Wellspring Capital-Backed RAYUS Radiology Acquires One Of The Largest Radiology Groups In The U.S., Bolstering Its Growing Nationwide Network

Addition of Foundation Radiology Group Brings 100+ Radiologists Serving 45+ Hospitals Across Seven Midwest and Mid-Atlantic States Into the RAYUS Network

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RAYUS Radiology

Jul 20, 2021, 14:00 ET

MINNEAPOLIS, July 20, 2021 /PRNewswire/ -- RAYUS Radiology, formerly Center for Diagnostic Imaging, a leading national provider of advanced diagnostic and interventional radiology, announces the acquisition of Foundation Radiology Group, a Pittsburgh-based, full-service radiology provider with more than 100 radiologists delivering on-site and tele-radiology services to more than 45 health systems, community hospitals, prominent academic medical centers and outpatient imaging facilities across seven states.

"We are excited to continue the significant expansion of our employed radiologist network with highly skilled, subspecialized radiologists and to increase the number of hospital partnerships through this acquisition," said RAYUS Radiology Chief Executive Officer Kim Tzoumakas. "We look forward to working closely with our new hospital partners to continue to provide the highest quality of care for patients and add our existing network to the quality resources already available to these key hospital partners."

Foundation, a multi-site radiology group accredited by the Joint Commission, operates in Pennsylvania, New York, Ohio, Michigan, Indiana, Kentucky and Virginia, but through its hybrid operating model and state-of-the-art technology is able to provide clinical consults day and night and deliver final diagnostic reads 24/7/365. Annually, Foundation Radiology Group provides more than 1.5 million diagnostic reads for physicians and other radiologists seeking counsel of its team of academic-level subspecialty radiologists.

The well-regarded reputation earned for the quality and round-the-clock service of the Foundation network's employed and contracted radiologists, the vast majority of which are subspecialized in their field, has helped forge numerous, longstanding and successful partnerships with some of the most prominent health systems in the country.

"We share the same passion and commitment to quality care and customer service as RAYUS Radiology. I look forward to seeing further growth with our hospital partners as a part of RAYUS," said Shawn Kramer, Chief Operating Officer of Foundation. "Our future is bright as part of the nationwide RAYUS Radiology network."

For RAYUS Radiology, the acquisition of Foundation Radiology Group is the latest in a series of major announcements and aggressive growth that has followed Wellspring Capital Management's acquisition in March 2019. Two weeks ago, the company announced its comprehensive rebrand and relaunch as RAYUS Radiology, and last week, the company announced its acquisition of Orlando-based Sand Lake Imaging and a majority interest in The Research Radiology Institute.

Specific terms of the Foundation Radiology Group transaction are not being disclosed. Oppenheimer & Co. and McDermott Will & Emery LLP advised Foundation Radiology Group, with King and Spalding advising RAYUS Radiology on this transaction.

About RAYUS Radiology
RAYUS Radiology is the nation's leading subspecialty practice for advanced diagnostic and interventional radiology, with a network of imaging centers, hospital partnerships and short- and long- term hospital solutions. The organization, with more than 2,000 team members nationwide, is committed to delivering clinical excellence in communities across the United States, driven by its affiliated subspecialized radiologist network; compassionate, safe and cost-efficient care; and superior service to referring providers and patients. For more information, visit RAYUSradiology.com.