Riverside Partners has acquired a majority stake in Dominion Diagnostics, a provider of laboratory services. Financial terms of the deal were not released. Founded in 1997, Dominion provides drug testing, medication monitoring and support services. Riverside Partners is a middle market private equity firm based in Boston.
Riverside Partners, a Boston-based private equity firm, is pleased to announce that it has made a majority equity investment in Dominion Diagnostics (“Dominion”), a leading 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.
Founded in 1997, Dominion is a premier provider of comprehensive clinical quantitative urine drug testing, medication monitoring, and support services nationwide. For the past 13 years, Dominion has provided laboratory services to thousands of clients in a variety of medical specialties, including Addiction Treatment, Behavioral 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,” said Dr. 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.”
Dominion Diagnostics is a premier provider of comprehensive clinical quantitative urine drug testing, medication monitoring, and support services nationwide. For over 13 years, Dominion has provided services to thousands of clients in a variety of medical specialties, including Addiction Treatment, Behavioral Health, Pain Medicine, Primary Care, Psychiatry and Hospital Systems. Dominion is supported by a world-class team that shares a commitment to clinical and operational excellence. For more information about Dominion, please visit www.dominiondiagnostics.com.
About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing Riverside Partners Fund IV, L.P. The fund focuses on growth oriented companies primarily in the healthcare and technology industries. Riverside Partners is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. The partners at Riverside Partners have managed more than $500 million in investments in over 50 companies. The firm is currently focused on companies with revenues between $20 and $200 million and with $5-$25 million of EBITDA. For more information, please visit http://www.riversidepartners.com.