5th Century Partners Announces Partnership and Recapitalization of Radon Medical Imaging

The transaction builds on 5th Century Partners' health care expertise and represents the firm's fifth investment from Fund I, which closed in January 2022

CHICAGO, Nov. 30, 2022 /PRNewswire/ -- 5th Century Partners, a purpose-driven private investment firm committed to driving economic and social impact, today announced it has partnered with the owners and management team of Radon Medical Imaging ("Radon") to recapitalize the company. Radon is a leading independent service organization ("ISO") that services, assembles, repairs, sells and distributes medical imaging devices, such as MRI, PT/CT and X-Ray equipment, among others.

"It is an exciting time for Radon, and this partnership with 5th Century Partners reflects our successful business performance and position as an industry leader. It's also an indicator of significant growth opportunities on the horizon," said Anthony Border, Chief Executive Officer at Radon. "5th Century Partners brings extensive experience in the health care space and a true understanding of our business. Working with their team will position us well for the future, help accelerate our expansion efforts, allow us to better serve our current and prospective customers and their patients and better support our thriving and dedicated employees."

Radon is a leader in the medical imaging market with customers that include major hospital systems, clinics, specialist and primary offices, emergency rooms and outpatient institutions. The company is known for its diversified solutions, strong technical expertise and best-in-class customer service. It serves more than 500 customers across 10 different modalities and has over 50 dedicated technicians. Radon currently operates across 13 states, primarily in the mid-Atlantic and southeastern regions of the U.S.

5th Century Partners and Radon will pursue multiple opportunities to grow the business, both organically and through acquisitions. The two companies share a common commitment to build on Radon's strong reputation of delivering top-notch customer service. A key priority is to further extend Radon's geographic footprint by expanding into new markets across the U.S. Radon will also leverage the investment, as well as 5th Century Partners' health care expertise, to deepen relationships with original equipment manufacturers (OEMs) and enhance its technical and customer service capabilities, leading to more innovative client solutions.

"Today's current health care environment continues to be dynamic, and with the aging population, an ongoing need to reduce costs and new applications of medical imaging devices, we're anticipating strong industry growth for years to come," said Marques Torbert, Managing Partner at 5th Century Partners. "Radon's impressive success and the team's experience servicing and managing complex medical imaging issues have cemented the company as a leader in this space. We look forward to partnering together to take advantage of future opportunities and delivering value to Radon, its stakeholders and our investors."

"This investment highlights 5th Century Partners' commitment not only to partnering with companies that have an outsized opportunity for growth but also with management teams that share our vision to create larger impact for our communities," said Bruce Hampton, Managing Partner at 5th Century Partners. "Beyond Radon's clear financial successes, the company is doing critical work in health care that aligns with our own mission to help drive meaningful change through financial success. Anthony, along with Radon's president, Tim Martin, and Chief Strategy Officer, Nicholas Browner, have all been incredible partners during this process, and we look forward to supporting the full Radon team in their next chapter of growth."

DLA Piper served as legal counsel to 5th Century Partners, and Avante Capital Partners provided debt financing to support the transaction.

About Radon Medical Imaging
Founded in 1976 and headquartered in Charleston, West Virginia, with additional corporate offices in Moneta, Virginia and Gaffney, South Carolina, Radon Medical Imaging sells, services and installs a variety of exceptional quality new and pre-owned radiographic equipment including, but not limited to; General Radiographic, Radiographic-Fluoroscopic, Mammography systems, Cardiac Cath Labs, Angiographic Labs, Tomography, Urology, Digital DR and CR, CT, MRI and selected PACS systems. Radon Medical Imaging has more than 80 employees across 13 states and covers a service and sales region encompassing the mid-Atlantic and southeastern regions of the U.S., while offering parts nationwide and internationally.

About 5th Century Partners
5th Century Partners is a purpose-driven private investment firm that invests in middle-market companies within health care, consumer, and business services that are committed to driving economic value and social impact. The firm provides capital, operating expertise and strategic relationships that lead to sustainable growth, which in turn allows partner companies to realize their full potential and deliver positive outcomes to their stakeholders.

SOURCE 5th Century Partners