Michigan, US-based private equity firm O2 Investment Partners has announced new investment in Modular Devices (MDI) to support the company’s continued growth.

Established in 1987, MDI is engaged in providing mobile and modular medical imaging equipment labs, and cleanroom solutions in the US.

The company provides healthcare systems with medical imaging solutions across different imaging modalities, through short- and long-term leases.

Its cleanroom division offers standard and customised pre-certified ISO and USP compliant units to pharmaceutical, biotechnology, and manufacturing sectors, for lease and for sale.

MDI is claimed to be the only company to offer modular cath labs as a stock-standard product available for rent.

MDI president and CEO Greg Mink said: “We are experiencing rapid growth and feel that we are at a key moment in our company’s evolution.

“I believe that O2 is the optimal partner to continue our track record of success and capitalize on MDI’s growth initiatives in the healthcare, pharmaceutical, and biotechnology markets.”

O2 Investment Partners aims to acquire majority interests in lower middle market B2B services, technology, and select industrial companies.

Its investment in MDI marks the company’s sixth platform investment, through its most recent fund, O2 Investment Partners Fund III.

O2 and MDI intend to pursue merger and acquisition (M&A) opportunities to expand the company’s product and service offering.

O2 partner Pat Corden said: “Greg and the MDI team have built a very exciting business with a reputation for delivering best-in-class products and services to its customers.

“O2 is excited to partner with MDI and looks forward to supporting the business in its next stage of development. We would also like to thank our financial partner, Maranon Capital for their support in this transaction.”