Breakwater Investment Management has provided a $7.75 million unitranche facility to Consensus Orthopedics, a manufacturer of hip and knee implants. Breakwater first invested in the company in February 2010.
The new facility, consisting of both a revolving working capital line of credit and a term loan, will be used to refinance the company’s existing bank facility and provide additional growth capital.
Consensus Orthopedics designs, manufactures, and distributes reconstructive total joint implants for the hip and knee. Products are sold throughout North America, Western Europe, Turkey, China, Japan, and Australia. Consensus Orthopedics was founded in 1992 and is headquartered in El Dorado Hills, CA (www.consensusortho.com).
“We are very excited to continue working in partnership with the professionals at Breakwater,” said Colleen Gray, CEO at Consensus. “Breakwater has consistently demonstrated its ability to provide flexible capital as our needs have changed throughout these growth years. The unitranche facility was the perfect financing solution to enable us to expand the reach of our products worldwide. We look forward to executing our business plan with the continued support of Breakwater.”
Breakwater Investment Management specializes in direct investments in small to lower middle market growth businesses with annual sales ranging from $5 million to $100 million. The firm serves as general partner of Breakwater Structured Growth Opportunities Fund, LP, a $100 million open-ended private investment partnership organized in August 2008. The fund’s investment objective is to generate both current income and capital appreciation through secured debt investments accompanied with equity participation rights, primarily in growth-oriented companies across a variety of industries. The firm is based in Los Angeles (www.breakwaterfund.com).
“Consensus has demonstrated strong, expansive growth throughout the past four years,” said Saif Mansour, Managing Partner at Breakwater. “We are delighted to increase our investment in Consensus and to continue supporting Colleen and her highly experienced management team, which has an excellent track-record of implementing new growth initiatives, optimizing cost structures, and entering new markets.”
© 2013 PEPD • Private Equity’s Leading News Magazine • 6-14-13
