BOSTON – Riverside Partners, a private equity firm focusing on healthcare and technology businesses, has partnered with management to acquire Innovative Product Achievements (IPA), based in Duluth, Ga.
IPA designs and manufactures automated surgical scrub- and linen-distribution systems sold into hospitals and ambulatory surgery centers. IPA’s products are designed to save hospitals money on scrub and linen management by reducing losses, decreasing misuse and minimizing inventories, the company says.
IPA’s products are installed in more than 300 hospitals throughout North America, including Duke University Medical Center, Johns Hopkins Hospital, Cedars-Sinai Medical Center and Barnes-Jewish Hospital, according to the manufacturer.
“IPA’s position as the industry leader in scrub and linen automation equipment, its talented management team and its innovative products backed by deep intellectual property make it a perfect match for Riverside Partners,” says David Belluck, general partner at Riverside. “Bob Stonikas, Dan Weyen and Ward Broom have positioned the company for significant future growth.”
“IPA’s scrubEx® and alEx® platforms offer hospitals a compelling value proposition and return on investment, dramatically reducing the pain of scrub and linen management typically experienced by hospital administrators,” says Philip Borden, principal at Riverside. “We are excited about helping IPA continue to grow and expand its market penetration.”
“The management team at IPA is extremely excited about our partnership with Riverside Partners,” says Stonikas, president of IPA. “Riverside’s focus on founder-owned companies and its creative investment approach made it the perfect partner for IPA. We believe that Riverside’s deep experience in the healthcare industry will be a catalyst for accelerating the growth of the company.”
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