Cortec Group Exits 180 Medical
Search

Cortec Group Exits 180 Medical

Cortec Group has sold 180 Medical Holdings, a distributor of disposable urologic catheters, to ConvaTec, a developer and marketer of medical technologies and a portfolio company of Avista Capital Partners.

180 Medical is a distributor of disposable, single-use urologic catheters to over 10,000 customers in the home setting. The company carries an inventory of over 500 types of urologic catheters and ships directly to patients to suit the individual needs of its customer base, including those with spinal cord injuries, spina bifida, multiple sclerosis and other conditions causing incontinence. 180 Medical was founded in 2002 and is headquartered in Oklahoma City, OK with an additional office in South Easton, MA (www.180medical.com).

Cortec purchased 180 Medical in September 2009 from its founder Todd Brown and his partner, Brian Warner. Under Cortec’s ownership, 180 Medical achieved significant organic growth and acquired and integrated South Shore Medical Supply, a small, but highly strategic add-on acquisition.

“We could not be happier with our investment in 180 Medical,” said Jeffrey Lipsitz, a Managing Partner at Cortec. “Todd Brown, Brian Warner and the rest of the management team did an excellent job executing the company’s organic growth strategy and seamlessly integrating South Shore while continuing to provide outstanding service to its customers and their caregivers. It was truly a privilege to be associated with the 180 team for the last 3 years.”

Cortec Group invests in middle-market specialty manufacturing, service, healthcare and distribution businesses with enterprise values of $30 million to $300 million. Cortec currently manages over $1 billion in its two active funds. The firm was founded in 1984 and is based in New York, NY (www.cortecgroup.com).

“Cortec proved to be the value added partner we were looking for. With Cortec’s help, we were able to grow the company to the next level, investing appropriately in personnel, facilities and systems,” said Todd Brown, 180 Medical’s founder. “We are excited to embark on the company’s next phase of growth as a part of the ConvaTec family.”

ConvaTec is a developer, manufacturer, marketer and distributor of medical devices for advanced wound care, ostomy and acute fecal incontinence. The company is based in Skillman, NJ (www.convatec.com).

180 Medical was co-advised on the transaction by Harris Williams & Co. and Cain Brothers & Company.

© 2012 PEPD • Private Equity’s Leading News Magazine • 10-4-12

To search in site, type your keyword and hit enter