Acquisition enhances Resonetics’ position as a leading manufacturer of complex components for medical devices
GTCR, a leading private equity firm, announced today that Resonetics has completed the acquisition of Caribou Technologies, expanding Resonetics’ capabilities into centerless grinding, forming, coiling, and machining and establishing a flagship facility in the Minneapolis area. Caribou represents the third acquisition for Resonetics over the past year, following the company’s investments in Medelec and STI Laser, and furthers the company’s strategy to build a market leader in precision micro-manufacturing of complex componentry for interventional medical devices.
GTCR made its initial investment in Resonetics in February 2018, in partnership with medical device industry executive Robert “Chip” Hance. GTCR initially partnered with Mr. Hance in April 2017 to pursue opportunities in the medical device sector, and the investment in Resonetics represented another example of how GTCR executes The Leaders Strategy™. Since GTCR’s investment, Mr. Hance has partnered with the Resonetics team to drive strong double-digit earnings growth and strategic acquisitions.
Chip Hance, Executive Chairman of Resonetics, commented “Consistent with our initial investment thesis for Resonetics, the Caribou acquisition strategically enhances the company’s capabilities, geographic reach and customer portfolio. We believe that the recent acquisitions combined with the company’s strong organic growth have established Resonetics as a leading supplier of specialized componentry for interventional medical device companies.”
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Sean Cunningham, Managing Director at GTCR, added “We have great respect for what the Caribou team has built over many years, and we look forward to our partnership with them. This represents Resonetics’ third acquisition of a founder-owned business, and we expect to continue aggressively pursuing tuck-in acquisitions as well as more transformative opportunities.”
The acquisition of Caribou was partially funded from GTCR Fund XII, a private equity fund raised in 2017 with $5.25 billion of limited partner equity capital commitments. Kirkland & Ellis LLP provided legal counsel and PricewaterhouseCoopers served as accounting advisor to GTCR.
Date: February 11, 2019
Source: Yahoo Finance