5th Century Partners has completed the sale of portfolio company Radon Medical Imaging to Leonard Green & Partners, providing an exit after approximately four years of expanding the medical imaging services business.
Headquartered in Charleston, West Virginia, Radon provides maintenance, repair, assembly, and sales services for medical imaging equipment. Its customers include hospital systems, clinics, physician offices, emergency rooms, and outpatient facilities across the Midwest, Mid-Atlantic, and Southeast.
Radon supports equipment including MRI, PET/CT, fluoroscopy, mammography, cardiac catheterization systems, urology equipment, digital radiography, C-arms, X-ray systems, and select PACS platforms.
5th Century Partners initially invested in Radon in 2022. During the investment period, the company more than tripled its revenue, expanded its footprint from five states to 26, and grew to more than 220 employees.
The workforce now includes more than 135 field service technicians and engineers.
Acquisitions played a significant role in the expansion. Radon acquired Premier Imaging Medical Systems in 2022, Tristate Biomedical Solutions in 2023, Alpha Imaging in 2024, and Majestic Medical Solutions in 2025.
The company also maintains more than 150,000 square feet of warehouse space across Georgia, Louisiana, Ohio, South Carolina, and West Virginia.
Leonard Green manages more than $75 billion in assets and has completed more than 160 investments since its founding in 1989. The Los Angeles-based private equity firm focuses primarily on services, including healthcare, business services, and consumer businesses, as well as distribution and industrial companies.
Houlihan Lokey served as financial advisor to Radon, while DLA Piper served as legal advisor.
KEY QUOTES:
“Radon represents exactly the type of partnership and value creation strategy that 5CP was built to pursue. This transaction reflects the strength of Radon’s leadership team, the dedication of its employees and the execution of a disciplined growth strategy.”
Marques Torbert, Co-Founder And Managing Partner Of 5th Century Partners
“We are incredibly proud of what the team has accomplished over the past four years and believe Radon is well-positioned for continued growth and success.”
Bruce Hampton, Co-Founder And Managing Partner Of 5th Century Partners
“Their support enabled us to expand our capabilities, enter new markets and complete strategic acquisitions that strengthened our platform. We are grateful for their partnership and excited to build on this momentum as we begin our next chapter with Leonard Green.”
David Wilson, CEO Of Radon Medical Imaging
