BOSTON, MA — Riverside Partners, a Boston-based private equity firm, announced today that its portfolio company IZI Medical Products, LLC (“IZI”) of Baltimore, MD, has been acquired by Landauer, Inc. (NYSE:LDR) (“Landauer”) for approximately US $93 million in cash, subject to customary purchase price adjustments. IZI Medical Products is a leading provider of high quality medical consumable accessories used in radiology, radiation therapy, and image guided surgery procedures. IZI has a broad product portfolio ranging from consumables used with MRI, CT, and mammography technologies to highly engineered passive reflective markers used during Image Guided Surgery procedures.
Philip A. Borden, a General Partner at Riverside Partners and a board member at IZI said, “We are extremely proud of the successful partnership we created with the team at IZI. During our involvement, the IZI team was able to successfully generate substantial growth and introduce several exciting new products to the market. Riverside is very pleased with this outcome and we believe IZI's combination with Landauer will be profitable for both companies.”
Riverside has been an outstanding partner and exceeded expectations as IZI has grown and matured. We're now excited about the next chapter with Landauer and believe that Landauer will be of significant value to our long term growth strategy. Helen Shafer CEO, IZI Medical Products
“IZI has enjoyed working with the entire Riverside team over the last several years,” said Helen Shafer, CEO of IZI Medical Products. “Riverside has been an outstanding partner and exceeded expectations as IZI has grown and matured. We're now excited about the next chapter with Landauer and believe that Landauer will be of significant value to our long term growth strategy.”
About IZI Medical Products Founded in 1991, IZI Medical Products (“IZI”) is a provider of high quality medical markers used in image guided surgery (“IGS”), radiology and radiation therapy procedures. IZI's products range from fiducial markers, used with MRI, CT, and PET technologies, to highly engineered passive reflective markers used during complex IGS procedures. The Company's medical markers are highly versatile and cross functional and can be used across a broad range of medical specialties including radiation therapy, radiology, orthopedics, and ear, nose, and throat procedures. For more information, visit www.izimed.com.
About Landauer Landauer, Inc (NYSE:LDR) is a leading global provider of technical and analytical services to determine occupational and environmental radiation exposure and is the leading domestic provider of outsourced medical physics services. For more than 50 years, the Company has provided complete radiation dosimetry services to hospitals, medical and dental offices, universities, national laboratories, nuclear facilities and other industries in which radiation poses a potential threat to employees. Landauer's services include the manufacture of various types of radiation detection monitors, the distribution and collection of the monitors to and from customers, and the analysis and reporting of exposure findings. The Company provides its dosimetry services to approximately 1.6 million individuals globally. In addition, through its Global Physics Solutions subsidiary, the Company provides therapeutic and imaging physics services to the medical physics community.
About Riverside Partners Founded in 1989, Riverside Partners is a middle market private equity firm focusing on growth-oriented companies in the healthcare and technology industries. Riverside is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. The partners at Riverside have managed more than $500 million in investments in over 50 companies. The firm is currently focused on companies with revenues between $20-$200 million and with $5-$25 million of EBITDA.