Global mid-market investor The Riverside Company has made a second investment in Australia though the acquisition of Australian Medico Legal Services (MLCOA). Financial details of the transaction have not been disclosed.
Melbourne-based MLCOA provides independent medical assessments and advisory services which are used by insurance organisations, corporations, government and legal entities to resolve contentious healthcare decisions from across 40 locations in Australia.
The capital infusion will be used to improve MLCOA’s infrastructure and operations, allowing the company to add products and services and win more market share, Riverside said in a statement. The company provides more than 25 thousand services annually, the statement noted.
Riverside made the investment from its maiden Asia-focused fund, the Riverside Asia Fund I (RAF I) which held a $25 million first close in 2008 and is currently raising capital. It is the second RAF I platform investment this week and the fifth investment from the fund in all. Earlier this week, the firm completed its second Japanese platform investment through the acquisition of electronics part manufacturer NAKA.
Cleveland, Ohio-based Riverside opened its first Australian office in Melbourne in April this year. Its first deal in the country came by way of an investment in the Boost Juice chain of juice bars.
Riverside has now made eight acquisitions in 2008 and 231 since its founding in 1988.