Audax Buys Northern Digital

Audax Group has acquired Northern Digital, a Waterloo, Ontario-based maker of optical and electromagnetic technology for image-guided surgical, industrial test, measurement and research applications. No financial terms were disclosed. BMO Capital Corp. advised NDI on the deal, and provided acquisition financing.



Audax Group announced it has completed the acquisition of Northern Digital, Inc. (“NDI”). Headquartered in Waterloo, Ontario, with operations in Germany and China, NDI is a developer and manufacturer of optical and electromagnetic technology for image-guided surgical, industrial test and measurement, and research applications. With over 9,000 advanced measurement systems installed worldwide, products are used for computer-assisted surgery and therapy, industrial part development and quality control, and other applications such as clinical gait analysis and sports and biomechanics research.

Geoffrey S. Rehnert, Co-CEO of Audax Group, said “Northern Digital is a leading provider of technology to the growing image-guided surgical market. We look forward to working with management to drive growth at NDI by introducing new products and applications and executing strategic add-on acquisitions.”

David Crouch, President and Chief Executive Officer of NDI, said “We are excited to be working with Audax Group. Their experience working with growing middle market companies will be a valuable resource as we look to introduce new applications and penetrate new markets.”

Kirkland & Ellis LLP advised Audax Group. BMO Capital Corporation advised NDI and provided acquisition financing to support the transaction.


Audax Group, founded in 1999, is a leading investor in middle market companies. With offices in Boston and New York, Audax manages in excess of $3.7 billion of equity, mezzanine debt, and senior loan capital. For more information visit the Audax Group website