| Parthenon Capital Recapitalizes Med-Tel International Corporation
PRESS FOR IMMEDIATE RELEASE
Contact: Nanette Sorich, Parthenon Capital
Telephone: (617) 478-6348
Boston, MA - Parthenon Capital (PCAP™), a leading middle-market private equity firm, announced today that it has led a $19 million recapitalization of Med-Tel International Corporation of McLean, Virginia and London, England. Med-Tel is a leading owner and operator of diagnostic imaging centers using proprietary telemedicine technology. The proceeds of the investment were used to recapitalize Med-Tel for future growth initiatives.
Parthenon Capital’s first investment into diagnostic imaging was based largely on Med-Tel’s unique operating model and their growing international presence. Med-Tel currently operates 21 MRI scanners located in 17 centers in the US and U.K., focusing exclusively on open MRI centers operated under the Wide Open MRITM name.
The company was founded in 1994 by two telecommunications executives. Together with their U.K. partner, Cable & Wireless, they had previously directed the successful installation and sale of the first privately owned transatlantic submarine telecommunica- tions cable (PTAT-1), that was sold to Sprint International August of 1989.
Med-Tel’s President/CEO, Ron Coleman, former CEO of PTAT Systems, leads the management team. Other Med-Tel senior executives include Jim McGillan, General Counsel, formerly General Counsel of PTAT; R. Craig Platenberg, MD, Executive Vice-President, Medical Operations, who was formerly the Director of MRI at Georgetown University Hospital; Mike Reed, CFO, formerly with Nortel Networks; Gerard Grundler, CIO, formerly with Computer Associates; and Bob Giegerich, VP of Business Development, who was formerly with GE Medical Systems. The U.K. operations are based in London and the medical operations are headed by J. Emer MacSweeney, MD, a leading neuro-radiologist in the U.K.
“Med-Tel is a global company that has tremendous opportunity to leverage its knowledge of the delivery of high-quality healthcare services through telemedicine on a scale that is currently not offered anywhere else” said Ron Coleman. He continued, “Parthenon Capital’s focus on helping its partner companies is a good fit for us as we look to expand outreach both geographically and into other services. Parthenon Capital’s Full Potentialä approach and knowledge of healthcare will fit very well with our strategic objectives.”
Scott Steele, Principal of Parthenon Capital stated, “Med-Tel has a unique model in what is becoming a very crowded market for diagnostic imaging services. The company’s focus is on rural and semi-rural markets where access to high-quality healthcare services is often an issue”. Steele also stated, “The company’s telemedicine technology provides patients and referring physicians with access to radiologists who are specialized, fellowship-trained physicians. That level of quality is typically found only in major metropolitan areas, not in most rural and semi-rural markets.”
Alan Botsford, Managing Director of Parthenon Capital added, “The company’s technology and customer-oriented approach provides patients with timely appointments, and more importantly, a 24 hour turnaround of their MRI scan to the referring physician.” Botsford concluded, “The international component of Med-Tel is also very exciting as the company is able to export its model to markets where there are existing populations willing to pay for high quality healthcare outside of the nationalized services offered. Med-Tel has only begun to take advantage of this opportunity”.
Med-Tel International Corporation, owns and operates diagnostic imaging centers in the U.S. and U.K. utilizing a proprietary telemedicine technology.
www.medtel.com
Parthenon Capital, with offices in Boston and San Francisco, is a $1.1 billion private equity firm focused on providing capital and strategic resources to enable middle-market companies to achieve their Full Potentialä. For more information, visit www.parthenoncapital.com. |
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