Riverside Partners Exits IPA
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Riverside Partners Exits IPA

IPA nf2IPA, a maker of automated scrub suit and linen dispensing equipment and a portfolio company of Riverside Partners, has been sold to Roper Industries. Riverside acquired IPA in May 2008.

IPA has developed the industry’s most complete linen automation platform to address the problems associated with surgical scrubs and linen usage in healthcare facilities. The company’s products are specifically designed to save facilities money on scrub and linen management by reducing losses, decreasing misuse, and minimizing inventories.  IPA’s platform products include scrubEx, the industry standard for eliminating scrub inventory management issues, and alEx, the industry’s first automated solution designed to address linen management issues in hospitals. The company’s products are installed in over 600 hospitals throughout North America. IPA was founded in 1995 and is headquartered northeast of Atlanta in Suwanee, GA (www.thinkipa.com).

Harris Williams & Co. (www.harriswilliams.com) acted as the exclusive advisor to IPA. The transaction was led by James Clark, Geoff Smith, Paul Hepper, and Brian Lawson of Harris Williams & Co.’s Healthcare & Life Sciences (HCLS) Group.

james clark nf1“IPA has generated consistent growth over the years and Roper Industries’ platform will allow the company to accelerate expansion into the underpenetrated hospital market,” said James Clark, managing director in Harris Williams’ HCLS Group. “This is the second time we’ve had the opportunity to work with IPA and we believe Roper will be a great partner for the company.”

Riverside Partners invests in established and growing middle market healthcare and technology-oriented companies that have revenues from $20 million to $200 million and EBITDA’s from $5 million to $25 million. Riverside Partners is currently investing its fifth fund, Riverside Partners Fund V, LP, with $561 million of capital commitments. The firm was founded in 1989 and is based in Boston (www.riversidepartners.com).

Roper Industries is a diversified technology company and is a constituent of the S&P 500, Fortune 1000, and the Russell 1000 indices. Roper provides engineered products and solutions for global niche markets, including software information networks, medical, water, energy, and transportation. Annual sales in 2013 were approximately $3.2 billion.  The company is headquartered in Sarasota, FL (www.roperind.com).

“IPA’s proprietary products and technologies provide a compelling value proposition to its hospital customers,” said Geoff Smith, director at Harris Williams & Co. “IPA’s solutions not only help to reduce costs, but also assist in infection prevention in acute care settings, a key focus in the new healthcare environment.”

2014 PEPD • Private Equity’s Leading News Magazine • 8-29-14

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