Advent invests in chain

Global private equity firm Advent International has completed a $115 million recapitalization of American Radiology Services in partnership with the company's existing physician shareholders and Johns Hopkins University. As a result of the transaction, Advent invested $35 million of equity capital and has acquired 60% of ARS, which is headquartered in Baltimore. The company will use proceeds from the financing to provide partial liquidity to shareholders and support growth initiatives in its key markets. ARS offers MRI, CT, PET, ultrasound, x-ray, and mammography through outpatient centers and inpatient hospital contracts throughout the mid-Atlantic region. ARS provides service via its physician practice and a strategic relationship with Johns Hopkins.