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Strategic buyers continue to seek out proprietary medical device businesses

Northern Digital Inc (NDI), a portfolio company of Audax Group (Audax),has been sold to strategic buyer Roper Industries, Inc. (Roper;NYSE:ROP). The transaction closed on June 3, 2011. Harris Williams & Co. acted as an advisor to NDI. The transaction was led by Turner Bredrup, Todd Morris, Cheairs Porter, Andy Dixon, and Andrew Hewlett of the firm’s Healthcare & Life Sciences (HCLS) Group.

“NDI is a wonderful company with a 30-year track record of developing and producing outstanding devices to serve the global image guided surgery and other attractive life science and industrial markets. CIVCO Medical Instruments, a Roper subsidiary, is a leader in medical image guidance and the acquisition of NDI enhances Roper’s presence in this sector,” says Turner Bredrup, a managing director and head of Harris Williams & Co.’s HCLS Group.

Todd Morris, a managing director at Harris Williams & Co, says: "NDI’s acquisition by Roper is a great example of the M&A activity we expect to continue within the proprietary medical device segment. NDI represents the third successful transaction that we have completed with Roper, and the second proprietary medical device deal.’
Headquartered in Waterloo, Ontario, Canada, Northern Digital provides optical and electromagnetic measurement systems for medical and industrial applications. NDI’s technology is critical for the growing fields of computer-assisted surgery, computer-assisted therapy and image-guided radiation treatment. In addition, the company’s technology is utilized by advanced manufacturers for optical tracking and non-contact 3-D measurements.

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