Insight Imaging Inc. and Center for Diagnostic Imaging Inc.CDI announced plans to combine. Insight and CDI said that they will form one of the nation's largest medical imaging and related services organizations, with a footprint of 116 fixed centers in 25 states and 90 mobile MRI and PET/CT units. The transaction is expected to close in July.
To facilitate this combination, Black Diamond Capital Management, L.L.C., through investment funds it manages that collectively own a majority interest in Insight, will lead an investment in Insight that will buy out the owners of CDI, including Onex Corp.(OCX.TO), at the completion of the merger.
Onex Corp. has owned a controlling interest in CDI for the past seven years.
The combined company will be headquartered at CDI's current offices in Minneapolis, though the management team intends to maintain a presence at Insight's California office for the foreseeable future.
Tom Tomlinson, current Chief Executive Officer of CDI, will become the combined company's new CEO.
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