[February 16, 2023]

Modular Devices Invests In Interim Diagnostic Imaging

Modular Devices (www.modulardevices.com | www.portable-cleanroom.com), a leading provider of mobile and modular medical imaging equipment labs and cleanroom solutions, and portfolio company of O2 Investment Partners (www.o2investment.com), announced today that it has partnered with Interim Diagnostic Imaging (www.interimdiagnosticimaging.com).

Lynn Behrns, President of Interim Diagnostic Imaging, commented, "The partnership with Modular Devices came at an opportune time when Interim Diagnostic Imaging is pursuing an aggressive growth strategy of adding more mobile labs to the fleet. We look forward to combining forces with Modular Devices to become one of the largest lessors of medical imaging suites in the country."

Greg Mink, CEO of Modular Devices, noted, "The addition of Interim Diagnostic Imaging significantly increases Modular Devices' fleet while providing diversification and improving our produt offering. The combined company will now offer our customers a full range of medical imaging labs including catheterization, cleanroom, PET/CT, MRI, and CT. We are excited to better serve our customers and execute our expansion strategy."

Pat Corden of O2 Investment Partners added, "We are excited to bring Interim Diagnostic Imaging and Modular Devices together. IDI's reputation and performance in the mobile CT and MRI market is highly complementary to our growing platform. Interim Diagnostic Imaging joining the platform marks the second investment for Modular Devices within a 12-month period. We look forward to working together towards an exciting future."

About Modular Devices
Founded in 1987, Modular Devices ("Modular" or the "Company") is a leading provider of mobile and modular medical imaging equipment labs and cleanroom solutions throughout the United States. Modular's medical imaging solutions offer various imaging modalities through short- and long-term leases to healthcare systems of all sizes. Modular is the only company offering modular cath labs as a stock-standard product available for rent. The Company's cleanroom division serves the pharmaceutical, biotechnology, and manufacturing sectors by providing standard and customized pre-certified ISO and USP compliant units for lease and for sale. Modular is headquartered in Indianapolis, IN. Additional information available at www.modulardevices.com; www.portable-cleanroom.com.

About Interim Diagnostic Imaging
Interim Diagnostic Imaging ("IDI") is a best-in-class provider of mobile CT and MRI medical imaging labs in the United States and Canada. For almost 20 years, IDI has been hospitals' preferred choice when considering short- and long-term medical imaging suite rentals. IDI is headquartered in Plymouth, MN. Additional information available at www.interimdiagnosticimaging.com.

About O2 Investment Partners
O2 Investment Partners is a Midwestern based private equity firm that seeks to acquire majority interests in lower middle market B2B services, technology, and select industrial companies. The firm invests in businesses with earnings growth potential and a clear path to the creation of shareholder value. O2 invests with a view toward partnering with management to build and grow the business and take it to its next stage of development. This requires not only a clear vision and strategic plan to create shareholder value, but a close partnership and alignment of interest with management. Additional information available at www.o2investment.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230216005105/en/

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