Akumin well-positioned to continue providing
top-quality radiology and oncology services to patients, health
systems, hospitals, and physician groups across the U.S.
PLANTATION, Fla., Feb. 6, 2024
/CNW/ - Akumin Inc. ("Akumin" or the "Company") today announced
that it has completed its deleveraging transaction, becoming a
private company wholly-owned by Stonepeak, a leading alternative
investment firm specializing in infrastructure and real assets. The
deleveraging and recapitalization transaction was implemented
through a voluntary, court-supervised financial restructuring
process, which is now complete.
"We are pleased to have concluded this process and are excited
to enter our next chapter as a private company in partnership with
Stonepeak," said Riadh Zine,
Chairman and Chief Executive Officer of Akumin. "We are emerging
from this process with significant positive momentum across our
business, and in our view, we are better positioned than ever to
execute on our strategic plan and drive our future success. With
increased financial flexibility and Stonepeak's strong support, we
will be able to continue to invest in our business by upgrading
equipment, deploying new service delivery technologies and
renovating facilities in support of our objective to become the
outpatient service provider of choice for patients, health systems
and hospital partners in Radiology and Oncology."
"This milestone is a testament to our employees' hard work and
their relentless commitment to our mission," Mr. Zine continued.
"The leadership team and I are greatly appreciative of the
unfailing support we received from all of Akumin's stakeholders as
we worked through this process over the last few months."
"Akumin is now well-positioned to take the next step in its
journey as a leading provider of critical health services and
trusted partner to patients, health systems, hospitals, and
physician groups nationwide with a streamlined capital structure in
place," said Graham Brown, Managing
Director at Stonepeak. "We look forward to leveraging our resources
and expertise as we work alongside Akumin's talented team to
support the company's continued progress and mission with the
objective of enhancing patient experiences and outcomes."
In connection with the close of the transaction, Akumin's stock
has been delisted from the Toronto Stock Exchange and OTC Pink Open
Market.
Akumin's advisors include Jackson Walker LLP, Dorsey &
Whitney LLP, Stikeman Elliott LLP and McDermott Will & Emery LLP as legal advisors
, AlixPartners LLP as financial advisor, and Leerink Partners LLC
as investment banker. Sidley Austin LLP is serving as legal advisor
to Stonepeak, and Moelis & Company LLC is serving as
Stonepeak's investment banker.
About Akumin
Akumin is a national outpatient partner of choice for U.S.
hospitals, health systems and physician groups, addressing their
outsourced radiology and oncology needs. Akumin provides
comprehensive radiology and oncology services and solutions to
approximately 1,000 hospitals and health systems across 47 states,
and offers fixed-site outpatient diagnostic imaging through a
network of owned and/or operated facilities. By combining clinical
and operational expertise with the latest advances in technology
and informatics, Akumin delivers unparalleled patient
experiences and outcomes. Our radiology procedures include MRI, CT,
PET/CT, ultrasound, 3D mammography, X-ray, and other interventional
procedures; our oncology services include a full suite of radiation
therapy and related offerings. For more information,
visit www.akumin.com.
About Stonepeak
Stonepeak is a leading alternative investment firm specializing
in infrastructure and real assets with approximately $61.1 billion of assets under management. Through
its investment in defensive, hard-asset businesses globally,
Stonepeak aims to create value for its investors and portfolio
companies, with a focus on downside protection and strong
risk-adjusted returns. Stonepeak sponsors investment vehicles
focused on private equity and credit. The firm provides capital,
operational support, and committed partnership to grow investments
in its target sectors, which include communications, energy and
energy transition, transport and logistics, social infrastructure,
and real estate. Stonepeak is headquartered in New York with offices in Hong Kong, Houston, London, Singapore, and Sydney. For more information, please
visit www.stonepeak.com.
SOURCE Akumin Inc.