AAkumin provides outsourced radiology and oncology services to hospitals, health systems, and physician groups nationwide, with fixed-site outpatient imaging locations and outpatient radiology/oncology services across 47 states. It operates a network of imaging centers and partners with healthcare facilities to supply radiology expertise, performing diagnostic imaging and interpretation along with related outpatient services. The company differentiates itself with a nationwide, dedicated focus on outsourced radiology and oncology, offering scalable resources so providers can access imaging and cancer care without maintaining all services in-house. Its goal is to be a trusted partner that reliably expands access to diagnostic imaging and cancer care for patients.
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Industries
Company Size
1,001-5,000
Company Stage
IPO
Headquarters
Plantation, FL
Founded
1997
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Total Funding
$154M
Above
Industry Average
Funded Over
1 Rounds
Akumin, a provider of diagnostic imaging and oncology solutions, has partnered with Wisconsin-based manufacturer CGS Premier to form Mobile Healthcare Innovations (MHI), a joint venture focused on producing Akumin AXIS relocatable clinics. The partners have opened an 85,400-square-foot facility in New Berlin, Wisconsin, designed for high-volume production. Akumin AXIS units are self-contained imaging and oncology clinics with pre-installed MRI, PET or LINAC technology. The venture aims to address growing demand for imaging and oncology services across the United States. Akumin operates one of the nation's largest networks of fixed-site radiology centres and mobile solutions, partnering with over 800 hospitals and physician groups. The investment supports local job creation whilst positioning Akumin for continued expansion.
Akumin Inc. has secured $154 million in new capital from Stonepeak, an alternative investment firm, to support long-term growth of its imaging and radiation oncology services. The company is also restructuring its debt with noteholders representing over 95% of its outstanding senior secured notes. Under the agreement, Akumin's existing debt will be exchanged for new senior secured notes due in 2031, carrying a 9.75% interest rate that can drop to 8.75% if certain credit targets are met. The company's revolving credit facility, with roughly $119 million outstanding, will convert into preferred equity or move to a lower-priority position. The restructuring follows Akumin's recent launch of new offerings at the Radiological Society of North America meeting, including its Axis Drop Trailer and relocatable MRI suites.
The deal from private equity firm Stonepeak to acquire Akumin likely won’t be topped, says Clarus Securities analyst Noel Atkinson.
Financial restructuring to fortify balance sheet and provide liquidity runway for next stage of growthApprovals received from key stakeholders across capital structure; transaction will be implemented through prepackaged court-supervised process; Expected to obtain court approval within the next 45 daysBusiness will continue to operate as usual without interruption; trade creditors, employees, and other partners expected to continue to be paid in ordinary coursePLANTATION, Fla., Oct. 20, 2023 /PRNewswire/ - Akumin Inc. ("Akumin" or the "Company") (NASDAQ: AKU) (TSX: AKU) announced today that it has reached an agreement with Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, and the Company's stakeholders on the terms of a financial restructuring that will substantially improve the Company's balance sheet and provide ample liquidity to position Akumin for future success. The contemplated transaction will result in Akumin no longer being publicly listed.To effect the transaction in a timely and efficient manner, the Company and certain of its subsidiaries will commence prepackaged chapter 11 cases in the Southern District of Texas. The Company expects to obtain court approval of the transaction within the next 45 days and complete the transaction after receiving certain regulatory approvals. Throughout the process, Akumin's operations are expected to continue as normal
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Industries
Company Size
1,001-5,000
Company Stage
IPO
Headquarters
Plantation, FL
Founded
1997
Find jobs on Simplify and start your career today
Don't see your dream role? Check out thousands of other roles on Simplify.Browse all jobs