Prairie Capital, a middle-market, Chicago-based private equity firm, is pleased to announce the successful sale of Northfield Medical, LLC (“Northfield” or the “Company”) from Prairie Capital V (“Prairie”). This exit highlights Prairie’s investment strategy of partnering with founders and management teams to build market-leading companies in high-growth industries.
Prairie sold Northfield to PREZIO Health, a portfolio company of Frazier Healthcare Partners, a healthcare-focused private investment firm. Northfield is a leading provider of medical device repairs and maintenance services. The Company offers a compelling value proposition to its 1,000+ hospital and surgery center customers, providing highly value-added services that extend the useful lives of medical device assets and lower customers’ operating expenses and capital needs. Northfield was founded in 1996 and Prairie partnered with the Company’s founders in 2011.
The Prairie investment thesis focused on expanding Northfield from a regional provider of primarily endoscopic repairs to a national provider of value-added repair services for GPO’s, hospital systems and surgery centers. The thesis required substantial company-building investments including: (i) broadening the management team; (ii) acquiring and integrating a competitor with complementary service capabilities; (iii) establishing new locations and sales activity nationwide; and (iv) providing the requisite human capital, information technology, and finance resources to support growth. These investments, among others, enabled Northfield to more than double revenue during Prairie’s hold period.