The 10 biggest merger and acquisition stories of 2020

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The 10 biggest merger and acquisition stories of 2020

Gus Iversen, Editor in Chief | December 30, 2020
Business Affairs

626 Holdings becomes parts supplier with PhiGEM acquisition

Another major deal impacting the parts and service industry involved 626 Holdings, a provider of healthcare technology management services, acquiring diagnostic imaging parts supplier PhiGEM PARTS in August.

PhiGEM PARTS joined 626’s team of more than 100 employees nationwide — including over 85 field engineers — with the goal of streamlining its imaging system repairs processes.

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"PhiGEM has been a successful, steadily growing, high-quality parts supplier to the HTM space for more than 10 years," Josh Glas, president of PhiGEM Parts, told HCB News. "We see this alliance as a means to expand our breadth and depth of inventory and customer base. As we fill coverage gaps in the product mix, we will become an even more valuable supplier to our current customers and attract new customers. Also, as 626 grows we, too, will grow. And the icing on it all, is that it brings us 'closer' to the patient rather than simply providing the hardware to continue patient care."

The acquisition by 626 followed that of ISS, a third-party injector service and support supplier in the HTM space, and Innovatus’ DR-CR service business earlier this year. Back in 2017, the company purchased Walsh Imaging.

Founded in 2014 by Revien and Michael Fischer, 626 is a third-party maintenance company servicing modalities from all medical technology manufacturers.

Since 2010, PhiGEM PARTS has been a provider of multi-modality, multi-manufacturer, high-quality parts as an original equipment manufacturer alternative. Glas will continue to head the company, which will be integrated as the parts division for 626.

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