CHSL Holdco (CHS), a portfolio company of Cortec Group, has acquired Inter V Medical, a distributor of medical products and a portfolio company of Entrepreneur Capital.
Inter V Medical (IVM) is a distributor of medical products developed by global device manufacturers to the Canadian hospital market. The company specializes in two main health sectors – interventional cardiology and radiology. IVM supplies the majority of medical devices used in cardiology procedures such as vascular access, angiography and angioplasty or thrombus aspiration. IVM was founded in 1992 and is based in Quebec (www.intervmedical.com).
CHS manufactures, sells, markets and distributes disposable medical and surgical products primarily to the Canadian hospital market. CHS conducts its business through three segments: (i) production and sale of its MED-RX branded products; (ii) the sale and distribution in Canada of products supplied by medical device manufacturers; and (iii) outsourced manufacturing of disposable medical products for OEM healthcare companies. CHS is based near Toronto in Oakville, ON (www.chsltd.com).
“We share the CHS management team’s enthusiasm for the acquisition,” said Jeffrey Lipsitz, a Managing Partner at Cortec. “This highly strategic acquisition provides both companies with compelling opportunities for future growth. We look forward to working with the IVM team to create a leader in the Canadian acute care market.”
Cortec Group invests in middle-market specialty manufacturing, service, healthcare and distribution businesses with enterprise values of $40 million to $300 million. Cortec currently manages over $1 billion in its two active funds. The acquisition of IVM represents the eighth acquisition for Cortec’s fifth fund. The firm was founded in 1984 and is based in New York (www.cortecgroup.com).
“The acquisition of IVM will allow CHS to expand our interventional sales division into adjacent hospital segments with a highly complementary product portfolio. As CHS and IVM serve a very similar hospital customer base, the combination of these two highly-respected and successful companies further enhances CHS’ leading presence in Canada, and allows us to provide more comprehensive solutions, and thereby greater value, to our customers,” said David Enns, CEO of CHS.
2014 PEPD • Private Equity’s Leading News Magazine • 9-12-14
