ION Acquires e+CancerCare to Form a Comprehensive Cancer Care Platform Across 17 U.S. States

Recently, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that Integrated Oncology Network (ION), a cancer clinic management and consulting firm, has announced the acquisition of e+CancerCare (e+). Specific financial terms of the transaction were not disclosed. ION secured debt financing for the acquisition, with LBC Credit Partners serving as the sole arranger and administrative agent. Cain Brothers, a division of KeyBanc Capital Markets, acted as the exclusive financial advisor to e+CancerCare.

ION, founded in 2009 and headquartered in California, USA, is a portfolio company of Silver Oak Services Partners (Silver Oak). The company focuses on building cancer care centers and improving the quality of care, providing management and consulting services to physicians, oncology practices, hospitals, and investors across the United States. ION’s business encompasses clinical management, medical oncology, chemotherapy, radiation oncology, PET/CT imaging, physics and dosimetry, as well as financing, business operations, revenue cycle management, compliance, human resources, and IT services.

Through its acquisition of e+CancerCare and the prior acquisition of Gamma West Brachytherapy, ION has established a cancer treatment platform covering 51 locations across 17 U.S. states.

e+CancerCare, founded in 2002 and headquartered in Nashville, Tennessee, is a leading operator of outpatient cancer care centers. The company currently operates 24 clinics across 10 U.S. states, providing comprehensive, integrated care services that include diagnostic testing, radiation oncology, medical oncology, and related supportive services.

e+ places patients and their families first, dedicated to providing hospitals with the financial and operational support necessary to ensure the delivery of high-quality care. e+ not only treats patients through medication but also creates a comfortable healing environment aimed at improving their physical and mental well-being. All e+ outpatient centers offer nutritional therapy and psychological counseling services, as well as massage and art therapy.

ION CEO Jeffery Goffman stated, “We are delighted to partner with the experienced management team at e+CancerCare. Together, ION and the e+ team will jointly fulfill the mission of ‘enabling hospitals and physicians to deliver the highest quality of care to patients.’”

Dan Gill, Managing Partner at Silver Oak, stated, “We are delighted to bring together two outstanding management teams in the field of oncology to build ION into a superior cancer care platform and drive the company’s future growth.”

Benjamin Mao, Partner at Kohlberg & Company, stated, “The e+ team has built a unique healthcare platform that delivers high-quality patient care and commands a significant market share. We look forward to e+’s continued growth through its collaboration with ION.”

LBC Credit Partners, founded in 2005 and headquartered in Philadelphia, Pennsylvania, USA, is a leading middle-market risk lending firm that provides financing solutions such as senior secured notes, unitranche debt, second-lien loans, subordinated secured notes, and mezzanine debt. In addition, the company makes equity investments in companies with EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) generally exceeding $7.5 million, managing approximately $1.4 billion in capital.

Silver Oak, established in 2005 and headquartered in Evanston, Illinois, USA, is a private equity investment firm. The company’s management team possesses over 75 years of investment experience. Silver Oak focuses on investing in healthcare, business, and consumer service companies within the U.S. middle market.

Headquartered in Mount Kisco, New York, Kohlberg is a leading private equity investment firm. Since its establishment in 1987, the firm has launched eight private equity funds, raising over $7.5 billion in capital. Over these 32 years, Kohlberg has completed 76 investments and nearly 200 acquisitions, with total transaction value exceeding $15 billion.

(Compiled by Tang Lulu)