SARASOTA, FL / DULUTH, GA / BOSTON, MA — Riverside Partners, a Boston-based private equity firm, announced today that it has completed the sale of Innovative Product Achievements, LLC (IPA) to Roper Industries, Inc. (NYSE: ROP).
IPA, headquartered in Suwanee, GA, is the leading manufacturer of automated surgical scrub and healthcare linen dispensing equipment for acute care hospitals and other healthcare providers. IPA's solutions increase hospital productivity and provide tangible cost savings by reducing replacement and processing costs for scrubs and linens. IPA's products are installed in over 650 hospitals throughout North America.
Roper Industries is a diversified technology company and is a constituent of the S&P 500, Fortune 1000, and the Russell 1000 indices. Roper provides engineered products and solutions for global niche markets, including software information networks, medical, water, energy, and transportation. Additional information about Roper is available on the company's website at www.roperind.com.
“We are extremely proud of the successful partnership we created with the team at IPA. During our involvement, the IPA team was able to successfully generate substantial growth and solidify its market leading position. Riverside is very pleased with this outcome,” said David Belluck, a General Partner at Riverside.
Harris Williams served as financial advisor and Choate, Hall & Stewart LLP provided legal counsel to IPA.
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 .
Riverside Partners Contact:
Jon Lemelman
General Partner
617-351-2810
jlemelman@riversidepartners.com