MURFREESBORO, TN — Riverside Partners is pleased to announce that its portfolio company, Stinger Medical — a manufacturer and provider of mobile clinical workstations and medical technologies known for its advanced power systems — has merged with Enovate, a manufacturer and provider of mobile and wall-mounted clinical work station solutions known for its aesthetics and ergonomically advanced design technologies.
The combined companies will be named Enovate Medical and will be the largest provider of mobile clinical workstations in the country. Stinger Medical CEO Nick Mendez will lead the combined organization. The company will maintain locations in Michigan and Tennessee.
“This merger creates a tremendous growth opportunity and combines two quality organizations, each with a commitment to excellence and superior client service,” said Nick Mendez, CEO of Enovate Medical.
“Together, we gain the ability to expand our product offerings to healthcare providers at a critical time in the industry. As providers respond to healthcare reform, Enovate Medical brings the expanded ability to help providers strengthen their most important goal — patient care.”
This merger creates a tremendous growth opportunity and combines two quality organizations, each with a commitment to excellence and superior client service. Nick Mendez CEO, Enovate Medical
The new management team of Enovate Medical also includes Chief Operating Officer Fred Calero (current Enovate COO) and Chief Financial Officer Wendy Hyde (current Stinger CFO). “Coming together with a highly reputable organization like Stinger allows us to expand our client offerings, create new opportunities for our employees and ultimately grow our organization in a significant way,” says Ron Sgro, co-founder of Enovate.
“The team at Riverside Partners is very excited about supporting this combination with both our capital and our healthcare network and expertise. Enovate Medical is an exciting new platform and a perfect fit with Riverside's overall investment strategy,” said Philip Borden, a General Partner with Riverside Partners.
Customers of Enovate Medical will gain an expanded product offering that spans a complete continuum of patient care and will better support their IT needs, as well as expanded sales and support staff to better serve customers’ needs quickly. The combined portfolios will offer a complete line of mobile work stations, wall stations, wall arms and medication transfer and exchange services.
For more information, please visit www.stingerandenovate.com
About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing Riverside Fund V, L.P. The fund focuses on growth-oriented companies primarily in the healthcare and technology industries. Riverside Partners is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. Today, Riverside Partners manages $1 billion of equity capital and seeks to make investments in companies with revenues between $20 and $200 million and with $5-$25 million of EBITDA. For more information, please visit www.riversidepartners.com.
About Stinger Medical
Stinger Medical is the leading manufacturer of mobile clinical workstations and point-of-care technologies for the healthcare marketplace. Customers value Stinger Medical as a long-term partner that consistently delivers unmatched products and services. Stinger understands the unique needs of healthcare providers and is committed to point-of-care product innovations, service and support. Stinger is funded through Riverside Partners, a Boston-based private equity firm.
About Enovate
Enovate is a leading international provider of mobile and wall-mounted computer workstations for healthcare, office and home. Enovate's scalable, easy-to-use, ergonomic designs feature the best technology to create a flexible work environment that enhances productivity and performance. Enovate has been named by Inc. Magazine as one of the fastest growing companies in the U.S. for the past four years.
Riverside Partners Contact:
Jon Lemelman
General Partner
617-351-2810
jlemelman@riversidepartners.com