Deal Details

Onrad Sale to RadNet

Healthcare

Onrad, a portfolio company of Housatonic, sale to RadNet

Summary

Onrad, Inc. (“Onrad”), a portfolio company of Housatonic Partners (“Housatonic”), has entered into a definitive agreement to be acquired by RadNet, Inc. (“RadNet”) (NASDAQ: RDNT). The transaction is expected to close in early 2027, subject to regulatory approvals and customary closing conditions. Upon closing, Onrad shareholders will receive $350 million in cash and 5 million shares of RadNet common stock, subject to customary adjustments. Additional earnout consideration of up to $210 million is payable upon achievement of target EBITDA for 2027. The earnout may be paid in cash, RadNet common stock or a combination thereof, at RadNet’s election.

Baird served as exclusive financial advisor to Onrad on this transaction.

About

Onrad is a leading radiology services company, providing final-read teleradiology and full-service radiology solutions for hospitals, radiology practices, outpatient clinics and imaging centers. Its services include interpretation of remote and onsite diagnostic studies, interventional radiology, medical directorship, analytics, peer review, billing and quality oversight — all on the industry’s most advanced, integrated, AI-powered technology platform. Onrad reads all modalities and is Joint Commission accredited. OnRad is headquartered in Phoenix, Arizona.

Housatonic seeks to invest in growing, profitable companies in the recurring business services, technology and healthcare sectors and to partner with exceptional management teams. Founded in 1994, Housatonic has offices in San Francisco, California and Boston, Massachusetts.

RadNet is a leading national provider of freestanding, fixed-site diagnostic imaging services in the U.S. based on the number of locations and annual imaging revenue. RadNet also provides radiology information technology and artificial intelligence solutions marketed under the DeepHealth brand, teleradiology professional services and other related products and services to customers in the diagnostic imaging industry globally. Together with contracted radiologists, RadNet has over 12,000 team members. RadNet is headquartered in Los Angeles, California.

Healthcare

Onrad, a portfolio company of Housatonic, sale to RadNet