BDO Capital Advises Radiation Business Solutions on the sale to a newly formed ESOP

Atlanta, GA – 08/04/2023 – BDO Capital Advisors, LLC (BDO Capital) is pleased to announce that Radiation Business Solutions (RBS, or the Company) has sold 100 percent of its stock to the newly formed RBS Employee Stock Ownership Plan (ESOP). BDO Capital served as the exclusive financial advisor to RBS on this transaction, which included raising senior debt to partially finance the ESOP purchase. This builds on BDO Capital’s experience working with founder-led companies in niche service industries.

RBS and its wholly owned subsidiaries Apollo Healthcare LLC and Aurora Integrated Oncology LLC specialize in radiation oncology billing and management solutions, new cancer center development and the patient experience. The Company strategically targets proton radiation therapy, which demands expertise and unrelenting patient advocacy. Headquartered in Joelton, TN, the Company was founded in 2004 and has since grown to serving over 4,000 patients a day. The sale to an ESOP will allow RBS to continue operating independently and share future value with its employees. Dan Moore will continue in his role as chief executive officer and Greg Merrill will continue as president.

Radiation Business Solutions logo

Our move to an ESOP came after exploring several strategic options. An ESOP proved the most likely option in our mission to create a 100-year company. From the onset, BDO Capital proved invaluable. They took our decision and became the rainmakers. Our executive team was able to continue handling the day-to-day business while BDO Capital took care of the heavy lifting to structure the ESOP transaction. I have been very impressed with BDO Capital’s guidance and post-transaction follow through. They ensured everything was accounted for properly, the communication to the staff was spot on, and the transaction economics were fulfilled as negotiated!

Dan Moore
CEO of Radiation Business Solutions