Modular Devices Invests In Transcend Imaging

July 2025

Bloomfield Hills, Michigan

Modular Devices (www.modulardevices.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 made a strategic growth investment in Transcend Imaging.

Steve Richter, Managing Partner of Transcend Imaging, commented, “The investment from Modular Devices came at an opportune time as Transcend is pursuing substantial growth. I look forward to working with the Modular team to realize our combined objectives.”

Mark Koers, CEO of Modular Devices, noted, “The partnership with Transcend Imaging deepens Modular’s exposure in the mobile MR space and diversifies our product offering. We are excited to better serve our customers and execute our expansion strategy.”

Sam Wegenke of O2 Investment Partners, added, “We are excited to make this strategic investment in Transcend as we forecast continued growth in the interim lab market. Transcend’s best-in-class fleet and customer relationships have propelled the business into becoming a dominant player in the industry. We look forward to supporting the continued growth of Transcend.”

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.

About Interim Diagnostic Imaging

Transcend Imaging (“Transcend”) is a leading provider of mobile MR imaging labs in the United States. Founded in 2023, Transend has rapidly grown to a preferred choice for interim MR lab solutions. Transcend maintains strong relationships with vendors and customers which it touts as its key to recent success. Transcend is headquartered in Cape Coral, FL.

About O2 Investment Partners

O2 Investment Partners is a Midwestern-based private equity firm that seeks to acquire majority interests in lower middle market niche 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.

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