O2 Investment Partners has partnered with Modular Devices, and its President & CEO, Greg Mink, to support the company's continued growth.
Terms of the deal were not disclosed.
Founded in 1987, Modular Devices, is a leading provider of mobile and modular medical imaging equipment labs and cleanroom solutions throughout the US. MDI's medical imaging solutions offer various imaging modalities through short- and long-term leases to healthcare systems of all sizes.
MDI is the only company offering modular cath labs as a stock-standard product available for rent.
O2 will capitalise on MDI's growth initiatives in the healthcare, pharmaceutical, and biotechnology markets
The company's cleanroom division serves the pharmaceutical, biotechnology, and manufacturing sectors by providing standard and customised pre-certified ISO and USP compliant units for lease and for sale. MDI is headquartered in Indianapolis, IN.
Greg Mink, President & CEO of MDI, said: "We are experiencing rapid growth and feel that we are at a key moment in our company's evolution. I believe that O2 is the optimal partner to continue our track record of success and capitalise on MDI's growth initiatives in the healthcare, pharmaceutical, and biotechnology markets."
Pat Corden at O2 added: "Greg and the MDI team have built a very exciting business with a reputation for delivering best-in-class products and services to its customers. O2 is excited to partner with MDI and looks forward to supporting the business in its next stage of development. We would also like to thank our financial partner, Maranon Capital for their support in this transaction."
MDI is the sixth platform investment for O2's most recent fund, O2 Investment Partners Fund III. O2 and MDI are aggressively pursuing M&A opportunities to expand the company's product and service offering.