Inverness Graham Exits AdvancedCath
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Inverness Graham Exits AdvancedCath

advanced cath nf1Inverness Graham has completed the sale of AdvancedCath, a designer and manufacturer of catheter systems, to publicly traded TE Connectivity Ltd. (NYSE: TEL) for $190 million in cash.

AdvancedCath designs and manufactures catheter systems that are used in OEM medical devices.  The AdvancedCath platform was created by Inverness Graham in January 2011 with the initial acquisition of TechDevice, a manufacturer of catheters and components.  Later, Inverness Graham added on Medical Profiles and Engineering (June 2011); AdvancedCath Technologies (October 2013) and LSA Laser (September 2014) to complete the platform build. TechDevice rebranded itself as AdvancedCath in January 2014. The company has facilities in Boston (Watertown), MA; Eden Prairie, MN; Plymouth, MN; San Jose, CA; and San Rafael, Costa Rica (www.advancedcathetermanufacturing.com).

Scott Kehoe nf1“Over the course of our hold, we executed a significant strategic transformation at AdvancedCath, taking the company from a Boston-based manufacturer of guidewires and related components to a global player in the outsourced design and manufacture of a full range of advanced catheter systems including catheters, guidewires, and balloons for complex interventional applications,” said Scott Kehoe, Managing Principal of Inverness Graham. “Through both organic and acquisitive initiatives and the recruitment of a world-class management team, we fulfilled our vision of building a leading advanced catheter systems solution provider, growing the top and bottom line by over three times and making AdvancedCath a very attractive target for strategic acquisition, exceeding our expectations.”

Inverness Graham invests in lower middle market value-added manufacturing and service companies with revenues from $10 million to $50 million, EBITDA’s between $3 million and $10 million, and enterprise values of $20 million to $100 million. The firm manages $250 million in capital commitments and was formed by senior executives of the Graham Group, an industrial and investment concern with interests in plastics, packaging, recycling, building products and outsourced manufacturing. Inverness Graham is based near Philadelphia in Newtown Square, PA (www.invernessgraham.com).

Randall Sword nf1“Inverness Graham was a great partner in every sense of the word,” said Randall Sword, CEO of AdvancedCath. “They supported us in making a series of strategic moves that enabled the company to grow significantly over the past four years, allowing us to deliver best-in-class advanced catheter systems expertise to our global medical device OEM customers. We are pleased with what we have accomplished with Inverness Graham and look forward to the next chapter as part of TE’s Medical business unit.”

The sale of AdvancedCath is the fourth portfolio company exit for Inverness Graham in just over one year.

© 2015 PEPD • Private Equity’s Leading News Magazine • 4-13-15

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