Modular Devices, a portfolio company of O2 Investment Partners, has acquired Interim Diagnostic Imaging.
Interim Diagnostic Imaging (IDI) is a provider of short- and long-term leases of mobile CT and MRI medical imaging labs in the United States and Canada. The company, led by President Lynn Behrns, is headquartered near Minneapolis in Plymouth, Minnesota.
“The partnership with Modular Devices came at an opportune time when Interim Diagnostic Imaging is pursuing an aggressive growth strategy of adding more mobile labs to the fleet,” said Mr. Behrns. “We look forward to combining forces with Modular Devices to become one of the largest lessors of medical imaging suites in the country.”
O2 acquired Modular Devices, an Indianapolis-headquartered provider of mobile and modular medical imaging equipment laboratories and cleanrooms throughout the United States, in January 2022.
The company’s modular’s medical imaging division provides mobile and modular cardiac catheterization (cath) labs, and CT and PET labs through short- and long-term leases to healthcare systems of all sizes. The company’s cleanroom division serves the pharmaceutical, biotechnology, and manufacturing sectors with standard and customized pre-certified ISO and USP-compliant units for lease and for sale. Modular Devices is led by CEO Greg Mink.
“The addition of Interim Diagnostic Imaging significantly increases Modular Devices’ fleet while providing diversification and improving our product offering,” said Mr. Mink. “The combined company will now offer our customers a full range of medical imaging labs including catheterization, cleanroom, PET/CT, MRI, and CT.”
“We are excited to bring Interim Diagnostic Imaging and Modular Devices together,” said Pat Corden, a partner of O2. “IDI’s reputation and performance in the mobile CT and MRI market is highly complementary to our growing platform. Interim Diagnostic Imaging joining the platform marks the second investment for Modular Devices within a 12-month period. We look forward to working together towards an exciting future.”
The acquisition of IDI follows Modular Device’s May 2022 buy of Cardiac Services Mobile, a Nashville-headquartered provider of mobile catheterization and peripheral vascular labs under short- and long-term leases.
O2 makes control investments in companies with EBITDA of more than $5 million located anywhere in the United States and Canada but with a preference for the Midwest and the Great Lakes regions. The firm’s typical transaction size is $15 million to $50 million. Industries of interest include B2B services, technology, and select industrial companies. O2 is based in the Detroit suburb of Bloomfield Hills, Michigan.
© 2023 Private Equity Professional | February 21, 2023
