O2 Invests in Modular Devices, Inc.

BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--O2 Investment Partners (www.o2investment.com) announced today that it has partnered with Modular Devices, Inc. (www.modulardevices.com | www.portable-cleanroom.com) and its President & CEO, Greg Mink, to support the Company’s continued growth. Terms of the deal were not disclosed.

Founded in 1987, Modular Devices, Inc. (“MDI” or the “Company”) is a leading provider of mobile and modular medical imaging equipment labs and cleanroom solutions throughout the United States. MDI’s medical imaging solutions offer various imaging modalities through short- and long-term leases to healthcare systems of all sizes. MDI 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. MDI is headquartered in Indianapolis, IN.

Greg Mink, President & CEO of MDI, commented, “We are experiencing rapid growth and feel that we are at a key moment in our company’s evolution. 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.”

Pat Corden at O2 commented, “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. 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. O2 and MDI are aggressively pursuing M&A opportunities to expand the Company’s product and service offering.

About Modular Devices, Inc.
Founded in 1987, Modular Devices, Inc. (“MDI” or the “Company”) is a leading provider of mobile and modular medical imaging equipment labs and cleanroom solutions throughout the United States. MDI’s medical imaging solutions offer various imaging modalities through short- and long-term leases to healthcare systems of all sizes. MDI 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. MDI is headquartered in Indianapolis, IN. Additional information available at www.modulardevices.com and www.portable-cleanroom.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.