RadNet agrees to acquire Housatonic-backed ONRAD

RadNet said it signed a definitive agreement to acquire ONRAD, which supplies remote teleradiology reads and in-hospital radiology staffing, including interventional radiology, through more than 130 contracted radiologists. ONRAD supports over 225 hospital facilities across 26 states. The transaction is expected to close in early 2027, subject to regulatory review and customary conditions.

At closing, ONRAD shareholders will receive $350 million in cash and 5 million RadNet common shares, plus an earnout of up to $210 million tied to 2027 EBITDA targets, payable in cash, stock or a mix at RadNet's election. RadNet expects ONRAD to contribute $190 million to $200 million of revenue and $60 million to $65 million of adjusted EBITDA in its first year.

RadNet said ONRAD will form the base of a new radiology professional services reporting segment, pairing its outpatient imaging centers and DeepHealth AI tools with hospital-based staffing. ONRAD has been a portfolio company of Housatonic Partners, which is selling; Robert W. Baird advised ONRAD on the deal.