Riverside Partners, a Boston-based private equity firm, has made a majority equity investment in Dominion Diagnostics, a laboratory services company focused on quantitative testing to support patient medication monitoring.
The investment was completed in partnership with the founders and management of the business.
For the past 13 years, Dominion has provided laboratory services to thousands of clients in a variety of medical specialties, including addiction treatment, behavioural health, pain medicine, primary care, psychiatry and hospital systems.
"When we decided to bring on a financial partner for Dominion, we focused on finding a private equity firm with significant health care expertise as well as experience working with founder-owned companies. We are extremely excited about our partnership with Riverside Partners and believe that together we will continue to help clinicians and patients and improve clinical outcomes," says Frank Fornari, founder of Dominion Diagnostics.
"Dominion is one of the leading nationwide laboratories for pain management and addiction medicine and provides a critical service for health care professionals and patients," said Philip Borden, a general partner at Riverside Partners. "Frank and the Dominion team have created a company with a strong scientific foundation, based on integrity, high quality and service, and a commitment to patient care and compliance. We are eager to support Dominion’s growth with additional capital and resources."
