New York, NY, August 5, 2021 - Granite Bridge Partners LLC (“Granite Bridge”) has added to its medical equipment services platform, The InterMed Group (“InterMed”), with the purchase of Modern Biomedical & Imaging, Inc. (“Modern”). Modern represents the third InterMed investment since Granite Bridge’s formation in July 2018 as the manager of the former Direct Equity portfolio of Wafra, Inc.
Modern is an Irving, Texas-based provider of comprehensive asset management and healthcare technology management (“HTM”) services. An established provider of HTM services, known for quality and excellence in clinical and diagnostic equipment service and on-site maintenance, Modern is one of the most proven independent service organizations throughout the southwestern and southeastern United States.
The combination of Modern with The InterMed Group marks the start of another exciting and impactful chapter for InterMed, one that continues to bring the highest standards of service, safety, and effectiveness to healthcare. It is anticipated that Modern’s operations will be seamlessly integrated and that its customers will soon have access to InterMed’s premier selection of services.
Rick Staab, CHTM, CEO of InterMed, said “I am excited to bring together The InterMed Group and Modern after many successful years working congruently in the industry. I truly believe we are better together than apart. The similarity in our culture’s strategic footprint, and talented people that comprise both companies will undoubtedly strengthen the services we offer our clients. Both Modern and InterMed uphold reputations for delivering excellent service and, together, we will continue to enhance and expand our expertise to bring the best to our partners well into the future”.
Randy Bullard, Chief Executive Officer for Modern Biomedical & Imaging, Inc., adds that “With the Modern Biomedical team joining forces with The InterMed Group we believe this creates the ultimate HTM solution for our customers’ needs. We believe InterMed’s values, ethics and Rick Staab’s strong leadership mirrors Modern’s team and will continue to offer customers the same quality of service we have provided for the past 43 years while creating increased employee growth opportunities.”
Michael Goodman, a partner at Granite Bridge, commented, “The acquisition of Modern is expected to solidify The InterMed Group as one of the leading independent providers of HTM services to hospitals, imaging centers and health care facilities in the US. The addition of Modern expands InterMed’s presence further into the southwestern US resulting in complete geographic coverage along the eastern seaboard through the southwestern US along with adding significant engineering depth to both its biomedical and engineering service offerings.
About The InterMed Group
The InterMed Group is a premier provider of healthcare technology management services. The InterMed team’s decades of healthcare industry experience and breadth of services enable it to create efficiencies that save our partners’ time and money, enhance their services, and position them well for the future. The Company’s standard of service is what defines it and motivates our employees to bring the best to our clients. InterMed maintains an ISO 13485 certified Quality Management System to adhere to the highest standards set forth in our industry. For more information visit www.intermed1.com.
About Modern Biomedical & Imaging, Inc.
For over forty years, Modern Biomedical & Imaging, Inc. has been a privately held business that has developed and maintained successful partnerships with their clients. Modern’s mission has always been to provide their client hospitals an equipment maintenance programs of exceptional quality and integrity to ensure that clinical equipment needed to support the continuity of patient care is readily available and maintained to the highest standards for safety and effectiveness.
About Granite Bridge Partners
Granite Bridge Partners LLC is a private equity investment firm that targets control investments in lower middle market companies with EBITDA between $2 million and $12 million in the following sectors: consumer products and services, healthcare services, outsourced business services and niche manufacturing. For more information, visit www.granitebridge.com.
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