Riverside Partners Invests in Stinger Medical Leader in Mobile Clinical Workstations
BOSTON and MURFREESBORO, Tenn., Jan. 4, 2013 /PRNewswire/ -- Riverside Partners, a Boston-based private equity firm, is pleased to announce that it has completed an investment in Stinger Medical ("Stinger"), a leading provider of mobile clinical workstations and medical technologies. Riverside Partners' investment was completed in partnership with the Stinger management team and the Founder of the business.
Headquartered in Murfreesboro, Tennessee, Stinger Medical provides mobile medical workstations and related technologies for the acute care market. Stinger has a long history of innovation in the medical cart industry. Its team is dedicated to creating products that streamline workflow processes, reduce errors, enhance the quality of patient care and help providers comply with meaningful use guidelines. Stinger's proprietary Mobius Power solution and its fleet tracking technology, CAST, also enhance provider care to patients.
"Given the rapidly evolving dynamics of today's healthcare ecosystem, Stinger was looking for an investment partner not only to help us grow, but also to help us navigate the increasingly complex healthcare IT market. We believe that Riverside Partners' focus on technology investing as well as their deep expertise in healthcare makes them the perfect combination," said Gary Coonan, Founder and CEO of Stinger Medical. "We are already beginning to benefit from the healthcare operating resources that come with our partnership with Riverside Partners."
"Stinger Medical is clearly the innovation leader in the mobile clinical workstation industry and the company continues to develop advanced new technologies for this rapidly growing market. Stinger's products are pivotal in helping hospitals effectively deploy electronic health records and improve caregiver workflow and patient care," said Philip Borden, General Partner at Riverside Partners. "And Stinger's strong commitment to R&D makes us even more excited about the future of technology integration with providers."
About Stinger Medical
Stinger Medical is the leading manufacturer of mobile solutions and medical technologies for the healthcare marketplace. Customers value Stinger Medical as a long-term partner that consistently delivers unmatched products and services. Leveraging more than a decade of healthcare experience, Stinger understands the unique needs of healthcare providers and is dedicated to creating products that streamline work flow processes, reduce errors, enhance quality of patient care, increase patient confidence, and put focus back on the patient.
For more information about Stinger Medical products and services, visit www.stingermedical.com.
About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing Riverside Partners Fund V, L.P. The fund focuses on growth-oriented companies primarily in the healthcare and technology industries. Riverside Partners is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. Today, Riverside Partners manages $1 billion of equity capital and seeks to make investments in companies with revenues between $20 and $200 million and with $5-$25 million of EBITDA. For more information, please visit http://www.riversidepartners.com.
SOURCE Riverside Partners