Prestige Medical Imaging acquires MedServ Plus and XRV Healthcare

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Aug 25, 2022, 07:45 ET

Industry leaders combine to create radiology's new juggernaut

NEW YORK, Aug. 25, 2022 /PRNewswire/ -- Prestige Medical Imaging ("PMI"), the largest independent radiology service and solutions provider in the Eastern United States and a portfolio company of Atlantic Street Capital ("ASC"), announced today that it has completed acquisitions of MedServ Plus and XRV Healthcare. The additions of MedServ Plus and XRV Healthcare to the PMI business platform bring together three of the most prominent dealers in the medical imaging industry, solidifying the combined entity as the largest independent radiology service and solutions provider in the Eastern United States.

"We couldn't be happier to have two incredible organizations in MedServ Plus and XRV Healthcare joining the PMI family," said Bill Haussmann, Chief Executive Officer of Prestige Medical Imaging. "Our three companies present seamless fits both operationally and culturally, so we're really excited for our employees and for our customers. The future is now for PMI."

MedServ Plus, with offices in Beaver Falls, PA, and East Palestine, OH, bolsters PMI's industry stronghold in the Great Lakes region with 19 years of expertise. MedServ Plus services and sells a broad suite of equipment modalities within PMI's existing customer segments. Craig McCowin, President of MedServ Plus, commented, "We can't wait to hit the ground running with PMI. It has always been important for us to retain our family values as we grow as an organization, and we're doing just that in joining PMI. I'm looking forward to taking our companies to the next level of growth together."

XRV Healthcare, a 20-year industry stalwart from Springfield, VA, bridges PMI's comprehensive customer coverage area between the Northeast and Southeast. Like MedServ Plus, XRV Healthcare complements PMI's existing sales and service organizations in a previously underdeveloped geographic segment. Bud Mori, Chief Executive Officer of XRV Healthcare, said of the deal, "We've long respected PMI and MedServ as leaders in the industry. To now be one organization with them is truly exciting for everyone here at XRV Healthcare."

Peter Shabecoff, Managing Partner of ASC, said, "These two highly complementary acquisitions will further accelerate PMI's growth and allows the company to provide its clients with superior technical service and support to a greater geography. Access to additional capital and ASC's operating resources will further the company's development efforts."

Prestige Medical Imaging and Atlantic Street Capital are actively seeking additional acquisitions to broaden PMI's geographic footprint and enhance its suite of product offerings.

About Atlantic Street Capital
ASC is a private equity firm that invests in lower middle market companies poised for the next level of growth. The firm targets entrepreneurial management partners and fundamentally sound companies between $4 million and $25 million of EBITDA that will benefit from capital investment and ASC's value-added strategic and operational support. As a result, ASC works closely with management to unlock their business' underlying value and help them succeed. For more information, visit www.atlanticstreetcapital.com.

About Prestige Medical Imaging
Prestige Medical Imaging is the largest independent radiology service and solutions provider in the Eastern United States. Founded in 2003, PMI is headquartered in Newburgh, NY and is supported by private equity firm Atlantic Street Capital. With experienced field service engineers and a committed sales staff, PMI proudly serves hospitals, imaging centers, medical groups, orthopedic groups, and professional sports teams, providing the digital imaging technology, support, products, and training necessary to keep mission-critical environments running smoothly. Prestige Medical Imaging is the Official X-Ray Equipment Provider of the New York Mets, Brooklyn Nets, Miami Heat, New York Islanders, and Columbus Blue Jackets.
For more information visit www.prestigemedicalimaging.com

Media Contacts:
For PMI
Mackey D'Addario
[email protected]
(866) 631-9729

For Atlantic Street Capital
Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334

SOURCE Atlantic Street Capital