supporting physician practices in achieving transformative growth strategies. The model that we have created maintains physician ownership and leadership of the clinical practice, provides compelling shareholder opportunities for younger physicians, and significant equity ownership for current and future physician-partners. Our group was united in this decision and we believe that our radiology service model uniquely positions us to meet the evolving demands of our nation's healthcare delivery system as a radiologist-led enterprise,” said Dr. Mark Alfonso, Chief Medical Officer of the Company.
Marcia Flaherty, CEO of PIV, added “Riverside has a long track record of success by maintaining a focus on the best interests of the patients we serve with our hospital partners. This progressive decision to align with a trusted, well respected, visionary investment partner demonstrates our enterprise-wide commitment to keeping the patient at the center of all we do. Our partnership with Excellere is consistent with our goals of remaining physician-owned and physician-led and offers an exciting future for our younger physician-partners.”
“We identified the radiology industry several years ago as a great segment of healthcare in which to execute Excellere’s value creation strategy. We have dedicated significant resources to pursuing a radiology platform that had a patient-centric clinical model, differentiated technology and a passionate leadership team. In Riverside, we have found an exceptional partner,” said David Kessenich, an Excellere Co-Founder and Managing Partner.
“Excellere is excited to be partnering with the physicians and management team of Riverside and PIV. Their commitment to exceptional patient care, along with their facility partners and an innovative workflow technology solution, makes the Company the ideal platform from which to pursue a strategic growth strategy in the radiology services industry. This partnership is perfectly aligned with our firm’s founding philosophy to invest in entrepreneurial healthcare businesses that are focused and dedicated to providing high quality patient care; while also creating value for the physicians, facilities and payers. Together, Riverside and Excellere will further strengthen the Company’s presence, not only in Ohio, but in other attractive geographies by partnering with other leading radiology practices and expanding its service offerings,” Kessenich explained.
KeyBank Capital Markets served as the exclusive financial advisor to the board of directors of Riverside Radiology and Interventional Associates and Premier Imaging Ventures.
About Riverside Radiology
Riverside Radiology and Interventional Associates is a leading provider of professional radiology services to hospitals and other healthcare providers. Formed in 1980, Riverside is one of the largest providers of radiology services in the U.S. and along with its affiliates, Premier Imaging Ventures, Lucid Radiology and Central Ohio PACS System, has developed industry-leading workflow and clinical processes and a broad spectrum of physician support services. For more information about Riverside, please visit http://www.riversiderad.com.
About Excellere Partners
Excellere Partners is a Denver-based private equity firm with $1.36 billion of capital across three funds, and specializes in partnering with entrepreneurs and management teams. The Firm employs a proven research-driven, top down investment strategy, and supports its entrepreneurs and management teams with a proprietary value creation process designed to enhance corporate and operational infrastructure for scalability and growth. Excellere’s investments are focused on differentiated and growth oriented companies positioned to benefit from industry consolidation and favorable macro-economic and demographic trends. The Firm’s targeted industry sectors include: healthcare services and products; energy, power and infrastructure products and services; industrial technology, specialty chemicals and services; and business services. For more information about Excellere, please visit http://www.excellerepartners.com.