Key Takeaways
- • Incline Equity Partners acquired a majority equity interest in West Physics from LNC Partners, which retains a minority stake; LNC originally invested in West Physics in May 2018 and grew the company's revenue 3.7x over seven years through organic expansion and six acquisitions.
- • West Physics operates a nationwide network of board-certified medical and health physicists serving over 6,000 client sites across all 50 states, Caribbean, Latin America, and the Middle East, with capabilities spanning medical imaging equipment certification (MRI, CT, X-ray), radiation therapy physics, and industrial radiation protection consulting.
- • West Physics has executed six acquisitions under LNC ownership—Phoenix Technology Corporation (2019), Radiological Physics Consultants (2020), Enterprise Physics (2023), Radiation Protection Services (2023), Tricord's medical physics division (2024), and Mid-South Medical Physics (2025)—positioning the company as a scaled provider in a fragmented consulting services market.
- • Incline, a Pittsburgh-based firm managing $1.9 billion across its sixth fund and $500 million in its recently closed Ascent II fund, plans to expand West Physics through adjacent service offerings, geographies, and strategic M&A under the leadership of CEO Dr. Geoffrey West.
- • Raymond James served as financial advisor to West Physics on the transaction; LNC's deal team included Managing Partner Robert Monk, Principal David Schmoeller, and Associate Charlie Grube.
Summary
Incline Equity Partners has acquired a majority equity interest in West Physics, a specialized medical and health physics consulting firm, from LNC Partners in a continuation of the company's seven-year scaling strategy. LNC, which initially invested in West Physics in May 2018, is retaining a minority position alongside Incline, signaling confidence in the company's growth trajectory and the incoming investor's strategic direction.
Under LNC's stewardship, West Physics achieved substantial revenue growth of 3.7x through a combination of organic expansion and disciplined M&A activity. The company executed six acquisitions spanning 2019 to 2025: Phoenix Technology Corporation, Radiological Physics Consultants, Enterprise Physics, Radiation Protection Services, Tricord's medical physics service division, and Mid-South Medical Physics. This acquisition strategy enabled West Physics to build scale and geographic density in a highly fragmented consulting services market.
West Physics operates through a proprietary network of board-certified medical and health physicists and field-based technical personnel, serving more than 6,000 client sites across all 50 states, federal territories, the Caribbean, Latin America, and the Middle East. The company provides three core service lines: medical imaging equipment testing and certification (MRI, CT, X-ray systems) against accreditation standards established by the American College of Radiology, Intersocietal Accreditation Commission, and Joint Commission; radiation therapy physics for calibration and quality assurance in cancer treatment; and industrial radiation protection consulting. A key competitive differentiator is West Physics' direct employment model, which foregoes affiliate networks and subcontractors used by competitors, enabling superior coverage consistency across geographies.
Incline Equity Partners, founded in 2011 and based in Pittsburgh, invests in North America companies with enterprise values between $25 million and $750 million. The firm closed its sixth fund with $1.9 billion of capital and achieved above-target closing of its Ascent II fund with $500 million in committed capital in January 2025. Incline Managing Director Nic Meiring noted the company's scaled platform position and signaled intent to pursue adjacent service expansions and geographic growth through both organic investment and strategic acquisitions. CEO Dr. Geoffrey West, who founded West Physics in 2002, highlighted planned investments in service support infrastructure, an in-house residency program, and expansion of the physicist network.
Under LNC's stewardship, West Physics achieved substantial revenue growth of 3.7x through a combination of organic expansion and disciplined M&A activity. The company executed six acquisitions spanning 2019 to 2025: Phoenix Technology Corporation, Radiological Physics Consultants, Enterprise Physics, Radiation Protection Services, Tricord's medical physics service division, and Mid-South Medical Physics. This acquisition strategy enabled West Physics to build scale and geographic density in a highly fragmented consulting services market.
West Physics operates through a proprietary network of board-certified medical and health physicists and field-based technical personnel, serving more than 6,000 client sites across all 50 states, federal territories, the Caribbean, Latin America, and the Middle East. The company provides three core service lines: medical imaging equipment testing and certification (MRI, CT, X-ray systems) against accreditation standards established by the American College of Radiology, Intersocietal Accreditation Commission, and Joint Commission; radiation therapy physics for calibration and quality assurance in cancer treatment; and industrial radiation protection consulting. A key competitive differentiator is West Physics' direct employment model, which foregoes affiliate networks and subcontractors used by competitors, enabling superior coverage consistency across geographies.
Incline Equity Partners, founded in 2011 and based in Pittsburgh, invests in North America companies with enterprise values between $25 million and $750 million. The firm closed its sixth fund with $1.9 billion of capital and achieved above-target closing of its Ascent II fund with $500 million in committed capital in January 2025. Incline Managing Director Nic Meiring noted the company's scaled platform position and signaled intent to pursue adjacent service expansions and geographic growth through both organic investment and strategic acquisitions. CEO Dr. Geoffrey West, who founded West Physics in 2002, highlighted planned investments in service support infrastructure, an in-house residency program, and expansion of the physicist network.
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