Newport Beach, CA & Nashville, TN (June 26, 2019) – Integrated Oncology Network, LLC (“ION”), a portfolio company of Silver Oak Services Partners, LLC, announced today that it has acquired e+CancerCare. Founded in 2002, e+CancerCare (“e+”) is a leading operator of outpatient cancer care centers with 21 centers in ten states. e+ provides a complete integrated continuum of care, including diagnostic testing, radiation oncology, medical oncology and ancillary services. The combination of ION and e+, along with ION’s recently announced acquisition of Gamma West Brachytherapy, creates a leading cancer treatment platform with 51 locations across 17 states.
“We are excited to partner with the seasoned executive team at e+CancerCare who are well-known leaders in the industry. The e+ team shares ION’s mission as value-added partners enabling hospitals and physicians to provide the highest quality care to patients. Our team looks forward to working with the e+ team to execute on our growth strategy,” stated Jeffrey Goffman, ION’s Chief Executive Officer.
Dan Gill, Managing Partner at Silver Oak, said, “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.”
Wade Glisson, Principal at Silver Oak, added, “We have enjoyed getting to know the e+ team and tracking their success over the past few years. We are excited about the potential for the combined platform and look forward to supporting its continued growth.”
“We have enjoyed our partnership with the e+ team, who have created a unique healthcare platform with the highest quality of patient care and a leading market share in its geography,” commented Benjamin Mao, Partner at Kohlberg & Company. “We look forward to the continued success of the e+ team in its partnership with ION.”
LBC Credit Partners served as the sole lead arranger and administrative agent for the debt financing and McGuire Woods served as counsel and legal advisor to ION in connection with the transaction.
Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to e+CancerCare. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as counsel and legal advisor to e+CancerCare.
Integrated Oncology Network, LLC and its subsidiaries including Gamma West Cancer Services and e+CancerCare (“ION”) are focused on quality patient care and providing its physician and hospital partners with management services including practice management, medical oncology, chemotherapy, radiation oncology, PETCT imaging, cancer center development, financing, operations, revenue cycle & compliance, HR, physics and IT. ION owns and manages 51 treatment centers in 17 states. For more information on ION, please visit our web site at www.ion-llc.com.
About Silver Oak Services Partners, LLC
Silver Oak is a private equity investment firm based in Evanston, Illinois. The firm’s management team is comprised of experienced investment professionals with over 75 years of collective private equity experience. The firm focuses on making investments in the U.S. in middle-market healthcare, business, and consumer services companies. For more information, please visit www.silveroaksp.com.
About Kohlberg & Company, L.L.C.
Kohlberg & Company, LLC (“Kohlberg”) is a leading private equity firm headquartered in Mount Kisco, New York. Since its inception in 1987, Kohlberg has organized eight private equity funds, through which it has raised over $7.5 billion of committed equity capital. Over its 32-year history, Kohlberg has completed 76 platform investments and nearly 200 add-on acquisitions, with an aggregate transaction value of over $15 billion. For more information visit: www.kohlberg.com.
Statements in this Press Release that are not historical facts constitute “forward-looking statements.” Any statements contained herein which are not historical facts or which contain the words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “should,” and similar expressions are intended to identify forward-looking statements. Such statements reflect the current view of ION with respect to future events and are subject to certain risks, uncertainties and assumptions, including, but not limited to, the risk that ION may not be able to implement its growth strategy in the intended manner, including the ability to identify, finance, complete development opportunities, risks regarding currently unforeseen competitive pressures and risks affecting ION’s industry, such as changes in regulatory requirements or changes in payor reimbursement levels. Should one or more of those risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein.
ION Media Contact: Wendy Gubman