Roper Industries buys PE-backed IPA

Roper Industries has acquired IPA, which is backed by Riverside Partners. No financial terms were disclosed. Harris Williams advised IPA on the transaction. IPA is a linen automation platform provider.


RICHMOND, Va.–(BUSINESS WIRE)–Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of IPA, LLC (IPA), the leading manufacturer of automated scrub suit and linen dispensing equipment for acute care hospitals, to Roper Industries (NYSE: ROP). IPA is a portfolio company of Riverside Partners. Harris Williams & Co. acted as the exclusive advisor to IPA. The transaction and was led by James Clark, Geoff Smith, Paul Hepper, and Brian Lawson of Harris Williams & Co.’s Healthcare & Life Sciences (HCLS) Group.

“IPA has generated consistent growth over the years and Roper Industries’ platform will allow the company to accelerate expansion into the underpenetrated hospital market,” said James Clark, managing director in the firm’s HCLS Group. “This is the second time we’ve had the opportunity to work with IPA and we believe Roper will be a great partner for the company.”

“IPA’s proprietary products and technologies provide a compelling value proposition to its hospital customers,” added Geoff Smith, director at Harris Williams & Co. “IPA’s solutions not only help to reduce costs, but also assist in infection prevention in acute care settings, a key focus in the new healthcare environment.”

IPA, founded in 1995, has developed the industry’s most complete linen automation platform to address problems associated with surgical scrubs and linen usage in healthcare facilities. The company’s products are specifically designed to save facilities money on scrub and linen management by reducing losses, decreasing misuse, and minimizing inventories. IPA’s platform products include scrubEX and alEx. The company’s products are installed in over 600 hospitals throughout North America.

Riverside Partners is a middle market private equity firm that was founded in 1989. The firm is experienced in partnering with founders, owners, and management teams and brings substantial domain expertise and operating experience to its portfolio companies. Riverside Partners currently manages $1 billion of equity capital.

Roper Industries (NYSE: ROP) is a diversified technology 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 software information networks, medical, water, energy, and transportation.

Harris Williams & Co. (, a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.

Harris Williams & Co.’s HCLS Group has experience across a broad range of sectors, including alternate site care; healthcare IT; managed care and cost containment services; medical devices, products and distribution; outsourced clinical and practice management services; and outsourced pharma services. For more information on the HCLS Group and other recent transactions, visit the HCLS Group’s section of the Harris Williams & Co. website.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.