Modular Devices (www.modulardevices.com | www.portable-cleanroom.com), a leading provider of mobile and modular medical imaging equipment labs and cleanroom solutions, and portfolio company of O2 Investment Partners (www.o2investment.com), announced today that it has partnered with Cardiac Services Mobile (www.cardiacservicesinc.com).
Ken Harb, CEO of Cardiac, commented, "We are excited about the partnership with Modular Devices and creating the premier provider of mobile and modular cardiovascular labs in the United States."
Greg Mink, CEO of Modular Devices, commented, "Following on the heels of the recent acquisition of Modular Devices by O2 Investment Partners in Bloomfield Hills, Michigan, this is the first step of our strategic plan to grow our market share and product offering. The addition of Cardiac allows us to meet the market demands of our growing customer base as we upgrade the imaging capabilities in Cardiac Service's mobile labs. The acquisition adds nearly 33% more capacity to our existing infrastructure."
Pat Corden of O2 Investment Partners commented, "The combination of Modular Devices and Cardiac creates a best-in-class business with more scale to meet increasing market demand and provides a greater opportunity for organic and inorganic growth opportunities. We are enthusiastic to execute on our growth plan with our partners."
About Modular Devices
Founded in 1987, Modular Devices ("Modular" or the "Company") is a leading provider of mobile and modular medical imaging equipment labs and cleanroom solutions throughout the United States. Modular's medical imaging solutions offer various imaging modalities through short- and long-term leases to healthcare systems of all sizes. Modular is the only company offering modular cath labs as a stock-standard product available for rent. The Company'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 for sale. Modular is headquartered in Indianapolis, IN. Additional information available at www.modulardevices.com and www.portable-cleanroom.com.
About Cardiac Services Mobile
Cardiac Services Mobile ("Cardiac" or the "Company") is a provider of mobile catheterization and peripheral vascular labs available for short- and long-term leases. The Company serves the continental United States and has an extensive service network that provides best-in-class maintenance services. Cardiac is headquartered in Nashville, TN. Additional information available at www.cardiacservicesinc.com.
About O2 Investment Partners
O2 Investment Partners is a Midwestern based private equity firm that seeks to acquire majority interests in lower middle market B2B services, technology, and select industrial companies. The firm invests in businesses with earnings growth potential and a clear path to the creation of shareholder value. O2 invests with a view toward partnering with management to build and grow the business and take it to its next stage of development. This requires not only a clear vision and strategic plan to create shareholder value, but a close partnership and alignment of interest with management. Additional information available at www.o2investment.com.
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