A Diagnostics & Imaging Week
Riverside Partners, a Boston-based private equity firm focused on middle-market healthcare and technology companies, reported the closing of its third private equity fund, Riverside Fund III, at $225 million of committed capital.
Riverside Fund III includes among its limited partners the Massachusetts Institute of Technology, TIFF, Abbott Capital Management, MN Services (on behalf of its clients) and Hartford Investment Management.
Riverside specializes in customizing investments to meet the particular needs of founder- and family-owned firms. These objectives can range from providing liquidity for estate planning, helping with management succession and development, and maximizing value through retained equity. After completing an investment, Riverside dedicates its operating partners, former CEOs of lower middle-market companies, to accelerate the growth of its portfolio companies.
Investments from Riverside Fund III began in 4Q05 and were highlighted by a commitment of $40 million to partnerships with three founder-owned companies: National Display Systems (Morgan Hill, California), a provider of flat-panel display systems used in a range of healthcare applications; Sixnet (Albany, New York), is a manufacturer of advanced industrial automation and network connectivity devices for use in demanding environments; and Quantum Medical Imaging (Ronkonkoma, New York), a developer of X-ray systems for hospitals, imaging centers, and physician offices around the world.
San Francisco-based Probitas Funds Group, global alternative investment services and fund placement firm, served as Riverside's placement agent.
Life Therapeutics (Sydney; Australia/Atlanta) said it has secured funding facilities of about A$35.3 million (US$26.88 million) with U.S.-based investment fund Cornell Capital Partners Offshore.
The funding consisted of a convertible loan of US$4 million, with funds to be used immediately to open five new collection centers.
It also included a standby equity line of credit facility of A$30 million available over five years to provide funding certainty for new opportunities as they become available.
"The US$4 million proceeds from the convertible loan will allow us to accelerate the opening of at least five new collection centers immediately," said Dr. Hari Nair, CEO of Life Therapeutics. "In addition, the equity line represents a flexible funding option for the company moving forward."
Life Therapeutics is an international company with 479 employees. The company's four divisions are all headquartered in Atlanta and include: Life Sera, Life Gels, Life Diagnostics and Life Manufacturing.
Life Sera collects specialty plasma, including Anti-D and hepatitis B, from a donor base of more than 5,000 in 14 U.S. collection centers. The plasma is then sold to blood fractionators who process it into hyperimmune therapeutic products.
Life Gels offers pre-cast gels for use in biological research and diagnostic testing, including a variety of electrophoresis systems. It also offers ultra-sensitive and rapid stains, molecular weight markers, and specially formulated buffers.
Life Diagnostics provides highly specific diagnostic tests for blood-clotting disorders and source plasma products for blood-borne diseases. Technologies include specialized blood coagulation tests to predict the risk of thrombosis and bleeding disorders. It also collects high-titer source plasma and serum used to make diagnostic kits.
Life Manufacturing incorporates the Gradiflow technology with the manufacture of therapeutic and diagnostic products. Gradiflow is a patented process that simultaneously purifies proteins and removes all viral pathogens, and infectious prion proteins.