Grovecourt Capital Partners Announces Acquisition of IMRIS

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Grovecourt Capital Partners (“Grovecourt”), a West Palm Beach, FL based private equity firm, is pleased to announce the acquisition of IMRIS Imaging, Inc. (“IMRIS”), the global leader of intraoperative MRI solutions. Financial terms of the transaction were not disclosed.

Founded in 2005 and headquartered in Chaska, MN, IMRIS is the leading provider of advanced neurosurgery operating theatres. IMRIS designs, manufactures and services its proprietary intraoperative MRI suites utilized by scores of hospitals and cancer centers worldwide. IMRIS provides the only movable MRI that operates on a ceiling mounted rail system, seamlessly gliding between a diagnostic room and operating rooms, bringing the MRI machine directly to the patient. The company’s intraoperative MRI solutions enable patients to remain in a sterile surgical position for intraoperative imaging during neurosurgery and other growing use cases. IMRIS’s technology enhances surgical precision, reduces the need for follow-up procedures, and eliminates post-surgical confirmatory MRI scans.

“IMRIS stands at the forefront of intraoperative medical imaging,” said Matt Bergin, Managing Partner at Grovecourt. “As seasoned investors in the medical imaging space, we are thrilled to partner with Marc Buntaine, Greg Sorensen, and the entire IMRIS team to drive innovation, expand the company’s products and services and enhance patient care.”

Marc Buntaine, CEO of IMRIS, commented, “Our partnership with Grovecourt marks a significant milestone for IMRIS. As the longstanding leader of intraoperative MRI systems for neurosurgery, we are eager to expand the boundaries of intraoperative MRI imaging into emerging applications, such as laser ablation and high intensity focused ultrasound procedures.”

Dr. Gregory Sorensen, IMRIS’s Executive Chairman, expressed his enthusiasm for the partnership, stating, “This partnership with Grovecourt will enable us to enter a new phase of growth and accelerate IMRIS’ mission to improve patient care through innovative intraoperative technologies. We are so excited for this partnership and the opportunities ahead.”

Holland & Knight acted as legal advisor to Grovecourt. Ocean Avenue Capital Partners, Bell Capital Finance – a division of Bell Bank, and Farragut Capital Partners provided financing for the transaction. CMD Global Partners acted as exclusive financial advisor to IMRIS.

About IMRIS

IMRIS designs, manufactures, and services its proprietary intraoperative MRI suites for use in leading hospitals and cancer centers throughout the world. The company’s MRI systems empower neurosurgeons to perform minimally invasive procedures. It is estimated that over 70,000 patients worldwide have benefited from image-guided therapy solutions provided by IMRIS. For more information, visit www.imris.com.

About Grovecourt Capital Partners

Grovecourt Capital Partners is a private equity firm based in West Palm Beach, FL, specializing in investments in founder-led and family-owned businesses in the lower middle market. With an investment focus in the business services and healthcare services sectors, Grovecourt partners with management teams to execute both organic and inorganic growth opportunities, optimize performance, and create long-term value. For more information, visit www.grovecourtcapital.com.