Regatta Medical, a portfolio company of GTCR, has acquired STI Laser Industries. The buy of STI Laser was made through Resonetics, a subsidiary of Regatta Medical.
STI Laser Industries (STI) is a contract medical device manufacturer specializing in laser cutting, micro-machining and finishing of miniature metal components. The company specializes in the manufacture of stents, implants and surgical tools used in minimally invasive surgery. STI services include design and prototyping, small series production, and contract manufacturing.
STI was founded in 1998 by its CEO Tovy Sivan and is headquartered near Tel Aviv in Or Akiva, Israel (www.sti-laser.com). STI is doubling the size of its operations in Or Akiva and the company’s second building is currently under construction and will open in early 2020 to increase the Israel operation to 60,000 sq. ft.
GTCR formed Regatta Medical (www.regattamedical.com) in April 2017 in partnership with industry executives Chip Hance and Mark Weishaar in order to build a platform in the medical device industry. Regatta Medical acquired Resonetics, a medical device contract manufacturing organization, in January 2018 from Sverica Capital Management.
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 the company, it offers the world’s largest capacity for laser micro-machining polymers in ultra-violet wavelengths. The company’s capabilities include precision laser prototyping and manufacturing, including creating features as small as one micron, a fraction of a human hair, in a variety of materials. The company also designs, builds and services purpose-built laser workstations to meet specific customer needs. Resonetics is led by CEO Tom Burns and is headquartered in Nashua, NH (www.resonetics.com).
In addition to servicing the prolific startup community in Israel, STI has developed a global business with extensive customer relationships in the US, Japan, China and Korea. “Israel is recognized 
around the world as an important medical device center and we are very excited to gain access to these customers with STI,” said Mr. Burns. “Tovy’s entrepreneurial spirit and the strong management team he assembled have created an impressive business serving the structural heart, neurovascular and minimally invasive surgery markets. The acquisition also broadens Resonetics’ nitinol processing capabilities, an important capability to serve our growing interventional business.” Nitinol (a metal alloy of nickel and titanium) processing involves wrapping a Nitinol wire around a mandrel or fixture and heat treating at a closely controlled time and temperature to achieve a desired shape in the material.
“I am very proud of the position STI has built in the industry over the past 20 years,” said Mr. Sivan. “By joining forces with Resonetics now, we can offer our customers a broader set of manufacturing capabilities with the resources necessary to support best-in-class prototyping and high-volume production options in Israel, the US, Europe and Costa Rica.”
GTCR pioneered the investment strategy of identifying and partnering with executives to acquire and build companies through a combination of acquisitions and internal growth. Sectors of interest include business services; technology, media & telecommunications; healthcare, and financial services & technology. Since its inception in 1980, GTCR has invested more than $15 billion in over 200 companies. The firm is based in Chicago (www.gtcr.com).
© 2018 Private Equity Professional | October 25, 2018
Vance Street Capital has formed Fermatex Vascular Technologies and has acquired two manufacturing facilities and related operations located in Wall Township, NJ from W. L. Gore, a multinational manufacturing company specializing in products derived from fluoropolymers.
The Wall Township operation – originally known as Adam Spence Corporation – was part of the Medical Products Division of W.L. Gore. The acquired facilities design and manufacture high pressure braided tubing and extrusions that are used in the cardiovascular device market. W.L. Gore acquired Adam Spence Corporation in 2004.
“Fermatex provides an exciting platform for growth and enables us to partner with a strong team with world-class capabilities in the manufacturing of complex medical catheter components,” said Mr. Janish. “This latest acquisition will enable us to leverage Vance Street’s considerable expertise and relationships and create a world-class catheter engineering and manufacturing company.”
Vance Street makes control investments in companies with enterprise values of $30 million to $200 million and EBITDA of $5 million to $20 million. Sectors of interest include aerospace, defense, industrial, and medical. The firm is based in Los Angeles (
W. L. Gore was founded in 1958 by Bill Gore and Vieve Gore and has annual revenues in excess of $3 billion. The company, one of the 200 largest privately held US companies, is headquartered in Newark, DE (
