Portfolio

Solis Mammography

Realized
Invested in 2015

Solis Mamography is a leading provider of mammography and breast imaging services.

Summary

Partnered with management to open 28 new centers in addition to completing five add-on acquisitions and two joint ventures.

Background

Headquartered in Addison, TX, Solis Mammography (“Solis”) is a leading provider of mammography, breast ultrasound, and breast tissue biopsy services in the fragmented breast cancer screening space. For more than 30 years and over 5 million procedures, Solis had been dedicated to helping women achieve and maintain breast health and peace of mind. Audax acquired Solis in February 2015 and helped the company to become the nation’s largest independent provider of breast screening and diagnostic services.

Challenge

During Audax’ hold period, Solis completed five add-on acquisitions, structured two joint ventures, and opened four de novo centers increasing market share in the core Texas market, and expanding the company’s geographic footprint into four additional states. Solis added 28 new centers, growing from 27 centers in February 2015 to 55 centers at exit, and developing a pipeline of over 150 independent target centers across the country. Same store revenue grew 10.9% annually during Audax’ hold period due to volume growth and increased adoption of 3D mammography. In partnership with the Solis team, Audax supported the platform’s rapid growth through executive team hires including a CFO, COO, CDO, CIO, Medical Director, and VPs of Sales, HR, and Corporate Development.

The Audax Difference

“We had a highly successful partnership with Solis Mammography and shared their vision to become a leading provider of mammography services. Together, we invested in the Company’s infrastructure and executed numerous acquisitions and joint ventures to support profitable, long-term growth,” said Adam Abramson, Managing Director, Audax Group

“Audax’ expertise in helping us execute our strategy was essential for expanding Solis’ geographic presence and helping us nearly double the number of mammography centers we operate. The Audax team was able to accelerate our business given their seasoned experience in similar situations,” said James Polfreman, CEO of Solis

In August 2018, Solis was sold to Madison Dearborn Partners.

Solis Mammography

Solis Mammography

Healthcare

Realized

Invested in 2015

Addison, TX

www.solismammo.com