The Riverside Company, a Cleveland, Ohio-based private equity firm, recently purchased Waukesha-based GTI Diagnostics, which designs and manufactures specialty test kits used in the blood testing industry.
Riverside acquired GTI Diagnostics from the Blood Center of Wisconsin Research Foundation.
GTI Diagnostics' test kits are sold to hospitals, research institutions, blood banks and reference labs across the nation and around the world. About 400 labs around the world use more than 20 GTI test kit products
Financial terms of the acquisition were not disclosed.
"There are dynamic growth opportunities in the blood center industry," said Scott Gilbertson, principal of origination for new Midwestern investment opportunities for Riverside. "There is a need (in the clinical setting) to provide patient bases that diseases are not being passed."
No GTI Diagnostics employees will be affected by the acquisition, Gilbertson said.
Jim Tidey, GTI's founder and chief executive officer, will continue with the firm and has become an investor in the company.
"The company is healthy and it's a growing organization," Gilbertson said. "We'll look to support the company and will look to staff up where necessary."
GTI is Riverside's fourth portfolio company in metro Milwaukee and its seventh in Wisconsin.
"We are the most active (private equity) investor in the state," Gilbertson said. "And we will continue to look for opportunities in Wisconsin."
Robert W. Baird & Co. Inc. served as the exclusive financial advisor to the BloodCenter of Wisconsin Research Foundation.
Ohio company acquires GTI Diagnostics
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