The global private-equity firm Advent International Corp. has agreed to sell its Baltimore-based diagnostic imaging business, American Radiology Services, for $151 million to CML HealthCare Income Fund, an Ontario, Canada-based diagnostic-services company.
Johns Hopkins University and its affiliated health system are shareholders and strategic partners in American Radiology Services, which was founded 11 years ago with the merger of four Maryland radiology practices. The company is among the largest providers of medical-imaging services by volume in the U.S., according to an Advent news release.
American Radiology operates 15 multimodality and two single-modality outpatient centers in Maryland and Delaware. It also provides radiologist coverage to 11 Maryland hospitals. The company's estimated revenue for fiscal 2007 is $142 million.