Resonetics, a portfolio company of Sverica Capital Management, has acquired Aduro Laser, a manufacturer of laser micro-machined medical grade components used in the medical device industry specifically in the heart, peripheral vascular and minimally invasive surgery markets.
Aduro’s business model and proprietary technology allow the company to shorten lead times which enables its customers to iterate rapidly and reduce time to market. The company was founded in 2013 by Grayson Beck and Demian Backs and is based near Sacramento in Davis, CA (www.adurolaser.com).
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 Sverica, the company offers the world’s largest capacity for laser micro-machining polymers in ultra-violet wavelengths. The company also designs, builds and services purpose-built laser workstations to meet specific customer needs. Resonetics has approximately 275 employees and is headquartered in Nashua, NH (www.resonetics.com).
“We are very excited to partner with Grayson Beck and Demian Backs, who have created a disruptive business model in Aduro,” said Tom Burns, Resonetics CEO. “We share a similar culture with an emphasis on innovation, speed and customer satisfaction. Resonetics will expand capacity with a new facility, additional equipment and more engineering resources to keep lead times the best in the industry.”
The acquisition of Aduro Laser is the second add-on completed by Resonetics since being purchased by Sverica in 2014. The first add-on was completed in November 2015 with the buy of Kettering, OH-based Mound Laser, a manufacturer of laser micro-
machined metal components used in the medical device and defense industry. “We are excited to continue to build the capabilities of the premier pure-play laser micro-machining company in the medical device manufacturing industry,” said Dave Finley, Managing Director at Sverica. “Resonetics was acquired in 2014 as a single-location, polymer-focused laser processor of components. Less than three years later, we have entered the metals segment of the industry and service customers globally through six locations. Resonetics is a textbook example of what Sverica strives to do in lower-middle-market investing.”
Sverica invests from $10 million to $40 million in US or Canadian-based companies with enterprise values under $100 million. Sectors of interest include information technology & business services, healthcare services and high value industrial products. Sverica was founded in 1993 and has raised over $700 million of capital across four funds. The firm has offices in Boston and San Francisco (www.sverica.com).
© 2017 Private Equity Professional | August 29, 2017
