Cressey & Company and Health Enterprise Partners Acquire Healthcare Technology Management Provider, The InterMed Group

CHICAGO and NASHVILLE, Tenn. and NEW YORK, Jan. 5, 2023 /PRNewswire/ -- Cressey & Company LP ("Cressey"), a private investment firm focused on building leading healthcare services and information technology businesses, and Health Enterprise Partners ("HEP"), a healthcare-focused investment firm, today announced that funds affiliated with Cressey and HEP have acquired The InterMed Group ("InterMed"), a premier provider of healthcare technology management services, from Granite Bridge Partners.

InterMed provides a comprehensive array of end-to-end healthcare technology and equipment management services to hospitals and health systems across the United States, with a focus on biomedical and imaging equipment. The partnership with Cressey and HEP will expand and deepen InterMed's offering and capacity to help hospitals and healthcare systems manage vast inventories of complex medical equipment efficiently and cost effectively while maintaining its highly responsive and attentive service to clients.

"The Cressey and HEP teams will help us further our mission as a trusted provider to our clients and serve an even greater number of healthcare providers with leading-edge, cost-effective health technology products and equipment maintenance solutions," said Rick Staab, CHTM, Chief Executive Officer of InterMed. "Cressey and HEP are ideal partners for our next phase of growth with extensive track records of investing in many of the country's leading healthcare services and technology companies. We look forward to what's next, particularly in terms of the enhanced benefits we'll be able to provide our clients."

"We are excited to partner with Rick and the entire InterMed team as they assist healthcare clients in enhancing productivity with their medical equipment fleets and play an important role in helping deliver quality care to patients," said Dave Rogero, Partner at Cressey. "We see a great opportunity for InterMed to offer comprehensive, complementary solutions that address healthcare organizations' most pressing healthcare technology management needs."

Ezra Mehlman, Partner at HEP, said, "By partnering together, Cressey and HEP will leverage our combined expertise, experience and unique relationships with health systems across the country to enable InterMed to expand its healthcare solutions offerings. Our two firms are well-positioned and energized to support InterMed in this next stage of growth."

Harris Williams LLC served as financial advisor to InterMed.

About The InterMed Group

Headquartered in Alachua, Florida, InterMed is a leading independent healthcare technology services platform, providing comprehensive asset management solutions that drive efficiencies and productivity for premier healthcare services organizations across various geographic markets within the United States.  InterMed offers healthcare technology management, biomedical equipment services, diagnostic imaging repair and maintenance, equipment sales and a rapid response service offering. To learn more about InterMed, visit www.intermed1.com.

About Cressey & Company

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 Health Enterprise Partners

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. https://hepfund.com/

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.

SOURCE Cressey & Company; Health Enterprise Partners