Audax Group (“Audax”) announced it has completed the sale of Northern Digital, Inc. (“NDI”) to Roper Industries, Inc. (NYSE:ROP). Based in Waterloo, Ontario, with additional operations in Germany and China, NDI is a developer and manufacturer of optical and electromagnetic technology for image-guided surgical, industrial test and measurement, and research applications. Audax, together with management, acquired NDI in December 2007 and executed a growth strategy focused on new product introductions, sales channel optimization, and the successful sourcing and integration of a consumables product line.
Geoffrey S. Rehnert**, Co-Chief Executive Officer, Audax Group, said “Jamie Fraser and his team have done an extraordinary job working with us to build NDI through organic and acquisition-driven growth initiatives in medical systems, medical consumables, and industrial applications. We wish Jamie and his team continued success.”
Harris Williams & Co. and Morgan Keegan advised NDI. Kirkland & Ellis LLP and Stikeman Elliott LLP served as legal counsel to NDI.