The combined firm will operate 116 fixed centers in 25 states and 90 mobile MRI and PET/CT units. The transaction is expected to close in July.
The majority owner of Insight Imaging, Black Diamond Capital Management, said it will lead an investment that will buy out the owners of CDI, Canadian investment firm Onex, which has owned a controlling interest in CDI for the past seven years. Onex also owns a controlling stake in Carestream Health.
The combined company will be headquartered at CDI's current offices in Minneapolis, though the management team intends to maintain a presence at Insight's California office.
CDI's current CEO, Tom Tomlinson, will be the combined company's CEO, while Robert Baumgartner will be executive chairman of the board. Insight's current CEO, Kip Hallman, will stay with the organization through the completion of the merger in July.
Insight is headquartered in Lake Forest, CA, and provides fixed-site and mobile diagnostic imaging services in 30 states, with a focus on California, Arizona, Texas, New England, the Carolinas, Florida, and the Mid-Atlantic states. CDI owns and operates 60 imaging centers in nine states: Florida, Illinois, Indiana, Ohio, Minnesota, Missouri, South Dakota, Washington, and Wisconsin.