Chicago, IL (PRWEB) September 16, 2004
Bridge Healthcare Finance announced the completion of funding to Radnet Management, Inc., a wholly owned subsidiary of Primedex Health Systems, Inc., one of the nations leading medical diagnostic imaging companies. Bridge Healthcare Finance partnered with Wells Fargo Foothill, part of Wells Fargo & Company (NYSE: WFC), to close the $20 Million revolving line of credit.
Mark Stolper, Chief Financial Officer of Radnet, said, "We are very pleased to begin our relationship with Bridge Healthcare Finance and Wells Fargo Foothill. The entrepreneurial spirit and broad capabilities of both institutions should further help us to achieve our future business objectives."
"We are thrilled to help lead the due diligence and servicing of the facility" comments Randy Abrahams, President and CEO of Bridge Healthcare Finance. "Wells Fargo Foothill is a world class lender with a growing position in health care and we are pleased to partner with them in this transaction."
"Healthcare is just one of the underserved industries to which our Specialty Finance unit is dedicated," said Michael Lang, Senior Vice President with Wells Fargo Foothill Specialty Finance. "Partnering with Bridge in this transaction allowed us to combine their expertise in healthcare finance with our own and provide a customized facility that fit Radnet's needs."
The Radnet facility further validates Bridge as an active participant in the healthcare finance arena and validates expertise in diagnostic imaging.
About Bridge Healthcare Finance
Bridge Healthcare Finance offers a combination of comprehensive loan products, decades of financial expertise and an unparalleled service approach unique to the healthcare lending industry. Through accounts receivable, cash flow and real estate based term loan lending products, Bridge is able to address the differing capital needs of the healthcare industry. Loan amounts start at $500,000 Â for more information visit Bridge Healthcare Finance at http://www.bridgehcf.com.
About Wells Fargo Foothill
Wells Fargo Foothill is a leading provider of senior secured financing to middle-market companies across the United States and Canada. It is part of Wells Fargo & Company, a diversified financial services company with $420 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,000 stores and the Internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only "Aaa-rated" bank in the United States. For More information visit Wells Fargo Foothill on the Internet at wffoothill.com.
About Radnet Management, Inc (A Primedex Health Systems, Inc. Company)
Founded in 1980, RadNet Management, Inc., the primary operating division of Primedex Health Systems, Inc., is the California market leader in providing high-quality, cost-effective diagnostic imaging services through a statewide network of fully-owned and operated outpatient imaging centers. Through its 55 freestanding facilities, the largest network of its kind in California, RadNet performed approximately 1,000,000 diagnostic radiology and imaging procedures in 2003. Together with its affiliated medical group Beverly Radiology Medical Group, Radnet has a total of over 1,300 fulltime and part-time employees.
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