CML completes $150M acquisition of American Radiology Services

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CTA of aoratic aneurysm performed by ARS. Source: American Radiology Services  

CML HealthCare Income Fund has closed its previously announced acquisition of Baltimore, Md.-based American Radiology Services (ARS) through the acquisition of its holding company ARS Holding, for total consideration of approximately $150.4 million.

The acquisition was funded with CML's new $456.5 million credit facility, the Toronto-based company said.

Robert Carfagno, president and CEO, and John Rodgers, chief financial officer of ARS, retained approximately $600,000 in equity interest in ARS.

The repayment of ARS' U.S. dollar term debt and capital leases assumed by CML will be included, and the acquisition is subject to normal post-closing adjustments.

ARS is a provider of diagnostic medical imaging services with 15 fixed-site multi-modality and two single-modality outpatient centers in Maryland and Delaware.