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Medical Imaging Holdings, Inc. Acquires Sonora Medical Systems


10/6/2009 7:24:16 AM

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GOLDEN, Colo.--(BUSINESS WIRE)--Medical Imaging Holdings, Inc., a holding company formed by Galen Partners, today announced it has acquired the Sonora Medical Systems business from Misonix, Inc. (Nasdaq: MSON - News). The Sonora Medical Systems business will be combined with the businesses of Barrington Medical Imaging and Echoserve, which were acquired by Medical Imaging Holdings, Inc. on September 18, 2009. Galen Partners, a leading healthcare private equity firm, led the transactions and made a significant investment of growth capital into Medical Imaging Holdings, Inc. concurrent with its initial acquisitions.

Sonora Medical Systems is a technology leader and innovator in the development and marketing of proprietary test equipment and biomedical tools for the ultrasound diagnostic imaging field and other specialty markets. Sonora has also developed advanced repair capabilities for ultrasound probes and certain MRI component parts, and is a leading provider of ultrasound probe repair services to the medical imaging market. In addition, Sonora is the world's leading acoustic power testing laboratory, and the only one that is accredited to ISO 17025.

The Sonora acquisition is expected to expand and further differentiate the combined company’s service offerings and technical capabilities, as well as provide an advanced research and development capability for continued innovation. Wayne Moore, President and founder of Sonora Medical Systems, has been named President – Advanced Development Group and Chief Strategy Officer of the combined company and will remain an integral part of the combined company’s leadership team.

“We are pleased that we were able to close this important strategic transaction for Medical Imaging Holdings,” commented David Jahns, Managing Director of Galen Partners. “We believe the Sonora acquisition will provide important capabilities for the combined company to further differentiate its offerings and expand its share of the medical imaging services market. We look forward to continuing to partner with this management team to explore additional strategic opportunities to provide competitive differentiation and drive growth.”

“Under Wayne Moore’s leadership, Sonora has been a long-time leader and innovator in the development of proprietary test equipment, biomedical tools and advanced parts repair capabilities for the ultrasound industry and other diagnostic imaging markets,” commented Jeff Soinski, Chief Executive Officer of Medical Imaging Holdings, Inc. “By combining Sonora’s intellectual property and advanced technical capabilities with the expanded field service organization and technical operations of our recent Barrington and Echoserve acquisitions, we are well-positioned to provide an enhanced level of service and expand our value proposition for our diagnostic imaging customers.”

“Declining reimbursement rates coupled with technical advances in the medical imaging market have created the need now more than ever to use our current proprietary technologies, as well as new and innovative solutions developed by us, to broaden our definition of service and drive greater efficiency for our customers, with a continued focus on patient safety and clinical efficacy,” added Wayne Moore, President - Advanced Development Group and Chief Strategy Officer. “I am excited to be part of a larger organization, focused exclusively on bringing the highest level of service, quality and continued innovation to the diagnostic imaging market.”

Sonora Medical Systems, Barrington Medical Imaging, and Echoserve will continue to conduct business under their existing names and maintain operations at their current facilities during the integration process. It is anticipated that a new name for the combined company will be introduced later this year.

About Medical Imaging Holdings, Inc.

Medical Imaging Holdings, Inc. is a private holding company formed by Galen Partners, a leading healthcare private equity firm, to execute a consolidation of high-potential, technology-enabled companies and assets in the medical imaging market. Through its initial acquisitions and subsequent investment, Medical Imaging Holdings seeks to provide comprehensive imaging solutions to its operating company customers and build the pre-eminent third party service provider for medical imaging equipment across multiple modalities and vendor platforms. The company is headquartered in Golden, Colorado.

About Galen Partners

Galen Partners is a leading healthcare private equity firm based in Stamford, Connecticut. The firm focuses on growth equity investments in healthcare technology enabled services, medical devices and specialty pharmaceutical companies. With nearly $1 billion under management raised through five funds, Galen has invested in more than 70 companies since 1990. The partnership seeks opportunities to actively participate as a lead investor in which it can provide between $10 million to $30 million of growth equity capital in healthcare related companies with established revenue. The firm continues a tradition of strategic collaboration and partnership with its portfolio company management teams to build healthcare market leaders. For more information, please visit Galen's Web site at www.galen.com.

About Sonora Medical Systems

Sonora Medical Systems is an ISO-9001 and ISO 13485 certified provider of high quality products and services to the diagnostic ultrasound and MRI markets. Its world renowned acoustic power testing laboratory is ISO 17025 accredited. Sonora’s products and services are marketed on a direct basis to healthcare providers, dealers and service organizations in North America, and both directly and through distribution to partners in non-U.S. markets. Customers include large and small hospitals, stand-alone imaging centers, clinics, Independent Service Organizations (ISOs) and Original Equipment Manufacturers (OEMs). Additional information on Sonora is available at its Web site at www.4sonora.com.

About Misonix, Inc.

Misonix, Inc. designs, develops, manufactures and markets therapeutic ultrasonic medical devices and laboratory equipment. Misonix's therapeutic ultrasonic platform is the basis for several innovative medical technologies. Addressing a combined market estimated to be in excess of $3 billion annually; Misonix's proprietary ultrasonic medical devices are used for wound debridement, cosmetic surgery, neurosurgery, laparoscopic surgery, and other surgical and medical applications. Additional information is available on the Company's Web site at www.misonix.com.

Contact:

Medical Imaging Holdings, Inc. Jeff Soinski, 303-951-8040 Chief Executive Officer jsoinski@echoserve.com or G. Wayne Moore, 303-682-5871 President – Advanced Development Group & Chief Strategy Officer gwm@4sonora.com or Galen Partners David Jahns, 203-653-6440 Managing Director djahns@galen.com or David Azad, 203-653-6423 Principal dazed@galen.com

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