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Audax Group to Sell Northern Digital

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^{Published in Science and Technology on Wednesday, May 11th 2011 at 7:16 GMT by Market Wire}  

BOSTON--([ BUSINESS WIRE ])--Audax Group (aAudaxa) today announced it has reached a definitive agreement to sell Northern Digital, Inc. (aNDIa) to Roper Industries, Inc. (NYSE:ROP). Based in Waterloo, Ontario, with additional operations in Germany and China, NDI is a developer and manufacturer of optical and electromagnetic technology for image-guided surgical, industrial test and measurement, and research applications. Audax, together with management, acquired NDI in December 2007 and has executed a growth strategy focused on new product introductions, sales channel optimization, and the successful sourcing and integration of a consumables product line.

"Jamie Fraser and his team have done an extraordinary job working with us to build NDI through organic and acquisition-driven growth initiatives in medical systems, medical consumables, and industrial applications. We wish Jamie and his team continued success."

Geoffrey S. Rehnert, Co-CEO of Audax Group, said aJamie Fraser and his team have done an extraordinary job working with us to build NDI through organic and acquisition-driven growth initiatives in medical systems, medical consumables, and industrial applications. We wish Jamie and his team continued success.a

Harris Williams & Co. and Morgan Keegan Shattuck Hammond Healthcare advised NDI. Kirkland & Ellis LLP and Stikeman Elliott LLP served as legal counsel to NDI.

The transaction is expected to close in June 2011. Further information regarding the acquisition will be provided following completion of the transaction.

ABOUT AUDAX GROUP

Audax Group, founded in 1999, is a leading investor in lower-middle market companies. With offices in Boston and New York, Audax manages in excess of $4.8 billion of equity, mezzanine debt, and senior loan capital. For more information visit the Audax Group website [ www.audaxgroup.com ]