Houlihan Lokey Advises Radon Medical Imaging

Houlihan Lokey is pleased to announce that Radon Medical Imaging, LLC (Radon), a portfolio company of Fifth Century Partners (5CP), has been acquired by Leonard Green & Partners, L.P. (LGP). This transaction closed on October 15, 2026.

Headquartered in Charleston, West Virginia, Radon is a leading medical imaging equipment maintenance and repair services company with an established presence across the Midwest, Mid-Atlantic, and Southeast. The company is known for its diversified solutions, strong technical expertise, and best-in-class customer service. Its customers include major hospital systems, clinics, specialist and primary care offices, emergency rooms and outpatient institutions. Since partnering with 5CP in 2022, Radon has evolved from a regional service organization into a scaled multi-state platform while maintaining its reputation for technical excellence and customer service. During 5CP’s investment period, the company more than tripled revenue, expanded from five states to 26 states, and grew its workforce to more than 220 employees, including over 135 highly trained field service technicians and engineers.

5CP is a purpose-driven private investment firm that invests in lower middle-market companies within healthcare and business services that have outsized growth potential. The firm provides capital, operating expertise, and strategic relationships that lead to sustainable growth, which in turn allows partner companies to realize their full potential and deliver positive outcomes to their stakeholders. Radon’s management team is reinvesting alongside LGP.

LGP is a leading private equity investment firm founded in 1989 and based in Los Angeles with approximately $85 billion of assets under management. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has completed more than 160 investments in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm primarily focuses on services, including consumer, healthcare, and business services, as well as distribution and industrials.

This transaction further strengthens and highlights Houlihan Lokey’s continued leadership in the medical technology industry. Houlihan Lokey’s Healthcare Group is among the largest dedicated healthcare investment banking groups in the world. In 2025, the group closed 35 transactions in the U.S. and was ranked by LSEG as the No. 1 advisor for all global healthcare M&A transactions.*

Financial terms of the transaction were not disclosed.

Houlihan Lokey served as the exclusive financial advisor to Radon.

*2025 M&A Advisory Rankings—All Global Healthcare Transactions. Source: LSEG. Excludes accounting firms and brokers.

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