BOSTON, Sept. 30 — Riverside Partners, based in Boston, MA, is pleased to announce the sale of its portfolio company, MicroCal, to GE Healthcare, a unit of General Electric Company (NYSE: GE).

MicroCal, based in Northampton, MA, develops and manufactures microcalorimeters that provide detailed information on the structure, function and binding properties of a wide range of biomolecules such as proteins, lipids, nucleic acids and antibodies. The growing trend towards structure-based drug design together with the expansion in biopharmaceutical development is driving an increase in the use of microcalorimetry as a standard technique in pharmaceutical research. MicroCal’s proprietary technology provides scientists with detailed information across several stages of the drug discovery process, reducing the potential for late-stage drug candidate failures. MicroCal’s technology is already used in over one thousand laboratories worldwide and annual revenues are growing at over 25%.

“The management team and employees at MicroCal have done a phenomenal job of innovation and execution during our partnership. Riverside is extremely proud to have been able to work with the company during a time of rapid growth and achievement,” said Brian Guthrie, a General Partner at Riverside Partners and Board Director at MicroCal.

“We have appreciated the support, contributions and confidence of Riverside Partners, and now are ready to continue in a new chapter as part of GE Healthcare,” said Dr. Richard Brown, CEO at MicroCal. “We see great potential for this business. The resources of GE Healthcare and the wider GE group will allow us to significantly widen our reach and to accelerate our ability to help scientists increase their understanding of molecular interactions. The MicroCal team very much looks forward to working with GE Healthcare to realize the potential of this great technology.”