BOSTON, Sept. 30 /PRNewswire/ -- Riverside Partners, based in Boston, MA, is pleased to announce the sale of its portfolio company, MicroCal, to GE Healthcare, a unit of General Electric Company (NYSE: GE).
MicroCal, based in Northampton, MA, develops and manufactures microcalorimeters that provide detailed information on the structure, function and binding properties of a wide range of biomolecules such as proteins, lipids, nucleic acids and antibodies. The growing trend towards structure-based drug design together with the expansion in biopharmaceutical development is driving an increase in the use of microcalorimetry as a standard technique in pharmaceutical research. MicroCal's proprietary technology provides scientists with detailed information across several stages of the drug discovery process, reducing the potential for late-stage drug candidate failures. MicroCal's technology is already used in over one thousand laboratories worldwide and annual revenues are growing at over 25%.
"The management team and employees at MicroCal have done a phenomenal job of innovation and execution during our partnership. Riverside is extremely proud to have been able to work with the company during a time of rapid growth and achievement," said Brian Guthrie, a General Partner at Riverside Partners and Board Director at MicroCal.
"We have appreciated the support, contributions and confidence of Riverside Partners, and now are ready to continue in a new chapter as part of GE Healthcare," said Dr. Richard Brown, CEO at MicroCal. "We see great potential for this business. The resources of GE Healthcare and the wider GE group will allow us to significantly widen our reach and to accelerate our ability to help scientists increase their understanding of molecular interactions. The MicroCal team very much looks forward to working with GE Healthcare to realize the potential of this great technology."
About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing Riverside Fund III, L.P. The fund focuses on growth-oriented companies in the healthcare and technology industries. Riverside is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. The partners at Riverside have managed more than $500 million in investments in over 50 companies. We are currently focused on companies with revenues between $20 - $200 million and with $5 - $25 million of EBITDA.
MicroCal is a research-based company that develops and manufactures the most sensitive and reliable microcalorimeters available, primarily for use in the life sciences. MicroCal equipment is in use in over 1,000 labs worldwide, both for R&D and commercial applications. MicroCal is based in Northampton, Massachusetts and was founded in 1977 by Dr. John Brandts, a professor of chemistry at the University of Massachusetts. The company has 75 employees and grew revenues by 25% in 2007 to $21 million.
About GE Healthcare
GE Healthcare provides transformational medical technologies and services that are shaping a new age of patient care. Our expertise in medical imaging and information technologies, medical diagnostics, patient monitoring systems performance improvement, drug discovery, and biopharmaceutical manufacturing technologies is helping clinicians around the world re-imagine new ways to predict, diagnose, inform, treat and monitor disease, so patients can live their lives to the fullest.
GE Healthcare's broad range of products and services enable healthcare providers to better diagnose and treat cancer, heart disease, neurological diseases and other conditions earlier. Our vision for the future is to enable a new "early health" model of care focused on earlier diagnosis, pre- symptomatic disease detection and disease prevention. Headquartered in the United Kingdom, GE Healthcare is a $17 billion unit of General Electric Company (NYSE: GE). Worldwide, GE Healthcare employs more than 46,000 people committed to serving healthcare professionals and their patients in more than 100 countries. For more information about GE Healthcare, visit our website at http://www.gehealthcare.com.
|SOURCE Riverside Partners|
Copyright©2008 PR Newswire.
All rights reserved