Radon Medical Imaging has acquired Tristate Biomedical Solutions (TBS), a provider of medical equipment sales and services. The acquisition strengthens Radon’s position in the medical imaging market, expands its geographic footprint, and provides access to new solutions and technology. TBS specializes in C-Arms, X-Ray, and other imaging equipment, with expertise in respiratory and dental equipment. The cultural alignment and technical expertise of both companies are expected to benefit customers and employees. This is Radon’s second acquisition following its purchase of Premier Imaging Medical Systems in 2022.
Radon Medical Imaging (Radon), a leading medical imaging equipment maintenance and repair services company, today announced it has acquired Tristate Biomedical Solutions, LLC (TBS), a provider of medical equipment sales and services for new, used and refurbished imaging and biomedical equipment, with a specialty in C-Arms, X-Ray, as well as other imaging equipment. This acquisition reinforces Radon’s strategy to be an industry leader in the medical imaging market, strengthens its business by providing access to new solutions and technology and further expands its geographic footprint to better serve its customers.
For nearly 15 years, TBS has established itself as a leading seller and servicer of specialized imaging equipment with deep expertise in C-Arm, X-Ray and other respiratory and dental equipment, in addition to a growing biomedical equipment engineering offering. In 2021, in addition to being recognized as one of the fastest growing private companies in the Cincinnati area, the firm completed a merger with Nightingale-Alan Medical Equipment Services, which added respiratory equipment to its portfolio of offerings. TBS’s customer base includes a variety of medical facilities such as hospitals, imaging centers, and private practices.
“Both Radon and our Premier division have been partnering with TBS for more than 10 years, and we’re thrilled to formalize our relationship and officially welcome them to the Radon family,” said Anthony Border, CEO at Radon. “Tyler Thornberry is highly respected in the industry and a fantastic leader who has built a terrific team at TBS, which has a reputation for delivering high quality products and services and having some of the best service engineers in the business. We’re excited to have them as part of the Radon team and believe this will open up multiple benefits for our customers. In addition, we believe the cultural alignment of both firms will provide our employees with the opportunity to do great things together and lead to greater success for everyone.”
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Tyler Thornberry, the CEO and founder of Tristate, who has a biomedical engineering background will join the Radon leadership team and will also remain a shareholder in the combined business.
“TBS is a leader in the markets and geographies where we operate and possess deep technical expertise,” said Tyler Thornberry, President of TBS. “Partnering with Radon provides us with the opportunity to expand into new markets and bring our expertise to the entire Radon family of businesses and customers. By joining Radon, we’ll be able to utilize a larger engineering knowledge base, offer additional products to sell to our clients, access better financial backing and enhance career paths for our employees.”
Radon assembles, sells, refurbishes, repairs and services medical imaging equipment across 10 different modalities, such as PET/CT, MRI and X-Ray equipment, among others. It serves hospitals, health systems and other healthcare providers across 16 states with an employee base of more than 140 team members. Radon’s stellar reputation and highly skilled technicians led to the company being selected as one of only two authorized agents in the U.S. for new United Imaging MRI, PET/CT and X-Ray equipment. Radon continues to seek opportunities to partner with other like-minded service providers in the imaging equipment space.
The Tristate transaction closed in June 2023 and is Radon’s second add-on acquisition. In the fourth quarter of 2022, the company acquired Premier Imaging Medical Systems (see news release here). In September 2022, 5th Century Partners partnered with Radon to recapitalize the company. DLA Piper served as legal counsel to Radon. Avante Capital Partners provided debt financing to support the Premier transaction. Terms of the transaction were not disclosed.
Source: BioSpace