Alachua, FL and New York, NY, January 9, 2023 - Granite Bridge Partners LLC (“Granite Bridge”) is pleased to announce it sold its portfolio company, The InterMed Group (“InterMed” or the “Company”), to Cressey & Company LP (“Cressey”) and Health Enterprise Partners (“HEP”) in December 2022. InterMed is a leading independent healthcare technology management services company that provides a broad range of asset management solutions which drive efficiencies and productivity for its clients.

While part of the Granite Bridge portfolio of companies, the Granite Bridge investment team worked closely with InterMed’s management team to drive both organic and acquisition-led growth in the business which allowed InterMed to solidify its position as a leading independent service provider (“ISP”) to hospitals, health systems, Ambulatory Surgery Centers (“ASCs“), imaging centers and veterinary hospitals in the U.S. During the course of Granite Bridge’s ownership, InterMed completed four acquisitions, expanded its footprint from primarily in the southeast through the mid-Atlantic, northeastern and southwestern U.S. and grew proforma adjusted revenue and EBITDA by factors of approximately 6x and 9x, respectively. Rick Staab, CEO of InterMed said, “Working with Granite Bridge has been a great experience. They were the right partner to transform the business from a small, regional platform to a leader in the sector through thoughtful organic growth initiatives and accretive acquisitions.”

“We were pleased to have had the opportunity to work closely with InterMed’s management team to help it become a leading ISP to a variety of health care organizations along the eastern seaboard and throughout the southeastern and southwestern U.S.” said Michael Goodman, a Partner at Granite Bridge. “We enjoyed working with Rick Staab along with his management team and wish them well with their new partners.”  

Harris Williams served as financial advisor to InterMed.

About Granite Bridge Partners

Granite Bridge Partners LLC is a private equity investment firm that targets control investments in lower middle market companies in the U.S. and Canada with EBITDA between $2 million and $10 million in the following targeted industries: commercial, industrial and professional services; healthcare services; and value-added manufacturing and distribution. For more information, visit www.granitebridge.com.

About The InterMed Group

InterMed is a premier provider of integrated health technology management services to an array of hospitals, health systems, ASCs, imaging centers and veterinary hospitals. From comprehensive equipment planning and administration to strategic coverage of key divisions or modalities in support of in-house, OEM, or hybrid solutions, InterMed strives to enhance overall program quality, cost, timeliness, and client confidence, by tailoring its services to the needs of their clients. For more information visit www.intermed1.com.

About Cressey

Based in Chicago, Illinois and Nashville, Tennessee, Cressey & Company LP is a private equity firm focused on investing in leading healthcare services and information technology businesses. With a history spanning 40 years, the Cressey & Company team is one of the most experienced and successful in the healthcare private equity field. For more information, visit www.cresseyco.com.  

About HEP

Health Enterprise Partners invests in privately held, lower middle market healthcare services and information technology companies. Central to HEP's strategy is its unique and extensive hospital system and health plan network, 41 members of which are investors in HEP's funds. HEP seeks to invest in companies that improve the quality of the patient experience, expand access, and reduce the cost of healthcare. For more information, visit https://hepfund.com.

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