Avante Mezzanine Partners has provided unitranche debt and an equity co-investment in a refinancing transaction for TechDevice Holdings, an Inverness Graham portfolio company. Proceeds from this transaction were used to support TechDevice’s add-on acquisition of AdvancedCath Technologies.
“We are very appreciative of the flexibility and responsiveness that Avante demonstrated throughout the process,” said Scott Kehoe, Managing Principal of Inverness Graham Investments. “We are happy to have them as our partner as we invest in the company to facilitate its next stage of growth.”
Inverness Graham first invested in TechDevice in January 2011. TechDevice develops and manufactures catheters and components, including balloons, coils, ground cores, and finished guidewires used in interventional and endosurgical procedures. The company is headquartered in Watertown, MA (www.techdevice.com).
AdvancedCath Technologies is a designer, developer and manufacturer of advanced catheters and related components. The company is based in San Jose, CA (www.advancedcath.com).
“We have built a strong relationship with the Inverness Graham team and are excited to partner with them once again,” said Jeri Harman, Founder and Partner of Avante. “TechDevice is an outstanding platform for advanced medical device manufacturing and is led by an impressive management team. We look forward to supporting Inverness Graham and management as they grow the business.”
Avante Mezzanine Partners provides unitranche/one-stop debt, mezzanine, and minority equity investments of $5 million to $20 million to sponsored and non-sponsored companies with EBITDAs from $3 million to $15 million. Sectors of interest include aerospace & defense; business services; consumer products; distribution; education; healthcare & life sciences; industrial manufacturing; security products & services; software & IT services; and specialty chemicals & coatings. Avante Mezzanine Partners has offices in Los Angeles and Boston (www.avantemezzanine.com).
“TechDevice is an excellent addition to the Avante portfolio,” said Ivelisse Simon, Principal of Avante. “The company has a long history as a preferred supplier to blue-chip medical device OEMs and the acquisition of AdvancedCath expands the company’s core competencies and customer base.”
Inverness Graham invests in lower middle market value-added manufacturing and service companies with EBITDA’s between $3 million and $10 million and enterprise values of less than $75 million. Inverness Graham manages $250 million in capital commitments and was formed by senior executives of the Graham Group, an industrial and investment concern with global interests in plastics, packaging, recycling, building products and outsourced manufacturing. The firm is based in Philadelphia, PA (www.invernessgraham.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 11-6-13