OHIO INCENTIVES LURE RESONETICS TO EXPAND

A Nashua-based company has decided to expand a facility in Kettering, Ohio, rather than New Hampshire, thanks in part to a state assistance package.

Micro manufacturer Resonetics LLC was awarded an eight-year tax credit of 1.493% to expand in Kettering, a suburb of Dayton. Resonetics’ expansion is expected to generate $5 million in new annual payroll and retain $7.3 million in existing payroll, according to the state. Resonetics already has about 147 employees in a 20,000-square-foot facility in Kettering.

The estimated value of the tax credit is $570,000 if all elements are met by the company, according to the Ohio Development Services Agency.

The Dayton Journal reported, according to state documents, Ohio is one of a few states — including New Hampshire, California and Minnesota — that were considered for the project. The documents said state support would “help ensure the proposed project moves forward in Ohio.”

The Nashua-based firm focuses its technology on components and assemblies for medical device and diagnostics manufacturers, according to its website. It has 10 offices across four countries.

CERBERUS PARTNERS ACQUIRES RED RIVER TECHNOLOGY

Red River Technology, the New Hampshire-based provider of managed IT services, has been acquired by an affiliate of private equity firm Cerberus Capital Management.

The company’s founding shareholders, most of whom are members of the management team, along with Acacia Partners of Austin, Texas, a private equity firm that made an investment in Red River in 2018.

The acquisition was announced June 1. No transaction price was announced. Cerberus, based in New York, is a major private equity firm whose investments include Albertsons Companies Inc., Toshiba Corp. and Deutsche Bank.

Red River, founded in 1995 and based in Claremont, provides IT services focusing on security, networking, data center, collaboration, mobility and cloud applications. It has grown substantially since then with a focus on working with federal, state and local government agencies as well as commercial businesses. According to a report in PE Hub, Red River’s contract portfolio has been valued at over $120 billion.

The company has about 650 employees — head count that has grown by 55% since 2019, according to the firm’s LinkedIn page. Besides Claremont, it has a major office in Chantilly, Va.

Under the deal, some Red River shareholders will retain a minority equity stake in the business, and cofounder Rick Bolduc will remain as a member of the board of directors. Alan Dumas, Red River’s CEO, will continue to lead the company, alongside the existing management team, and will join the board.

According to PE Hub, earlier this year Guggenheim Partners began advising the firm on a sale and handled an auction-style bidding process for Red River.

SUSQUEHANNA GROWTH EQUITY ACQUIRES MAJORITY SHARE IN MEDISPEND

Susquehanna Growth Equity has acquired a majority share of MediSpend, a Portsmouth-based tech firm that specializes in the life sciences industry. Financial terms of the investment were not disclosed.

The new partnership will accelerate MediSpend’s product and client expansion across the broader life sciences industry, according to Craig Hauben, CEO of the firm.

As part of the transaction, Scott Feldman, managing director at Susquehanna, will join MediSpend CEO Craig Hauben and existing investors Steve Eaton and Dave Cormack on the board of directors.

Bala Cynwyd, Pa.-based Susquehanna’s previous investments across the broader healthcare vertical include Evive, HMP Global, iContracts, MMIT, ProviderTrust and RLDatix.