Kidd & Company has sponsored the recapitalization of Nexcore Technology, a medical device contract manufacturer, in partnership with its founder and CEO Milton Frank.
“We are delighted to be partnering with Milt and his team to build on the terrific foundation they have created over the last 15 years, and together we plan to continue to grow Nexcore by expanding its capabilities to serve the increasing demands of its customer base,” said Kenneth Heuer, a Principal at Kidd & Company. “This investment fits perfectly with our investment strategy of partnering with the owners of good companies to leverage their strengths and experience and to fundamentally enhance the value of their businesses.”
Nexcore is a contract manufacturer of electro-mechanical equipment used in the medical device industry. The company’s product offering includes design and engineering, manufacturing and after-market service and support. Nexcore was founded by Mr. Frank in 1999 and headquartered in Waldwick, NJ (www.nexcoretech.com).
Upon closing of the transaction, Nexcore expanded its management team with the appointment of Carlo Colesanti to the newly created post of President and Chief Operating Officer and James DiVizio to the newly created role of Vice President of Finance. Mr. Colesanti has 25 years of experience leading drug delivery, medical device and specialty chemical businesses. Mr. DiVizio has more than 20 years of finance, accounting and operations experience.
Kidd & Company is the private investment arm of the Kidd Family Office and is engaged in sponsoring private equity transactions in the lower middle market. The firm was founded in 1976 and is headquartered in Old Greenwich, CT (www.kiddcompany.com).
“We are extremely impressed with the franchise that Nexcore has built with its strong customer relationships and outstanding reputation, and we are thrilled to be helping to take the company to the next level,” said Tony Castor, a Kidd & Company Partner.
Plexus Capital (www.plexuscap.com) provided financing as well as made a minority equity co-investment in Nexcore to support the transaction.
© 2015 PEPD • Private Equity’s Leading News Magazine • 1-23-15
