Bentec Medical, a silicone medical device and OEM contract manufacturer, has been acquired by Hermitage Equity Partners and Greyrock Capital Group.
Bentec Medical is a designer and manufacturer of silicone-based medical devices, and a provider of OEM contract and engineering services. The company’s silicone products – which include bags, tubing, blocks, drains, catheters, dilators, sheeting and rods – are used in oncology, cardiology, urology, pediatrics, otolaryngology (ears, nose and throat) and radiology applications. The company was founded in 1994 by Briant Benson and has facilities near Sacramento in Woodland, CA (headquarters) and Costa Rica (www.bentecmed.com).
At closing of the transaction, Mr. Benson will no longer be an employee or board member of the company, but will remain as a technical consultant. Replacing Mr. Benson as CEO is Scott Christensen, a 35-year medical device veteran who has served as Bentec’s President and COO since March 2015.
“The Bentec team is very excited about what our new investment partners bring to the table,” said Mr. Christensen. “Their capital strength and industry knowledge will allow us to grow much faster than we otherwise could on our own. We are now able to take Bentec Medical to the next level with increased capabilities, expanded capacity and enhanced customer service and support.”
“We look forward to working with Scott and his management team to build upon Bentec’s already strong foundation and create a much larger and more valuable enterprise,” said Jay Binkley, Hermitage Equity Partners’ President. “In order to support us in this effort, we are excited to announce that three former senior officers from Hospital Corporation of America and Medtronic have joined our investment group, and we look forward to the industry insights and relationships they bring to our partnership.”
Hermitage Equity Partners invests in companies that have revenues from $10 million to $250 million. Sectors of interest include manufacturing, business services and distribution companies, with an emphasis on industrials, food processing, and environmental services. The firm is based in Nashville (www.hermitageequity.com).
Greyrock provides subordinated debt and equity in support of buyouts, recapitalizations and growth capital for lower middle market companies that have EBITDAs between $3 and $30 million. In March 2017, the firm held a final closing of its fourth fund, GCG Investors IV, LP, at $275 million. The new fund was oversubscribed and had an original target of $200 million. Greyrock has offices in Berkeley, CA; Chicago, IL; and Wilton, CT (www.greyrockcapitalgroup.com).
© 2017 Private Equity Professional | May 11, 2017
