M&A Deal Summary

Grovecourt Capital Partners, Farragut Capital Partners and Ocean Avenue Capital Partners Acquire IMRIS

On February 19, 2025, private equity firm Grovecourt Capital Partners, mezzanine finance firm Farragut Capital Partners and private equity firm Ocean Avenue Capital Partners acquired medical products company IMRIS

Acquisition Highlights
  • This is Grovecourt Capital Partners’ 1st, Farragut Capital Partners’ 1st and Ocean Avenue Capital Partners’ 1st transaction in the Medical Products sector.
  • This is Grovecourt Capital Partners’ 3rd, Farragut Capital Partners’ 98th and Ocean Avenue Capital Partners’ 8th transaction in the United States.
  • This is Grovecourt Capital Partners’ 1st, Farragut Capital Partners’ 1st and Ocean Avenue Capital Partners’ 3rd transaction in Minnesota.

M&A Deal Summary

Date 2025-02-19
Target IMRIS
Sector Medical Products
Buyer(s) Grovecourt Capital Partners
Farragut Capital Partners
Ocean Avenue Capital Partners
Deal Type Buyout (LBO, MBO, MBI)

Target

IMRIS

Chaska, Minnesota, United States
IMRIS designs manufactures, and services its proprietary intraoperative MRI suites utilized by scores of hospitals and cancer centers worldwide. IMRIS was founded in 2005 and is based in Chaska, Minnesota.

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Buyer(S) 3

DESCRIPTION

Govecourt Capital Partners is a private equity firm focused on long-term, lower-middle market investments. The Firm looks to partner with founders and management teams and seeks growing companies in the business services, communications, healthcare, and industrials sectors. Grovecourt Capital Partners is headquartered in Palm Beach, Florida.


DEAL STATS #
Overall 3 of 3
Sector (Medical Products) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 3 of 3
State (Minnesota) 1 of 1
Country (United States) 3 of 3
Year (2025) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-28 TMC

Orlando, Florida, United States

TMC is an engineering company specializing in transportation planning and traffic engineering. TMC serves private clients and governmental agencies at the local, county, and state levels. TMC was founded in 2012 and is based in Orlando, Florida.

Buy -
Buyer

Farragut Capital Partners

Chevy Chase, Maryland, United States

Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2011
PE ASSETS 1.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Farragut Capital Partners LLC is a private investment firm that provides mezzanine and equity capital to help finance buyouts, generational transfers, growth capital financings, and recapitalizations. The Firm prefers asset-light businesses with unique and defensible market positions, stable business models, and reasonable capital expenditure and working capital needs. Sectors of interest include light and niche manufacturing, business services, distribution & logistics, and media. Farragut's target investment size is $2 to $10 million. Farragut Capital Partners was formed in 2011 and is based in Washington, District of Columbia.


DEAL STATS #
Overall 98 of 98
Sector (Medical Products) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 41 of 41
State (Minnesota) 1 of 1
Country (United States) 98 of 98
Year (2025) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-08 Virginia Food Group

Wakefield, Virginia, United States

Virginia Food Group is a manufactures, markets, and distributes Virginia peanuts and snack mixes. Virginia Food Group is based in Wakefield, Virginia.

Buy -
Buyer
DESCRIPTION

Ocean Avenue Capital Partners is a private equity firm focused on special situation investments in the US and Canada. The Firm targets businesses facing transition, either in need of operational assistance, facing ownership transition, or in need of restructuring. Ocean Avenue will consider minority or majority positions and looks to commit $6 to $15 million per investment. The Firm does not have any sector preferences. Ocean Avenue Capital Partners was founded in 2010 and is based in Santa Monica, California.


DEAL STATS #
Overall 9 of 9
Sector (Medical Products) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 4 of 4
State (Minnesota) 3 of 3
Country (United States) 8 of 8
Year (2025) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-19 QC Ally

Irvine, California, United States

QC Ally is a provider of software and end-to-end quality control, specialty audit, compliance, and reporting services for mortgage and consumer lenders and servicers. QC Ally is based in Irvine, California.

Buy -