Dec 17 2008
Alliance Imaging, Inc. (NYSE:AIQ), a leading national provider of outpatient diagnostic imaging services and radiation therapy services, announced today that it has acquired Shared P.E.T. Imaging, LLC (SPI), a mobile and fixed-site provider of positron emission tomography/computed tomography (PET/CT), based in Canton, Ohio.
Paul S. Viviano, Chairman of the Board and Chief Executive Officer, stated, "As Alliance continues to execute on our disciplined acquisition plan, I am very pleased to announce the addition of SPI and its fine team of patient care professionals to our team. Alliance believes that the expansion of PET/CT’s critical role in cancer detection and related treatment planning will result in continued overall growth in patient procedures. As part of our plan to expand Alliance’s strategic position as a national leader in PET/CT services, we are pleased to be able to move forward and combine our respective organizations in the Midwest, Southeast and Northeast United States. With their reputation for superior client and patient satisfaction, we look forward to welcoming SPI and their impressive roster of clinical partners to the Alliance family."
Randy Skiles, the Chief Executive Officer of SPI, stated, "As the CEO and founder of SPI, I look forward to assisting Alliance with this transition and exploring the additional services and products that Alliance will be able to bring to SPI’s hospital clients."
SPI currently generates approximately $29 million of annual revenue and serves approximately 90 clients in thirteen states, including Ohio, Michigan, Indiana, Illinois, Florida, Pennsylvania, New York, Tennessee and South Carolina. The total purchase price is expected to total approximately $43 million in cash and assumed indebtedness.