RadNet has acquired Lenox Hill Radiology of Manhattan in New York City for approximately $30.3 million, which includes the assumption of approximately $1.2 million of debt.
Lenox Hill Radiology has been an operator in the New York City market for 25 years. The cluster of centers includes three multimodality facilities and several satellite routine imaging facilities throughout Manhattan. Lenox Hill has an interest in Park West Radiology, and several outsourced business and professional reading arrangements in Staten Island, Brooklyn and Long Beach, New York.
The Lenox Hill operations should add approximately $40 million of revenue to RadNet on an annualized basis, according to Los Angeles-based RadNet. RadNet owns or operates 236 outpatient imaging centers.