The Riverside Company has made its first investment in Latin America, with the add-on acquisition of Argentine medical device manufacturer UV-Vis Metrolab.
Metrolab is an add-on to Hungarian medical device company Diatron, which was purchased by Riverside in December 2005. Diatron previously tacked on Israeli disease testing company Novamed in December 2007.
Metrolab will provide Diatron a “gateway to Latin America”, Budapest-based Riverside partner Ferenc Vidovsky said in a statement.
The investment was made from Riverside’s third Europe fund that closed on €320 million at the beginning of 2007. The Cleveland, Ohio-based firm intends to go to market with a successor fund before the end of the year that will target at least double the capital in Fund III.
The acquisition of Metrolab is Riverside’s 27th this year.
Earlier this week, the firm acquired Coeur, a healthcare company manufacturing products used for medical imaging. The investment was made from Riverside Capital Appreciation V, which held a second close on $550 million in June en route to a $900 million target.
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