Katena Holdings, a portfolio company of Cortec Group, has acquired Arxa5 Corporation (dba IOP Ophthalmics), a medical technology company providing specialty ophthalmic surgical products. As part of this transaction, IOP’s founders, Jason Malecka and Erich Ziegler, have taken an equity ownership position in Katena.
IOP develops, commercializes and distributes specialty ophthalmic surgical products used in the cornea, glaucoma and oculoplastic subspecialty markets. The company’s products are sold under the Ambio5, Ambio2, AmbioDisk, Molteno, and Tutoplast brands to hospitals, surgery centers and ophthalmic surgeons. The company is based in Costa Mesa, CA (www.iopinc.com).
“The acquisition of IOP is a logical extension of Katena’s position in the ophthalmic surgical market. As we serve a very similar customer base, this combination of two highly respected and successful companies not only creates greater critical mass in the ophthalmology marketplace, but enhances our ability to provide more clinical solutions and be of greater value to our customers,” said Bill Friedberg, CEO of Katena.
Katena, acquired by Cortec in September 2009, is a designer and marketer of surgical instruments for ophthalmic surgery of the anterior segment of the eye (i.e., cataracts, corneal transplants, LASIK, glaucoma). Katena’s products are sold globally to hospitals, ambulatory surgery centers and individual ophthalmic surgeons under the Katena brand name. The company also distributes single patient use corneal transplant devices. The company is based in Denville, NJ (www.katena.com).
“Cortec is excited about the combination of Katena and IOP. This complementary acquisition provides both companies with meaningful opportunities for growth in the US and abroad,” said Jonathan Stein, a Partner at Cortec.
Cortec Group invests in middle-market specialty manufacturing, service, healthcare and distribution businesses with enterprise values of $40 million to $300 million. Cortec currently manages over $1 billion in its two active funds. The firm was founded in 1984 and is based in New York (www.cortecgroup.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 12-17-13