Roper Industries Buys Northern Digital

Harris Williams & Co. announced Wednesday the sale of Northern Digital Inc., a portfolio company of Audax Group, to strategic buyer Roper Industries. Terms of the deal, which closed June 3, were not released. Harris Williams & Co. acted as an advisor to Waterloo, Ontario-based Northern Digital. Audax focuses on small cap and lower-middle market investments. Audax manages more than $4.5 billion of equity, mezzanine debt, and senior loan capital.

Harris Williams & Co. announces the sale of Northern Digital Inc. (NDI), a portfolio company of Audax Group (Audax), 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,” said Turner Bredrup, a managing director and head of Harris Williams & Co.’s HCLS Group. “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,” added Todd Morris, a managing director at Harris Williams & Co. Harris Williams & Co. also sold medical device manufacturer Verathon, Inc. to Roper 18 months ago.

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.

Audax, founded in 1999, is a leading investor in small cap and lower-middle market companies. With offices in Boston and New York, Audax manages in excess of $4.5 billion of equity, mezzanine debt, and senior loan capital.

Roper is a diversified growth company and is a constituent of the S&P 500, Fortune 1000, and the Russell 1000 indices. Roper provides engineered products and solutions for global niche markets, including water, energy, transportation, medical, education, and SaaS-based information networks.

Harris Williams & Co. (, a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is the premier middle market advisor with a two-decade legacy of sell side excellence serving clients worldwide. The firm is focused exclusively on the middle market and provides sell side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services. The firm’s HCLS Group focuses on transactions across the spectrum of healthcare market segments. For more information, contact Turner Bredrup, James Clark or Cheairs Porter in Richmond at +1 (804) 648-0072 or Todd Morris in San Francisco at +1 (415) 288-4260.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, an Appointed Representative of Sturgeon Ventures LLP, which is authorized and regulated by the Financial Services Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the U.S. and Europe, respectively.