Resonetics, a portfolio company of GTCR, has acquired Caribou Technologies, a provider of metal fabrication services to medical device manufacturers.
Caribou’s services include centerless grinding, forming, coiling, machining, surface treatments, secondary processing, and cleaning and passivation. The company has a specialization in wires that are used in vascular intervention and minimally invasive surgery markets.
Caribou was founded in 2005 by Dan Honeck, Wendy Honeck and Connie Magnuson and operates from a 50,000 square foot facility located north of Minneapolis in Blaine, MN (www.cariboutechnologies.com).
GTCR formed Regatta Medical in partnership with operating executive Chip Hance in April 2017 to acquire medical device manufacturing companies. In February 2018, Regatta Medical acquired Resonetics, a medical device contract manufacturer from Sverica Capital Management.
Resonetics provides laser micro-machining manufacturing services for medical device and diagnostic companies, as well as other markets requiring laser processing of polymers and glass. According to the company, it offers the world’s largest capacity for laser micro-machining polymers in ultra-violet wavelengths. The company’s capabilities include precision laser prototyping and manufacturing, including creating features as small as one micron, a fraction of a human hair, in a variety of materials.
Resonetics also designs, builds and services purpose-built laser workstations to meet specific customer needs. Resonetics, led by CEO Tom Burns, is headquartered in Nashua, NH with additional facilities in Ohio, California, Costa Rica, Israel and Switzerland (www.resonetics.com).
The buy of Caribou broadens Resonetics’ capabilities in several markets, most notably neurovascular, structural heart and other interventional specialties. “Connie, Dan and Wendy have established a great reputation in the industry by building a talented team and providing innovative manufacturing processes,” said Mr. Burns. “They’ve also invested in an impressive 50,000 square foot facility that highlights their commitment to their employees and customers and provides a great venue to serve our expanding business needs.”
In October 2018, Resonetics acquired STI Laser Industries, an Israel-based contract medical device manufacturer specializing in laser cutting, micro-machining and finishing of miniature metal components (www.sti-laser.com).
GTCR pioneered the investment strategy of identifying and partnering with executives to acquire and build companies through a combination of acquisitions and internal growth. Sectors of interest include business services; technology, media & telecommunications; healthcare, and financial services & technology. Since its inception in 1980, GTCR has invested more than $15 billion in over 200 companies. The firm is based in Chicago (www.gtcr.com).
© 2019 Private Equity Professional | February 13, 2019
