What To Know
- “Management and Chief Capital have done a tremendous job establishing TTG as a truly unique platform providing superior service levels for clients and positioning the business for strong growth for many years to come,” said Andy Dixon, a managing director at Harris Williams.
- “Market tailwinds within advanced imaging modalities such as nuclear medicine and molecular imaging have accelerated over the past several years due to demographic trends including increasing incidence of cardiovascular disease and cancer, greater clinical utility and adoption due to the image quality provided, and practices and physician offices seeking the cost-effective solutions independent service organizations offer.
Harris Williams, a global investment bank specializing in M&A advisory services, announces it advised TTG Imaging Solutions, LLC (TTG), a portfolio company of Chartwell Investments Entrepreneur & Founder Capital (Chief Capital), on its sale to Sentinel Capital Partners (Sentinel).
TTG Imaging Solutions is a leading national provider of end-to-end nuclear medicine and molecular imaging solutions. The transaction was led by Andy Dixon, Tyler Bradshaw, Michael Mahoney, Katie Bowden, and Gabby Struckell of the Harris Williams Healthcare & Life Sciences (HCLS) Group.
“Management and Chief Capital have done a tremendous job establishing TTG as a truly unique platform providing superior service levels for clients and positioning the business for strong growth for many years to come,” said Andy Dixon, a managing director at Harris Williams. “We look forward to seeing the company’s continued success and expansion in partnership with Sentinel.”
“The outsourced medical device services market is experiencing strong growth as healthcare organizations increasingly recognize the value proposition of independent service providers that deliver high-quality maintenance and repair services to mission-critical equipment,” said Tyler Bradshaw, a director at Harris Williams. “Market tailwinds within advanced imaging modalities such as nuclear medicine and molecular imaging have accelerated over the past several years due to demographic trends including increasing incidence of cardiovascular disease and cancer, greater clinical utility and adoption due to the image quality provided, and practices and physician offices seeking the cost-effective solutions independent service organizations offer.”
“The growth that TTG has achieved over the past several years has been fueled through inorganic as well as organic growth. It’s our differentiated level of service across all business units coupled with a customer-centric philosophy that attracts acquisition targets and customers alike to the TTG brand,” said Matt Mastarone, president and CEO of TTG. “It was our goal to find a partner that shared our vision for the organization and the broader medical imaging industry. We are a solutions organization with a goal of enhancing and extending the life of our customers’ equipment while delivering turnkey and isotope efficiencies through our end-to-end model. We have found that partner in Sentinel.”
TTG is a leader in nuclear medicine and molecular imaging solutions, including repair and maintenance services, refurbished equipment sales, parts procurement, clinical staffing, and radioactive isotope supply. The company has over 55 field service engineers and provides services to customers across a national footprint. The company is headquartered in Pittsburgh and led by President and CEO Matt Mastarone and Chief Operating Officer Mike Hewitt.
Chief Capital provides flexible private equity for entrepreneurs, family-owned businesses, and corporate carve-outs. The firm partners with management owners to help realize their visions and provide long-term capital, resources, and expertise to accelerate growth and provide generational liquidity. Chief Capital customizes each investment to meet the objectives of its entrepreneur and family partners. With more than 40 years of experience, Chief Capital focuses on niche lower-middle market companies with an emphasis on healthcare services, business services and niche manufacturing segments.
Sentinel specializes in buying and building midmarket businesses in the United States and Canada in partnership with management. Sentinel targets aerospace and defense, business services, consumer, distribution, food and restaurants, franchising, healthcare, and industrial businesses. Sentinel invests in management buyouts, recapitalizations, corporate divestitures, going-private transactions, and structured equity investments of established businesses with EBITDA of up to $80 million. Sentinel also invests in special situations, including balance sheet restructurings, operational turnarounds, and minority junior capital solutions.
Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).
The Harris Williams HCLS Group has experience across a broad range of sectors, including healthcare providers; payors and payor services; outsourced pharmaceutical services; medical device supply chain; healthcare IT; and pharmacy. For more information on the HCLS Group and other recent transactions, visit the HCLS Group’s section of the Harris Williams website.