Granite Bridge Adds to InterMed

Granite Bridge Adds to InterMed

The InterMed Group, a portfolio company of Granite Bridge Partners, has acquired Horizon CSA from its owners Mike Marrow and Dale Allman.

Horizon CSA is a provider of biomedical and clinical engineering equipment services to acute care hospitals and other healthcare providers in the southeastern and mid-Atlantic US.

Horizon CSA is based north of Charlotte in Mooresville, NC (

The InterMed Group is a provider of outsourced medical equipment maintenance, management and other services. The company’s services includes inspection, preventative maintenance, corrective repair, logistics planning, and consulting. InterMed services cover diagnostic imaging equipment such as ultrasound, X-ray, CT, MRI and various lab equipment and the company also sells new, pre-owned and reconditioned equipment. The company, led by CEO Rick Staab, is headquartered near Gainesville in Alachua, FL (

Granite Bridge acquired InterMed, formerly four separate businesses, in December 2015 in partnership with Mr. Staab and other members of the company’s senior management team.

“Horizon’s dedication on delivering best in class medical equipment servicing and program management aligns perfectly with InterMed’s strategy and culture,” said Mr. Staab. “The addition of the Horizon portfolio of customers helps make InterMed an even more formidable player on the East Coast. We anticipate a smooth integration with very little change to service delivery to Horizon’s very loyal client relationships other than offering them the additional services that InterMed provides.”

“We believe that the combination of Horizon CSA and InterMed makes a lot of sense from both a cultural and strategic standpoint,” said Michael Goodman, a partner at Granite Bridge. “Its base of long-term customers and trusted service will deepen InterMed’s presence in the southeast and mid-Atlantic states and help support our expansion strategy.”

Granite Bridge was formed in July 2018 when the former management team of Wafra Partners, the direct equity division of Wafra, spun out to form the firm. With backing from Spring Bridge Partners and a syndicate of other limited partners, Granite Bridge acquired, through a secondary transaction, a majority interest in Wafra’s direct equity portfolio which included the equity interest in InterMed. The buy of Horizon CSA is the first investment for Granite Bridge since its formation last year.

Granite Bridge invests from $10 million to $30 million per transaction in companies that have enterprise values between $10 million and $100 million. Typical targets will have revenues of at least $10 million and EBITDA of between $2 million and $12 million. Sectors of interest include consumer products and services, business services and niche manufacturing. Granite Bridge is headquartered in New York (

© 2019 Private Equity Professional | January 25, 2019

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