GenNx360 Capital Partners has acquired Tensentric, an outsourced service provider to the medical device industry.
Tensentric provides design, engineering, prototyping, assembly and manufacturing services for customers in the medical technology, in-vitro diagnostic and life sciences industries. Notable customers of Tensentric include Johnson & Johnson and St. Jude Medical.
Founded in 2009, the company employs over 70 people at its Boulder, Colorado headquarters and is led by Co-Founder, President and CEO Wade Lukianow and Co-Founder and COO Jeff Gentry.
“We are very enthusiastic to welcome GenNx360 as our partner in what marks an important milestone in Tensentric’s evolution,” said Mr. Lukianow. “With their growth-focused mindset and track record of successfully scaling services platforms, GenNx360’s partnership will help us serve our customers better as they look to expedite their product development initiatives.”
“Wade and Jeff have built a multi-disciplinary, world-class team of engineers, which allows Tensentric to partner with highly innovative customers from early concept development and ideation, through detailed design, prototyping, and assembly for medical, IVD and life-science devices,” said Pratik Rajeevan, the GenNx360 principal who led the transaction. “GenNx360 is eager to work alongside the Tensentric team and usher in a new era of shared success.”
The investment in Tensentric is the seventh investment made by GenNx360’s third fund following its recent acquisition of Nutra-Med, a New Jersey-based provider of contract packaging services to small and mid-sized businesses in the prescription and over-the-counter pharmaceutical, nutritional, and healthcare industries, in February 2022.
New York City-based GenNx360 invests from $25 million to $75 million in industrial and business services companies that have revenues from $75 million to $250 million and EBITDA from $8 million to $25 million.
SDR Ventures was the sell-side advisor to Tensentric on this transaction.
© 2022 Private Equity Professional | March 29, 2022
