The firm represented its private equity client Evercore Partners in the acquisition of a 65% interest in Diagnostic Imaging Group Holdings, LLC, a newly created entity providing management services to 15 diagnostic imaging centers run by Doshi Diagnostic Imaging Services, P.C. in New York and operating another 14 diagnostic imaging centers in Florida. The transaction, valuing the business at approximately $255 million, was structured as an equity and asset purchase in which Diagnostic Imaging acquired the equity of two newly created entities that had acquired the assets and liabilities of PrimeCare of New York, Inc. in New York and Signet Diagnostic Imaging Services Group, LLC in Florida. The deal was signed on April 5, 2005 and closed on May 4, 2005. It was financed by an $84 million equity investment in cash from Evercore Capital Partners II L.P. and its affiliates, a 35% equity rollover by certain of the existing owners and managers of PrimeCare and Signet and a $135 million syndicated senior credit facility lead by JPMorgan Chase Bank, N.A., of which $110 million was drawn down at closing.
The Simpson Thacher team who worked on the acquisition included Alan Schwartz, Katie Sudol, Daniel Lee, Frederic Rochat (Corporate/M&A), Patrick Ryan, Janice Kam, Jason Hwang, Andrew Chen (Corporate/Credit), Gary Mandel, Noah Beck (Tax), Brian Robbins, Larry Moss, Frances Adkins (Employee Benefits), Lori Lesser, Mark Solomon (Intellectual Property), Krista McManus, Jenny Lee, Gavin Loughlin (Real Estate), Michael Isby (Environmental), Steven DeLott (Insurance) and paralegal Matt Webster.