O2 Investment Partners, a Bloomfield Hills-based private equity firm, today announced an investment in Modular Devices Inc. (MDI), a provider of mobile and modular medical imaging equipment labs and cleanroom solutions.
Terms of the deal, which will support the MDI’s growth, were not disclosed.
“We are experiencing rapid growth and feel that we are at a key moment in our company’s evolution,” says Greg Mink, president and CEO of MDI. “I believe that O2 is the optimal partner to continue our track record of success and capitalize on MDI’s growth initiatives in the healthcare, pharmaceutical, and biotechnology markets.”
Founded in 1987, Indianapolis-based MDI’s medical imaging solutions offer various imaging modalities through short- and long-term leases to health care systems of all sizes. It’s cleanroom division serves the pharmaceutical, biotechnology, and manufacturing sectors by providing standard and customized pre-certified ISO and USP compliant units for lease and sale.
“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,” says Pat Corden of O2. “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. In addition, both companies are pursuing M&A opportunities to expand MDI’s product and service offerings.