Private Equity Firms Remain Active in Diagnostic Imaging Sector

Deals continue in 2025 despite overall healthcare slowdown, according to industry analysis

Published on Feb. 18, 2026

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Private equity activity held steady across the healthcare sector in 2025, with about a dozen deals in the diagnostic imaging space, according to a new report from the Private Equity Stakeholder Project (PESP). While overall healthcare transactions declined slightly from 2024, certain areas like outpatient services, dental care, and health IT saw high volumes of private equity investment.

Why it matters

The continued private equity interest in diagnostic imaging raises concerns about consolidation, debt-fueled growth, and potential price increases that could impact patient access and costs. Healthcare stakeholders have criticized private equity's presence in radiology, citing its reliance on debt and focus on short-term profits over long-term stability.

The details

PESP identified 12 private equity deals in the diagnostic imaging sector in 2025, including acquisitions by firms like Clearview Capital, PSG, Panos Partners, and Blue Sea Capital. The transactions involved radiology groups, imaging workflow platforms, and medical physics services companies expanding their footprints through PE-backed M&A.

  • In January 2025, Capitol Imaging announced a deal to acquire Houston MRI & Diagnostic Imaging.
  • In June 2025, Capitol Imaging further expanded with the acquisition of Outpatient Imaging LLC.
  • Also in January 2025, PSG invested $80 million in radiology vendor Core Sound Imaging.
  • In June 2025, Panos Partners' DICOT platform acquired Desert Imaging in El Paso, Texas.
  • In June 2025, One Physics acquired Diagnostic Technology Consultants, backed by Blue Sea Capital.

The players

Private Equity Stakeholder Project (PESP)

A nonprofit watchdog organization that tracks private equity activity across healthcare and other sectors.

Clearview Capital

A private equity firm based in Stamford, Connecticut, that launched a $550 million fund in 2018 and backed Capitol Imaging's acquisitions.

PSG (Providence Strategic Growth)

A Boston-based private equity firm that invested $80 million in radiology vendor Core Sound Imaging in 2025.

Panos Partners

A Dallas-based private equity firm that acquired Desert Imaging through its platform company Diagnostic Imaging Centers of Texas (DICOT).

Blue Sea Capital

A private equity firm based in Palm Beach, Florida, that previously acquired Apex Physics Partners and rebranded it as One Physics, which then acquired Diagnostic Technology Consultants.

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What they’re saying

“State and federal policymakers should update laws and regulations to increase oversight of healthcare mergers and acquisitions.”

— Private Equity Stakeholder Project

What’s next

The report indicates that private equity firms continue to see opportunities for consolidation and growth in the diagnostic imaging sector, raising concerns about the long-term impacts on patient access and costs. Policymakers may consider increased regulatory oversight of healthcare M&A activity to address these issues.

The takeaway

Despite an overall slowdown in healthcare private equity deals, the diagnostic imaging sector remains an active area of investment, with firms pursuing acquisitions and platform expansions. This trend underscores the need for greater scrutiny of the role of private equity in healthcare to ensure patient interests are protected.