DEVON, PENNSYLVANIA – September 26, 2023 – L2 Capital is pleased to announce the sale of Aspekt Solutions (‘the Company’, formerly Medical Physics Holdings), a leading provider of medical physics, dosimetry, and strategy consultation services, to Varian, a Siemens Healthineers company. This transaction represents the successful realization of L2 Capital’s 2017 investment in Medical Physics Holdings. Terms of the deal were not disclosed.
Under L2’s ownership, Aspekt Solutions underwent significant corporate leadership changes, executed a transformational acquisition, and developed a flexible solutions portfolio to meet client needs. This investment allowed the Company to significantly grow its core clinical medical physics services business, increase portfolio breadth, expand its geographic footprint, and position the business for rapid growth.
“This successful exit illustrates how our team collaborates with founders and transforms niche market leading businesses into mass market solutions. Over the course of the investment, we recruited a new CEO with a demonstrated track record in healthcare, worked with the leadership team to craft and execute a focused strategic plan, and completed a high-impact add-on acquisition. We are very proud of what we have accomplished together,” commented Connor McMahan, Partner at L2 Capital. “All this was achieved while ensuring that the team and the Company had the right resources and investment required. We always believed that the Aspekt offering delivered best in class clinic and patient outcomes; the Aspekt team built upon that foundation to lead the Company to its current level. We are confident in their continued success.”
Brian Pellegrini, CEO of Aspekt Solutions added, “I appreciate the support and collaborative approach L2 Capital takes. I felt I had a true partner in L2 to strategize and achieve the breakthrough goals we set together, and I had the support to execute with my team. I look forward to an exciting new chapter as part of Varian and the Siemens Healthineers team to really accelerate our positive impact.”
Troutman Pepper served as legal counsel to L2.
About Aspekt Solutions
Aspekt Solutions offers radiology and radiation oncology providers the staff, guidance, technical and operational expertise they need to turn a high-risk, high-capital business into a competitive advantage. Our mission is to make a difference one patient, one clinic, one system at a time. That mission starts by bringing together the best team of physicists, dosimetrists, and strategy consultants in the industry, and closely partnering with clients to support and extend their existing programs and prepare them for the future.
About L2 Capital
L2 Capital (www.L2Capital.net) is a lower middle market private equity firm in Devon, PA and Miami, FL that has delivered market leading returns since 2010 by investing in niche lower middle market leading consumer and business services companies. L2 executes a differentiated operations-focused strategy by targeting founder and entrepreneur-led businesses that are at an inflection point where L2’s breakthrough growth framework and direct operating expertise can quickly accelerate market share gain.
About Varian
At Varian, a Siemens Healthineers company, we envision a world without fear of cancer. For more than 75 years, Varian has developed, built, and delivered innovative technologies and solutions that help care providers around the globe treat millions of patients each year. Today, as a Siemens Healthineers company, we support every step of the cancer care journey – from screening to survivorship. From advanced imaging and radiation therapy, to comprehensive software and services, to interventional radiology, we are harnessing the power of our perspective while also pursuing clinical research to create a more efficient, and more personalized care pathway. Because, for cancer patients everywhere, their fight is our fight. For more information, visit http://www.varian.com.