San Diego-based private equity firm and impact investor HCAP Partners has announced a follow-on acquisition for its integrated diagnostic services (IDS) platform with the addition of Santa Fe Springs-based healthcare services company Core Analytics Lab & Radiology.
HCAP Partners made the acquisition to expand its diagnostic platform’s presence into Northern California, strengthen market density statewide and add mobile laboratory diagnostics to the platform’s service offerings.
“This acquisition supports our thesis around partnering with experienced executives focused on quality, timely care for seniors,” said Jessica Kim, vice president at HCAP Partners, in a statement.
The combined platform delivers bundled mobile radiology and lab services to skilled nursing facilities, long-term care facilities and home health and hospice providers.
Core was founded in 2016 by Shruty Parti and Carlos Ruiz, who will remain involved following the acquisition. The company provides mobile radiology and laboratory services to more than 300 facilities in California. Post-transaction, IDS will serve more than 440 facilities.
“Joining IDS allows us to expand the reach of our services while maintaining the operational standards our facility partners rely on,” said Parti, president of Core, in a statement. “The ability to offer integrated radiology and laboratory services creates a more seamless experience for providers and patients alike.”
Financing for the transaction was provided by HCAP Partners, California Bank & Trust, along with co-investment from St. Cloud Capital and Southfield Mezzanine. Proceeds will support the acquisition and platform growth, including service integration, operational scaling and broader expansion initiatives.
Founded in 2000 as Huntington Capital and rebranded as HCAP Partners in 2015, the firm specializes in providing mezzanine debt and private equity to underserved, lower-middle-market companies throughout the United States. It has invested in more than 65 companies and provides resources to help optimize performance and increase enterprise value.
Information for this article was sourced from HCAP Partners.
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