Bridge Finances Radnet, a Leading Diagnostic Imaging Provider
Bridge Healthcare Finance announced the completion of funding to Radnet Management, Inc., a wholly owned subsidiary of Primedex Health Systems, Inc., one of the nations leading medical diagnostic imaging companies.
Chicago, IL (PRWEB) September 16, 2004 -- Bridge Healthcare Finance announced
the completion of funding to Radnet Management, Inc., a wholly owned subsidiary
of Primedex Health Systems, Inc., one of the nations leading medical diagnostic
imaging companies. Bridge Healthcare Finance partnered with Wells Fargo
Foothill, part of Wells Fargo & Company (NYSE: WFC), to close the $20
Million revolving line of credit.
Mark Stolper, Chief Financial Officer
of Radnet, said, "We are very pleased to begin our relationship with Bridge
Healthcare Finance and Wells Fargo Foothill. The entrepreneurial spirit and
broad capabilities of both institutions should further help us to achieve our
future business objectives."
"We are thrilled to help lead the due
diligence and servicing of the facility" comments Randy Abrahams, President and
CEO of Bridge Healthcare Finance. "Wells Fargo Foothill is a world class lender
with a growing position in health care and we are pleased to partner with them
in this transaction."
"Healthcare is just one of the underserved
industries to which our Specialty Finance unit is dedicated," said Michael Lang,
Senior Vice President with Wells Fargo Foothill Specialty Finance. "Partnering
with Bridge in this transaction allowed us to combine their expertise in
healthcare finance with our own and provide a customized facility that fit
Radnet's needs."
The Radnet facility further validates Bridge as an
active participant in the healthcare finance arena and validates expertise in
diagnostic imaging.
About Bridge Healthcare Finance
Bridge Healthcare
Finance offers a combination of comprehensive loan products, decades of
financial expertise and an unparalleled service approach unique to the
healthcare lending industry. Through accounts receivable, cash flow and real
estate based term loan lending products, Bridge is able to address the differing
capital needs of the healthcare industry. Loan amounts start at $500,000 – for
more information visit Bridge Healthcare Finance at www.bridgehcf.com.
About Wells Fargo Foothill
Wells
Fargo Foothill is a leading provider of senior secured financing to
middle-market companies across the United States and Canada. It is part of Wells
Fargo & Company, a diversified financial services company with $420 billion
in assets, providing banking, insurance, investments, mortgage and consumer
finance to more than 23 million customers from more than 6,000 stores and the
Internet (wellsfargo.com) across North America and elsewhere internationally.
Wells Fargo Bank, N.A. is the only "Aaa-rated" bank in the United States. For
More information visit Wells Fargo Foothill on the Internet at
wffoothill.com.
About Radnet Management, Inc (A Primedex Health Systems,
Inc. Company)
Founded in 1980, RadNet Management, Inc., the primary operating
division of Primedex Health Systems, Inc., is the California market leader in
providing high-quality, cost-effective diagnostic imaging services through a
statewide network of fully-owned and operated outpatient imaging centers.
Through its 55 freestanding facilities, the largest network of its kind in
California, RadNet performed approximately 1,000,000 diagnostic radiology and
imaging procedures in 2003. Together with its affiliated medical group Beverly
Radiology Medical Group, Radnet has a total of over 1,300 fulltime and part-time
employees.
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Source : http://www.prweb.com/releases/2004/9/prweb158232.htm