Durham, NC, Dec. 2, 2015 — Square 1 Bank, a division of Pacific Western Bank, today announced that it has provided a multi-million dollar credit facility to existing client Foundation Radiology Group, a leading provider of diagnostic imaging services for community hospitals. Cafferty & Company served as independent advisor to Foundation Radiology Group on the financing. Proceeds will provide working capital to support the company’s accelerated growth.
Founded in 2007, Foundation Radiology Group provides highly sophisticated, subspecialty radiology services to community hospitals. The company focuses on elevating radiology to a strategic-level service by maximizing clinical quality, integration and responsiveness. Foundation Radiology Group uses the latest technology and an elite team of radiology subspecialists to directly contribute to client success and, ultimately, improve patient care and outcomes.
“This credit facility enables us to continue accelerating our growth, while delivering a high level of service to our customers,” said Dr. Richard Vance, Foundation Radiology Group chief executive officer. “We are pleased to continue to have the support of Square 1 Bank as we continue to demonstrate to community hospitals that radiology can be the foundation for their success.”
Mara Huntington, managing director of Square 1 Bank’s life sciences practice, added, “Since Square 1 began working with Foundation Radiology Group five years ago, the company has expanded its presence significantly. We are delighted to continue supporting its growth and commitment to making timely high-quality subspecialty radiology services accessible in all medical facilities.”
About Foundation Radiology Group
Foundation Radiology Group provides community hospitals with a solid foundation for success by leveraging one of the most overlooked opportunities available: radiology. Innovative, completely customizable and competitive solutions combine the subspecialty services of a renowned, highly trained physician team with a state-of-the-art technology solution. Foundation Radiology Group radiologists are all US-based providers and offer expertise in every subspecialty, including pediatric, neurology, mammography, musculoskeletal, PET/CT, cardiac CT and interventional radiology. Physicians and a highly skilled customer service team are available 24/7/365.
About Square 1 Bank
Square 1 Bank, a division of Pacific Western Bank, is a full-service financial services partner to entrepreneurs and their investors. Founded in 2005 by a group of seasoned venture bankers, Square 1 provides clients flexible resources and attentive service to help their companies grow. Square 1 offers a broad range of venture debt, treasury and cash management solutions through offices in top innovation centers: Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and Washington, DC. For more information, visit www.square1bank.com.