Nighthawk Radiology Holdings is expanding with the purchase of two Minnesota firms.
Coeur d’Alene-based Nighthawk paid $62.5 million in cash for the companies, which are divisions of St. Paul Radiology. Nighthawk officials were not available for comment Monday, but in a news release, they described St. Paul Radiology as a large diagnostic imaging provider that serves more than 40 hospitals and imaging centers.
Nighthawk purchased Midwest Physician Services LLC, a division of St. Paul’s that provides the business services for radiology offices, such as transcription services and human resources management. As part of the deal, St. Paul Radiology signed a long-term agreement with Nighthawk for business services.
Nighthawk also bought an after-hours, emergency radiology division of St. Paul’s. It will become part of Nighthawk’s core business.
Nighthawk was founded to provide after-hours readings of X-rays, CT scans and MRIs for emergency room doctors. The images are transmitted to U.S. board-certified radiologists in Australia and Switzerland, who are working in distant time zones. The company also provides daytime services for its clients.
Nighthawk, which had sales of $92 million last year, has been on a rapid growth spurt since going public in 2006.