American Health Services Acquires Diagnostics Firm
American Health Services Corp., based in Newport Beach, said Tuesday that it has completed its previously announced acquisition of American Diagnostics Group in Florida in a deal valued at $13.6 million.
The acquisition was paid for in a combination of cash, notes and debt assumption.
American Diagnostics, with annual revenue of just over $7 million, was a subsidiary of American Capital Group Inc. It specializes in medical diagnostic imaging--computer tomography scanning, magnetic resonance imaging, mammography and ultrasound--and in radiation therapy. It has fixed and mobile operations servicing 18 hospitals in Indiana, Ohio, Florida, Mississippi and Texas.
American Health Services has 13 medical imaging centers in operation, under construction or in development. The company anticipated 1988 revenue of about $16 million.
The acquisition of American Diagnostics makes American Health Services the largest operator of fixed-site, hospital-affiliated diagnostic centers in the country, American Health Services said.
S. Lewis Meyer, president and chief executive officer of American Health Services, said the acquisition should enable his company to “achieve revenues in excess of $30 million for calendar year 1989.”