HCAP Partners announced it has completed a follow-on acquisition for its Integrated Diagnostic Services (IDS) platform, adding Core Analytics Lab & Radiology, a provider of mobile radiology and laboratory services across California.
The deal expands IDS’ presence into Northern California, increases statewide market density, and adds mobile laboratory diagnostics to IDS’ bundled service model. The combined platform provides mobile radiology and lab services to skilled nursing facilities, long-term care facilities, and home health and hospice providers, aiming to deliver faster diagnostics at the point of care.
Founded in 2016, Core serves more than 300 facilities statewide. With the addition of Core, IDS said it will serve more than 440 facilities. Core President Shruty Parti and executive Carlos Ruiz will remain involved following the transaction.
Financing was provided by HCAP Partners and California Bank & Trust, along with co-investment from St. Cloud Capital and Southfield Mezzanine. The companies said proceeds will support the acquisition and continued platform growth, including service integration, operational scaling, and broader expansion initiatives.
HCAP Partners said IDS will continue to pursue additional acquisition opportunities to expand across the Western U.S.
KEY QUOTES:
“This acquisition supports our thesis around partnering with experienced executives focused on quality, timely care for seniors.”
Jessica Kim, Vice President, HCAP Partners
“Joining IDS allows us to expand the reach of our services while maintaining the operational standards our facility partners rely on. The ability to offer integrated radiology and laboratory services creates a more seamless experience for providers and patients alike.”
Shruty Parti, President, Core Analytics Lab & Radiology
“Core meaningfully strengthens our platform by adding in-house laboratory capabilities and expanding our coverage across California. This combination improves route density, responsiveness, and our ability to deliver bundled services at scale, enabling us to offer the best of both worlds.”
Kelly McCullum, CEO, Integrated Diagnostic Services
“IDS continues to execute a clear, well-structured growth strategy, and we are pleased to support this transaction and the continued expansion of the platform.”
Peter Drees, Managing Director, Specialty Finance, California Bank & Trust
