LOS ANGELES (November 21, 2005) – Merry X-Ray Corporation, a nationwide leader in medical imaging technology and service, has acquired SourceOne Healthcare Technologies from Platinum Equity, the companies announced today. Financial terms were not disclosed.
Merry X-Ray executives said the acquisition of SourceOne would expand their reach as one of the leading providers of radiology imaging solutions to hospitals and health care centers across North America.
“The acquisition of SourceOne not only enables us to strengthen our national presence, but also assures our continued growth and provides greater security for our employees,” said Larry Lawson, President of Merry X-Ray Corporation.
“The combined talents of Merry X-Ray and SourceOne will provide broad access to thousands of premier medical imaging products and services for our customers throughout the United States,” Mr. Lawson said. “Merry X-Ray is extremely enthusiastic about the acquisition and is looking forward to the successful blending of the two companies.”
Platinum Equity created SourceOne in 2003 through the acquisition and integration of two large competitors in radiology imaging: the Health Care Products unit of Royal Philips Electronics, and Diagnostic Imaging, a subsidiary of PSS World Medical.
The two businesses were combined to form SourceOne Healthcare Technologies, which under Platinum Equity has become one of the leading providers of products and services in the industry with annual revenue of more than $1 billion.
“SourceOne is a great example of how Platinum Equity creates value in the businesses we acquire,” said Johnny O. Lopez, executive vice president for global mergers and acquisitions. “When we acquired HCP and DI in 2003, the mandate from our chairman, Tom Gores, was to build a dynamic company with real value in the marketplace. That’s exactly what we did.
“We integrated two competitors seamlessly, and focused on operational efficiency without sacrificing customer service,” Mr. Lopez said. “We appointed a strong management team led by CEO Jerry Cirino, and under Jerry’s leadership built a great company that is now a very attractive acquisition opportunity for Merry X-Ray.”
Mr. Cirino said he was confident that SourceOne would be a good fit with Merry X-Ray.
“The combination of these two companies is the right strategic move and will serve the medical imaging industry well,” Mr. Cirino said. “I am very proud of what the SourceOne team has accomplished over the past three years and look forward to its continued success.”
About Merry X-Ray
For almost half a century, Merry X-Ray (MXR) Corporation has met the challenges of keeping pace with the rapidly changing technology within the medical imaging profession. Most dramatic of these changes has been the migration from analog imaging to today’s trend of digital medical imaging. In 1998, MXR created its Digital Imaging Division to respond to these current needs. MXR’s electronic product portfolio is rich with vendor partners and solutions to meet any digital imaging need – from basic teleradiology to enterprise-wide PACS. MXR represents over 8,000 products and has thirty-four branches nationwide. MXR is the largest independent dealer in the U.S. and major distributor member of National Healthcare Distributors (NHD). For more information about Merry X-ray Corporation, please visit www.merryxray.com.
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specialized in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, software, telecommunications, logistics, manufacturing, health care products and entertainment distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum Equity has acquired more than 50 businesses with more than $11 billion in aggregate revenue at time of acquisition.
About SourceOne Healthcare Technologies
Headquartered in Mentor, OH, SourceOne Healthcare Technologies, Inc., is a leading provider of imaging equipment, radiographic supplies and services tailored to healthcare facilities including those transitioning to a digital imaging environment. Its broad equipment and consumables lines, as well as nationwide manufacturing, e-Logistics, sales professionals and field service engineers enable customers to turn to SourceOne as the best-in-class, single source for effective supply chain and medical imaging management. For additional information about SourceOne, visit www.sourceonehealth.com.
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