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Audax Acquires Belmont Instrument

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Audax Private Equity has acquired Belmont Instrument Corporation, a provider of fluid warming infusion systems.

Belmont’s blood and fluid warming systems are used globally in war zones, hospitals, ambulances, flight line helicopters, ski patrols or anywhere warm blood and fluids are needed. The company was founded in 1980 by Dr. George Herzlinger and has 80 employees. Belmont is headquartered near Boston in Billerica, MA (www.belmontinstrument.com).

“Belmont is a best-in-class provider of life-sustaining fluid warming infusion systems. We are excited to partner with management to build on Belmont’s leading position and accelerate growth by continuing its investment in new product development, global marketing and salesforce expansion, and through acquisitions of complementary patient warming and critical care medical technologies,” said Geoffrey Rehnert, Co-Chief Executive Officer of Audax Group.

Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. The firm was founded in 1999 and has offices in Boston, New York and Menlo Park (www.audaxgroup.com).

Mirus Capital Advisors was the financial advisor to Belmont on this transaction.

© 2017 Private Equity Professional | December 19, 2017

Seven Point Acquires Medin

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Medin Corporation, a manufacturer of sterilization cases and trays for the orthopedic implant and instrument industry, has been acquired by Seven Point Equity Partners. Seven Point completed the acquisition through an all-equity structure without using outside lenders. At closing the company was renamed Medin Technologies.

Medin Technologies designs and manufactures a variety of medical products but has a core focus on custom-designed sterilization cases and trays that are sold to OEMs providers of orthopedic implants and instruments. The company operates three manufacturing plants in the northeastern US and is headquartered near Newark in Totowa, NJ (www.medin.com).

At closing, which occurred on December 31, 2016, Andy Novotny, a Seven Point Operating Partner who has experience in orthopedic medical device manufacturing, was named the new Chief Executive Officer of Medin. Jay Schainholz, the former majority owner of the company, has retained a minority ownership position in the company and will serve as its Chairman.

Seven Point’s operating strategy for Medlin is the consolidation of certain of the company’s production facilities; investing capital in new manufacturing capabilities; adopting lean practices
throughout the production operations; improving purchasing discipline and supplier partnerships; and developing a more aggressive sales and marketing strategy.

“Medin offers an attractive investment platform in the medical manufacturing market. We look forward to working with Andy, Jay, and the entire Medin team to enhance the company’s manufacturing capabilities and broaden Medin’s offerings to its customer base,” said Tom Burchill, Seven Point’s Managing Partner.

Seven Point Equity Partners makes control equity investments of $10 million to $40 million in lower middle market companies, primarily in North America, that have EBITDA ranging from negative to $20 million and revenues of between $25 million and $250 million. Sectors of specific interest include industrial manufacturing and distribution, particularly medical products, building products, aerospace, automotive components, and energy services; business services, particularly trade shows; financial services, particularly asset management; and consumer products. The firm is based in Westport, CT (www.sevenpointpartners.com).

“Medin is our firm’s second platform investment and our first transaction in the medical manufacturing sector,” said Seven Point Partner Mark Kammert. “This investment highlights our strategy of targeting businesses with complex capital and operational needs that fall within the expertise and prior industry experience of the firm’s Operating Partners and investment principals. Our Operating Partner, Andy Novotny, has developed an aggressive strategy to strengthen all aspects of Medin’s business and was instrumental in completing the recapitalization.”

Kinsella Group (www.kinsellagroup.com), a Chicago-based investment bank, was the financial advisor to Medin.

© 2017 Private Equity Professional | March 13, 2017

Audax Exits Laborie Medical Technologies

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laborie nf1Audax Private Equity has agreed to sell Laborie Medical Technologies to Patricia Industries, a wholly-owned subsidiary of Swedish conglomerate Investor AB.

laborie nf33Laborie Medical Technologies is a developer, manufacturer and marketer of medical technology and consumables used in urological, pelvic health and gastrointestinal applications. Customers include physician offices, hospitals, and mobile medical services providers.  The company is led by CEO Brian Ellacott and is headquartered near Toronto in Mississauga (www.laborie.com).

“Audax was a tremendously valuable partner to Laborie,” said Mr. Ellacott. “Together we executed a transformational growth strategy which included 14 add-on acquisitions. We are excited to continue growing Laborie in partnership with Patricia Industries.”

audax nf44The Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. The firm was founded in 1999 and has offices in Boston, New York and Menlo Park (www.audaxgroup.com).

Geoffrey Rehnert nf55Audax acquired Laborie in August 2012 and completed 14 add-on acquisitions that expanded the company’s product lines and market reach. “Brian Ellacott and the entire Laborie team have done an extraordinary job transforming the company through add-on acquisitions and product development from a manufacturer of capital equipment for urodynamic testing into a fully-integrated medical device company with a market-leading position in urology and a rapidly growing gastroenterology business,” said Geoffrey Rehnert, Co-Chief Executive Officer of Audax Group.

investor AB nf1Patricia Industries is a wholly-owned subsidiary of Investor AB and makes control investments in companies with strong market positions, brands, and corporate cultures. Investor AB is a publicly-traded investment company controlled by the Wallenberg family, a prominent Swedish family renowned as bankers, industrialists, politicians, bureaucrats, and diplomats. The Wallenberg family trys to maintain a low-key public profile – the family motto is “Esse non-Videri” (Latin for “To be, not to be seen“). Investor AB was founded in 1916 (www.investorab.com).

Jefferies (www.jefferies.com) and Harris Williams & Co. (www.harriswilliams.com) were the financial advisors to Laborie and Audax.

© 2016 Private Equity Professional • 8-23-16

Triton Pacific Exits Columbia Medical

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columbia nf1Columbia Medical Manufacturing, a portfolio company of Triton Pacific Capital Partners that develops and markets pediatric rehabilitation products, has been acquired by medical equipment manufacturer Drive Medical.

This was a successful investment for Triton Pacific.  During the term of ownership it received distributions from cash flow in excess of its investment prior to the sale – and, together with the sale proceeds, have generated a return of more than three times the original investment.

Columbia develops and markets a variety of assistive products such as wheelchairs, aircraft transfer chairs, bath and shower products, and car seats that are used by children with disabilities and their families to engage in the activities of daily living in a safe and productive manner.  The company was founded in 1978 by scientist and inventor Dr. Michael Caan and is headquartered in Santa Fe Springs, CA (www.columbiamedical.com).

“We collaborated with management to meet our objectives of building a robust product development team, implementing a lower cost manufacturing process, and expanding the distribution channel. Columbia’s success couldn’t help but attract the attention of a large and growing company such as Drive,” said Craig Faggen, CEO of Triton Pacific. “Drive is in an excellent position, with the addition of Columbia, to realize its vision of expanding its presence in the pediatric market.”

Drive Medical manufactures durable medical equipment including mobility products, beds, bariatric products, wheelchairs, sleep surfaces and pressure prevention products, respiratory equipment, self-assist products, power operated wheelchairs, rehabilitation products, patient room equipment, personal care products and electrotherapy devices. The company is headquartered on Long Island in Port Washington, NY and has offices and distribution facilities in the United States, Canada, the United Kingdom, France, Germany, Romania, Australia, China and Taiwan (www.drivemedical.com).

Triton Pacific Capital Partners invests from $5 million to $15 million in US-based middle-market companies that are active in the healthcare services, financial services, business services, software, restaurants, and light manufacturing sectors. Target companies will have $2 million to $10 million of EBITDA. Larger companies can be pursued that have EBITDAs of up to $30 million with established co-investors.  The firm was founded in 2001 and is headquartered in Los Angeles (www.tritonpacific.com).

© 2015 PEPD • Private Equity’s Leading News Magazine • 4-13-15

Salt Creek Capital Acquires Ultra Solutions

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ultra nfSalt Creek Capital has completed the acquisition of Ultra Solutions, a provider of pre-owned and refurbished ultrasound equipment to the healthcare industry.

Ultra Solutions acquires, refurbishes, repairs and sells ultrasound equipment to hospitals, physician practices and wholesale distributors. The company has direct purchasing relationships with sources around the world and maintains one of the largest inventories of pre‐owned ultrasound equipment in the industry. The company was founded in 2001 and is based in Ontario, CA (www.ultrasolutions.com).

“We are very pleased to have completed the acquisition of Ultra Solutions”, said Dan Mytels, Managing Director of Salt Creek Capital. “Ultra represents an industry leading company with a solid history of growth. We look forward to working with our Executive Partner, Mr. Sterling Peloso, and the rest of the organization at Ultra to ensure a smooth transition.”

Mr. Peloso is a senior executive with experience leading multi-million dollar service organizations. “I am excited to partner with Salt Creek on the acquisition of Ultra. Salt Creek has a strong track record of partnering with management to effect growth and maximize performance,” said Mr. Peloso, incoming President and CEO of Ultra Solutions.  “I look forward to working with them and the Ultra Solutions team to position the company for future success”.

Salt Creek Capital invests in lower middle market companies located anywhere in the US that have $3 million to $50 million in revenue. Sectors of interest include business services, distribution, energy services, franchising, logistics and specialty finance. The firm is based in Menlo Park, CA (www.saltcreekcap.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 9-17-13

KRG Capital Partners Acquires RiverTech Medical

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rivertech nfVention Medical, a portfolio company of KRG Capital Partners since May 2008, has acquired RiverTech Medical, a supplier of medical products.

RiverTech Medical is a supplier of polyimide tubing, braided polyimide (products made out of polyimide materials are lightweight, flexible, resistant to heat and chemicals), composite tubing and wire coatings for numerous medical devices and medical device applications. The company is headquartered in Chattanooga, TN (www.rivertechmed.com).

Vention Medical is a designer, manufacturer and assembler of medical devices. The company specializes in components and services used in interventional and minimally invasive surgical products, including medical balloons, catheters, heat shrink tubing, clean room injection molding, finished device assembly and packaging services. Vention Medical is headquartered in South Plainfield, NJ (www.ventionmedical.com).

KRG specializes in acquiring and recapitalizing unique and profitable middle-market companies. Since inception, KRG has invested in 45 platform companies and has completed 136 add-on acquisitions for those platforms. Founded in 1996, KRG has over $4 billion of capital under management and is based in Denver (www.krgcapital.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 7-16-13

Salt Creek Capital Acquires Boyd Industries

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Salt Creek Capital has completed the acquisition of Boyd Industries, a manufacturer of dental examination and operatory equipment.

Boyd is a manufacturer of examination and operatory equipment to the orthodontic, oral surgery, pediatric dental, and other medical specialty markets.  Boyd’s product line includes treatment chairs, doctor/assistant seating, specialty cabinetry, sterilization centers, task lighting, delivery units and related accessories. The company is based in Clearwater, FL (www.boydindustries.com).

“We are excited about the Boyd acquisition, a company well known for its innovative products and strong reputation for quality within the dental industry,” said Dan Mytels, Managing Director with Salt Creek Capital. “We look forward to working closely with incoming President, Mr. Adrian LaTrace, to transition the company to new management and to guide the business through to its next phase of growth”.

Salt Creek Capital invests in lower middle market companies located anywhere in the US that have $3 million to $50 million in revenue.  Sectors of interest include business services, distribution, energy services, franchising, logistics and specialty finance.  The firm is based in Menlo Park, CA (www.saltcreekcap.com).

“I am delighted to have had the opportunity to partner with Salt Creek Capital on the acquisition of Boyd. The principals of Salt Creek have a strong track record of working with management teams to affect growth and their experience was instrumental in the completion of a successful acquisition,” said Mr. LaTrace.

© 2012 PEPD • Private Equity’s Leading News Magazine • 12-14-12

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