Medical Devices Acquisitions in Virginia

SSI Diagnostica, a portfolio company of Adelis Equity, has acquired TECHLAB, Inc. from Pharos Capital Group. The acquisition combines SSI Diagnostica's global distribution and production capabilities with TECHLAB's U.S. R&D and manufacturing to grow the combined diagnostics business; TECHLAB will continue operating from its Virginia facilities and retain its management team and workforce.

Peloton Equity, alongside Hamilton Lane Impact Fund II and Morgan Stanley AIP Private Markets, closed a growth and recapitalization investment to acquire a majority stake in Grenova, a Richmond, Virginia-based manufacturer of lab sustainability technology. The investment will fund accelerated sales and marketing, new product launches, and global expansion while Grenova management and certain existing shareholders retain a significant ownership stake.

TeamBest Global Companies merged Best ABT Molecular Imaging and Best Cyclotron Systems effective January 1, 2022, consolidating the two affiliates under the name Best Cyclotron Systems, Inc. The combined business is headquartered in Springfield, Virginia, with manufacturing operations in Knoxville (TN), Loves Park (IL), Ottawa (ON), Vancouver (BC) and Dijon (France), and will expand its cyclotron manufacturing and radiopharmaceutical production capabilities.

Mirion Technologies, Inc. (NYSE: MIR) has signed a definitive agreement to acquire Computerized Imaging Reference Systems, Inc. (CIRS), a Norfolk, Virginia–based maker of medical imaging and radiation therapy phantoms. CIRS (≈80 employees) will be integrated into Mirion's Medical segment; the transaction is expected to close in Q4 2021 for approximately $54 million and is intended to expand Mirion's medical product and services capabilities and drive margin synergies.

BioIVT, a provider of research models and value-added research services, has acquired Valley Biomedical Products & Services, an FDA-registered manufacturer of in vitro diagnostics, sera, plasma and reagents based in Winchester, Virginia. The acquisition will expand BioIVT’s capabilities in IVD manufacturing and cell & gene therapy support by combining Valley Biomedical’s reagent and blood-product manufacturing with BioIVT’s donor centers and specimen services; BioIVT will continue operating the Winchester facility and retain its staff.

Safeguard Medical, a portfolio company of Water Street Healthcare Partners, has acquired H&H Medical Corporation to expand its emergency medical product offerings. The deal adds H&H’s military-grade trauma and first-aid product lines to Safeguard’s portfolio and broadens its capabilities for first responders, military and other emergency markets.

Harvest Partners SCF, LP led a non-control growth investment in Advancing Eyecare Holdings, Inc., the Atlantic Street Capital-backed ophthalmic instrument distributor formed from Lombart Instrument and Marco Ophthalmic. Proceeds were used to fund the strategic merger; Atlantic Street Capital remains the majority shareholder and HP SCF gained board representation. Terms were not disclosed.