CHICAGO and NASHUA, N.H., Dec. 3,
2021 /PRNewswire/ -- GTCR, a leading private equity firm,
announced today that its portfolio company, Resonetics (or the
"Company") has sold a minority equity stake to funds affiliated
with global investment firm Carlyle (NASDAQ: CG), valuing the Company at
approximately $2.25 billion.
Carlyle will join GTCR as a
meaningful shareholder in Resonetics as a result of the
transaction.
Founded in 1987 and headquartered in Nashua, NH, Resonetics is a leader in
micro-manufacturing for medical devices, targeting fast-growing
interventional and minimally-invasive applications across the
MedTech industry. The Company is focused on fabricating highly
technical componentry for complex medical device applications,
serving end-markets that are experiencing robust growth as
clinicians shift away from higher-risk, invasive procedures,
towards more interventional approaches. Resonetics has established
itself as a mission-critical supplier enabling innovations in
several high growth MedTech end-markets including diabetes,
neurovascular, ophthalmology, interventional cardiology, and
structural heart, among others.
GTCR made its initial investment in Resonetics in partnership
with MedTech industry executive Robert "Chip" Hance. Consistent
with its Leaders Strategy™ approach, GTCR initially partnered with
Mr. Hance to form Regatta Medical in April
2017 to pursue opportunities in the medical device sector.
Since GTCR's investment, GTCR and Mr. Hance have partnered with the
Resonetics management team, led by CEO Tom
Burns, to significantly grow the Company's revenue and
EBITDA through investments in strong organic growth and strategic
add-on acquisitions.
"We've appreciated the opportunity to invest in Resonetics,
supporting its organic growth initiatives and its eight add-on
acquisitions, including the recent acquisitions of FISO
Technologies and Hudson Medical Innovations, during our ownership,"
said Sean Cunningham, Managing
Director at GTCR. "We are thrilled to continue our partnership with
Chip Hance, Tom Burns, and the entire Resonetics management
team as they look to build on their success in the coming years,"
he added.
"Our business has advanced significantly over the past four
years, as we've expanded our production capacity, grown our
facility footprint and built greater scale," said Tom Burns, CEO, Resonetics. "We have enjoyed the
outstanding partnership with GTCR as we've built Resonetics and are
excited to be partnering with GTCR and Carlyle in this next chapter as we continue to
grow our business and enhance our product capabilities to better
serve our customers."
"We have been extraordinarily impressed with the growth and
development of Resonetics over the last several years and are
looking forward to our ongoing partnership with the Company," added
GTCR Co-CEO and Managing Director Dean
Mihas. "I want to thank Chip
Hance and Tom Burns for their
outstanding leadership and look forward to our next chapter with
the entire Resonetics team and our partners at Carlyle."
Kirkland & Ellis acted as legal advisor and Piper Sandler acted as financial advisor to
Resonetics and GTCR. Debevoise & Plimpton acted as legal
advisor and Barclays acted as financial advisor to Carlyle.
About GTCR
Founded in 1980, GTCR is a leading private equity firm focused on
investing in growth companies in the Growth Business Services,
Technology, Media & Telecommunications, Healthcare and
Financial Services & Technology industries. The Chicago-based firm pioneered The Leaders
Strategy™ – finding and partnering with management leaders in core
domains to identify, acquire and build market-leading companies
through transformational acquisitions and organic growth. Since its
inception, GTCR has invested more than $20
billion in over 250 companies. For more information, please
visit www.gtcr.com.
About Carlyle
Carlyle (NASDAQ: CG) is a global
investment firm with deep industry expertise that deploys private
capital across three business segments: Global Private Equity,
Global Credit and Global Investment Solutions. With $293 billion of assets under management as of
September 30, 2021, Carlyle's purpose is to invest wisely and
create value on behalf of its investors, portfolio companies and
the communities in which we live and invest. Carlyle employs more than 1,800 people in 26
offices across five continents. Further information is available at
www.carlyle.com. Follow Carlyle on
Twitter @OneCarlyle.
About Resonetics
Founded in 1987, Resonetics is a pioneer in advanced engineering
and manufacturing solutions for the life sciences industry.
Resonetics is a leader in laser processing, centerless grinding,
nitinol processing, thin-wall stainless steel and precious metal
tubing, photochemical machining, metal fabrication, and fiber optic
sensors. With nine Lightspeed Application Development Labs located
strategically to serve medical device companies around the world,
Resonetics is built on a foundation of quality, speed, and
innovation to deliver best-in-class value with a customer-centric
approach. The company is ISO 13485:2016 certified with facilities
in the United States, Costa Rica, Israel, Switzerland, and Canada. For more information, please visit
www.resonetics.com.
Media
For GTCR:
Kellie Kennedy
312.933.4903
kelliek@theharbingergroup.com
For Carlyle:
Brittany Berliner
212.813.4839
brittany.berliner@carlyle.com
For Resonetics:
Justin Miller
805.807.1481
jmiller@resonetics.com
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SOURCE GTCR