Share this article:

Tustin-based MemorialCare Medical Foundation said today that it entered a joint venture with Phoenix-based SimonMed Imaging to operate five imaging centers in Orange and Los Angeles counties.

The foundation is the medical group arm of the $2 billion MemorialCare Health System, a nonprofit that is moving to Costa Mesa later this year from Fountain Valley.

Get the latest OC business and Coronavirus updates

The joint venture has been established as Wave Imaging LLC.

MemorialCare Medical Foundation owns 51% of the venture, with Simon, which has 53 facilities in four states, holding the remaining 49%.

Wave acquired the assets of five SimonMed centers in Newport Beach, Huntington Beach, Irvine, Laguna Niguel and Long Beach and renamed those MemorialCare Imaging Centers.