New York, NY, January 9, 2019 - Granite Bridge Partners LLC (“Granite Bridge”) has added to its medical equipment services platform, The InterMed Group (“InterMed”), with the purchase of Horizon CSA, LLC (“Horizon”). Granite Bridge acquired InterMed, formerly four separate businesses, in December 2015 with Rick Staab and other members of the senior management team. Horizon represents the first investment for Granite Bridge since its formation last year as the manager of the former Direct Equity portfolio of Wafra, Inc.
Horizon CSA is a North Carolina based provider of biomedical and clinical engineering equipment service and management solutions for acute care hospitals and other healthcare providers in the southeastern and mid-Atlantic US. Horizon CSA: (i) helps organizations realize their “total costs” associated with the service and maintenance of all their medical equipment; (ii) provides solutions on how to reduce these costs while maintaining critically important equipment; and (iii) improves their customers’ profitability.
Rick Staab, CHTM, Chief Executive Officer of InterMed said, "Horizon’s dedication on delivering best in class medical equipment servicing and program management aligns perfectly with InterMed’s strategy and culture. The Horizon team expands our technical skill-set and depth. The addition of the Horizon portfolio of customers helps make InterMed an even more formidable player on the East Coast. We anticipate a smooth integration with very little change to service delivery to Horizon’s very loyal client relationships other than offering them the additional services that InterMed provides.”
Mike Marrow and Dale Allman (Horizon co-owners) said, “We are very pleased to be joining InterMed and are completely confident that our employees will be comfortable with the culture and management. In addition to partnering with a recognized leader in this industry, InterMed provides additional resources for our growth, and enhances service offerings we can offer to Horizon clients.”`
Michael Goodman, a partner at Granite Bridge, commented, “We believe that the combination of Horizon CSA and InterMed makes a lot of sense from both a cultural and strategic standpoint. It’s base of long-term customers and trusted service will deepen InterMed’s presence in the southeast and mid-Atlantic states and help support our expansion strategy.”
It is anticipated that Horizon’s operations will be quickly, and seamlessly, integrated enabling its customers to take advantage of InterMed’s broad array of modality services. In turn, InterMed will be able to offer a new best in class HTM program called “New Horizons”, a direct product of the integration of these two companies’ cultures.
About The InterMed Group
As a premier provider of integrated health technology management services, InterMed provides an array of Health Technology Management options to hospitals and healthcare facilities. From comprehensive equipment planning, service and administration to strategic coverage of key divisions or modalities in support of in-house, OEM or hybrid solutions, InterMed tailors its services to enhance the overall quality, cost, timeliness and confidence in each client's technology management program. InterMed's unique Jump Team™ solutions provide skilled engineers for a wide variety of temporary/project needs. Jump Team™ services include credentialed temporary staffing, special projects, routine and project-driven PMs, compliance preparation, physical inventories and cyber security assessments. InterMed also sells and services pre-owned, reconditioned, and new imaging equipment from select OEMs. For additional information on InterMed, visit www.intermed1.com.
About Horizon CSA, LLC
Horizon CSA works with Healthcare Organizations to provide Clinical Engineering Solutions for Biomedical and Imaging Services. Horizon CSA helps organizations realize their “Total Costs” associated with the service and maintenance of all their medical equipment. These costs include current biomedical service contracts (ISO or in-house), Original Equipment Manufacturers contracts, supplemental time & materials and parts. This comprehensive cost analysis approach allows Horizon to expertly and creatively find savings opportunities to help hospitals become more profitable. For additional information on Horizon, visit www.intermed1.com.
About Granite Bridge Partners
Granite Bridge Partners LLC is a private equity investment firm. We target control investments in lower middle market companies, with EBITDA of between $2 million and $12 million, in the following sectors: consumer products and services, outsourced business services and niche manufacturing. For more information visit www.granitebridge.com.
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