Stonepeak's acquisition of Akumin marks a significant shift in the healthcare industry. By transitioning Akumin into a private entity, the deal enhances the company's financial flexibility and strategic positioning. This move underscores the growing influence of private equity in healthcare, particularly in radiology and oncology services, and sets a precedent for future industry consolidations.
Founded in 2013, Akumin specializes in outpatient radiology and oncology services. Its core offerings include diagnostic imaging, radiation therapy, and personalized care plans. Akumin differentiates itself with a comprehensive range of services, state-of-the-art technology, and flexible partner solutions. The company provides mobile and fixed-site diagnostic imaging, managed services, and joint ventures, ensuring high-quality care and operational excellence. Akumin's focus on accessibility and convenience enhances patient outcomes and community well-being.
Stonepeak is a leading international alternative investment firm specializing in infrastructure and real assets. The company manages $72 billion in assets and has a significant global presence with over 275 staff and 72 investments across 61 countries. Stonepeak focuses on sectors such as digital infrastructure, energy transition, and transport logistics. Notable portfolio companies include Madison Energy, Cologix, Lineage, and TRAC Intermodal, highlighting its influence and operational expertise in these areas.
Stonepeak acquired Akumin on February 6, 2024. This acquisition followed a court-supervised financial restructuring process that began in October 2023. The timing of the acquisition is significant as it aligns with broader industry trends of financial restructuring and consolidation. Akumin's transition to private ownership under Stonepeak is expected to provide the financial stability and strategic flexibility needed to navigate the evolving healthcare landscape and invest in future growth opportunities.
The acquisition of Akumin by Stonepeak has led to significant changes in the company's operations and management. Akumin has transitioned from a publicly listed company to a private entity, delisting its stock from the Toronto Stock Exchange and Nasdaq. This move was part of a broader financial restructuring process, which included the cancellation of $470 million in debt and a $130 million investment from Stonepeak. The restructuring has provided Akumin with the financial stability needed to continue its operations without interruption, ensuring that trade creditors, employees, and other partners are paid in the ordinary course of business.
In terms of product offerings and services, Akumin plans to continue investing in its business by upgrading equipment, deploying new service delivery technologies, and renovating facilities. The company aims to enhance its position as the outpatient partner of choice for hospitals and health systems, focusing on delivering unparalleled patient experiences and outcomes. While specific employee and customer reactions were not detailed, the leadership has expressed gratitude for the support received from all stakeholders, indicating a positive outlook. For founders considering business transitions, tools like Sunset can assist in managing such processes compliantly and efficiently.