California company buys e+ CancerCare
As Published in The Nashville Post, June 26th, 2019
A California radiation oncology management and cancer center firm has bought local peer e+ CancerCare, creating a company with more than 400 employees and about $180 million in revenue.
Terms of Integrated Oncology Network’s deal for 17-year-old e+ aren’t being disclosed. The transaction unites the Nashville company’s 21 centers in 10 states and 270 employees with 30 already under the ION umbrella. The combined venture now has a footprint spanning 17 states and markets services ranging from diagnostic testing and radiation oncology to medical oncology and ancillary services.
Tom Weiss, who had been CEO of e+ since mid-2013, has retired from his role but is staying on with ION as a consultant to CEO Jeffrey Goffman.
“Tom and I have known each other for several years, and he will be a valuable resource in that role,” Goffman told the Post Wednesday.
ION is backed by private equity firm Silver Oak, which acquired e+ from peer investment firm Kohlberg & Company. The latter (along with fellow investor Frontenac) had early last year agreed to sell e+ to Alliance Healthcare Services, but that deal fell through early this year after Alliance could not secure the needed financing.
"We are excited by this unique opportunity to bring together two of the best management teams in the oncology sector to further establish ION as a leading platform well-positioned for future growth,” said Dan Gill, a managing partner at Silver Oak.
Goffman told the Post ION will keep e+’s office on Woodmont Boulevard and retain the company’s staff here to go with its home base in Newport Beach. Over time, Goffman added, the local office should grow “as we deploy our capital for growth and additional acquisitions.” In addition to Weiss’ consulting role, e+ CFO Stuart Bitting has been named to the same position for the combined company, and former e+ business development leader Josh Johnson is now COO of the combined entity. Robbie Rhymer, previously e+’s chief clinical operations officer, is now ION’s executive vice president of HR and clinical operations.