The Riverside Company has invested in Censis Technologies, a provider of surgical instrument tracking services.
Censis provides SaaS-based surgical instrument tracking and workflow services for sterile processing departments (SPDs) of hospitals and ambulatory surgical centers. Censis’ services are used to ensure the accuracy and procedural compliance of SPDs which are responsible for assembling instrument trays for surgical procedures (trays can include hundreds of instruments); sterilizing instruments; and managing and maintaining inventory. The company’s flagship product, Censitrac, provides customers with a real-time dashboard that can locate a specific tray within a hospital and automatically alerts users of issues such as incorrect assembly, insufficient sterilization, missing instruments, or instruments requiring maintenance. Censis is based in Franklin, TN (www.censis.net).
“Censis’ products address a number of pain points for medical providers,” said Riverside Managing Partner Loren Schlachet. “Its web-based Censitrac software gives healthcare providers exact details on the location, processing and assembly of instrument trays. This helps ensure patient safety and makes facilities more effective and efficient in delivering care.”
Working with Mr. Schlachet and Mr. Sauer on the transaction for Riverside were Operating Partner Jeff Goodman, Assistant Vice President Garrett Monda and Associate James Zhang. Riverside Vice President Dan Haynes worked on financing the transaction for the firm.
The Riverside Company is a private equity firm focused on the smaller end of the middle market (“SEMM”). Riverside specializes in investing in SEMM companies (those valued up to $250 million) and partners with management teams to build companies through acquisitions and value-added growth. Since 1988, the firm has invested in more than 340 transactions with a total enterprise value of more than $6 billion. The firm’s current portfolio includes more than 70 companies. The Riverside Company is headquartered in New York with additional offices in Atlanta, Chicago, Cleveland, Dallas, Los Angeles, San Francisco, and London (www.riversidecompany.com).
“As hospitals face the increasing demands of more regulation and the need to be more efficient while delivering exceptional care, the service Censis provides will become even more valuable,” said Riverside Partner Brian Sauer. “Censis delivers a cost-effective way to increase compliance and improve patient outcomes, while delivering a high ROI. It’s a great business.”
PNC and Saratoga Partners provided financing for the transaction. Riverside was advised by Jones Day and Deloitte. Censis was advised by Triple Tree.
2014 PEPD • Private Equity’s Leading News Magazine • 7-28-14
