Maker of temporary medical labs planning new hires, HQ move

Indianapolis-based Modular Devices Acquisition LLC, which manufactures and leases mobile and modular medical labs and cleanrooms, plans to create 52 jobs by the end of 2026 to meet growing demand.

The company also is planning a move from its current headquarters in a 75,000-square-foot facility at 6678 Guion Road to a 107,000-square-foot facility it would lease at 1515 Brookville Road, according to Mark Koers, executive vice president of sales and marketing. The move should be complete by June, Koers said.

The firm currently has 27 employees.

Founded in 1987, Modular Devices provides mobile and modular workspace units that hospitals and health care systems can use temporarily during in-house renovations, equipment upgrades and other extraordinary situations. Customers can rent the units on short- or long-term contracts.

In January, Modular Devices announced that private equity firm O2 Investment Partners, based in Bloomfield, Michigan, had made a significant investment in the family-owned company to help fund its continued growth.

Terms of the deal were not disclosed, but Koers confirmed that O2 has a majority stake in the company, which is its typical modus operandi.

Modular Devices has been building out its executive team since early in the year and still plans to fill some front-office positions, Koers said. It also is planning to hire workers for highly skilled construction jobs.

The Indiana Economic Development Corp. has pledged $475,000 in conditional tax credits and $50,000 in training grants to the firm based on its job-creation plans, according to a media release.

The tax incentives are performance-based, meaning they cannot be claimed by the company until Hoosier employees are hired and trained.

“Modular Devices is committed to keeping Indiana as the hub of its growth strategy,” Chief Financial Officer Sarah Robison said in a media release. “We greatly appreciate the support we’ve received from city and state leaders, and especially from the IEDC.

“We are excited to be able to grow our company here in Indianapolis, grow the biotechnology industry in Indiana and to offer high-tech jobs to Indiana residents and graduates of Indiana colleges and universities.” 

O2 describes itself as a “private equity firm that seeks to acquire majority interests in lower middle market B2B services, technology, and select industrial companies.”

O2 and Modular Devices said early this year they would pursue merger and acquisition opportunities to expand Modular Devices’ offerings.

In May, Modular Devices announced that it had acquired Cardiac Services Mobile Inc., based in Nashville, Tennessee. The firm makes mobile catheterization labs.

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