Stamford, CT, October 21, 2020 — Clearview Capital Fund IV, L.P. and its affiliates (“Fund IV”) announced today the recapitalization, in partnership with management, of Capitol Imaging Services, LLC (“Capitol Imaging” or the “Company”). The transaction closed on October 1, 2020.
Headquartered in Metairie, LA, Capitol Imaging is a leading provider of outpatient diagnostic imaging services in Louisiana and Alabama. Through its 20-freestanding facilities, the Company offers multi-modality capabilities including MRI, CT, and mammography, among others. The Company was founded by Dr. John Hamide who began acquiring diagnostic imaging centers in 2013. He and the management team have since completed 18 acquisitions, building one of the largest outpatient imaging platforms in the Gulf South region today.
Through its market leading position, the Company stands to benefit from favorable industry dynamics expected to drive increases to outpatient imaging volumes as a result of its comparatively low cost relative to hospital-based alternatives. Additionally, management’s proven acquisition track record paired with an actionable add-on pipeline present a unique consolidation opportunity for the Company.
Fund IV partnered with the Company’s founder, Dr. John Hamide, as well as management, to recapitalize the business and provide additional capital to support the Company’s organic and acquisition growth initiatives. Dr. Hamide will remain on the Company’s board of directors while retaining a meaningful equity stake, and the Company’s CEO, John Stagg, will continue to manage the day-to-day operations of the business.
“We are excited to be working with Dr. Hamide, John Stagg and the entire Capitol Imaging team,” commented Geoff Faux, Principal of Clearview Capital. “We believe the Company has a tremendous opportunity to strengthen its density within its existing footprint and expand into new markets in the Gulf South region.”
“Our team is thrilled to partner with Clearview Capital to accelerate our growth trajectory,” remarked John Stagg, CEO. “We are excited to have a strong and experienced partner who is as committed to our success as we are and will help us further build our infrastructure and geographic reach.”
“The partnership with Clearview is a fantastic opportunity to augment the Company’s acquisition strategy,” added Dr. John Hamide. “Clearview brings the relevant experience in healthcare services, as well as experience executing buy-and-build growth strategies, to allow us to acquire on a larger scale than ever before.”
Capitol Imaging is the third platform investment in Fund IV, a $550 million committed fund raised in 2018.
Holdings in funds managed by Clearview Capital include Higdon Outdoors, LLC, a designer and supplier of premium-branded hunting and pet accessories; Workforce Solutions, a provider of management consulting services focused on organizational improvement, leadership development, communications and advocacy for a broad array of clients; Apothecare Pharmacy, LLC, an institutional pharmacy targeting the behavioral health sector; Community Medical Services Holdings, LLC, a provider of medication-assisted treatment programs for patients suffering from substance use disorders; UpSwell, LLC f.k.a Mudlick Mail, LLC, a data-driven direct mail and related marketing solutions provider; Nielsen-Kellerman Co., a designer and manufacturer of premium environmental and athletic performance measurement instruments; Orchard & Vineyard Supply f.k.a. Wilson Orchard & Vineyard Supply, a provider of orchard and vineyard supplies and solutions, and outsourced vineyard management services; Controlled Products, LLC, a manufacturer and distributor of premium quality synthetic turf; Elevation Labs f.k.a. Northwest Cosmetic Labs, a formulator and manufacturer of cosmetic and skin care products for prestige brands; Derby Building Products, Inc. f.k.a. Novik, Inc., an innovator, manufacturer and distributor of polymer building products; Child Health Holdings, Inc. d.b.a. Pediatric Health Choice, the country’s largest operator of prescribed pediatric extended care (“PPEC”) centers for medically complex children; and Pyramid Healthcare, Inc., a provider of substance use disorder and mental health treatment programs for adults and adolescents.
