Ampersand Portfolio Company Sterling Medical Devices Recapitalizes RBC Medical Innovations, Merges Entities

Creates Electromechanical Medical Device Industry Leader with Broad Design, Development, Regulatory and Manufacturing Capabilities

Industry Veteran David Montecalvo Appointed CEO of Combined Company, Effective Immediately

MOONACHIE, N.J. and LENEXA, Kan., Feb. 8, 2023 /PRNewswire/ -- Sterling Medical Devices ("Sterling"), a leading provider of design, development and regulatory services to the medical device industry, announced today its recapitalization and simultaneous merger with RBC Medical Innovations ("RBC"). RBC brings additional design and development capacity, including expertise in energy-based electromechanical devices, as well as manufacturing capabilities to the combined organization.

As part of the transaction, Med Tech industry executive David Montecalvo has been appointed Chief Executive Officer of the combined company. Montecalvo joins the management team with over 35 years of experience in the Med Tech industry, including executive level positions at Medtronic and, most recently, West Pharmaceutical Services. Sterling Founder Dan Sterling will remain on the senior leadership team and a Board Director. RBC Founder Carl Mayer has joined the Board of Directors.

RBC Founder Carl Mayer commented, "Ampersand and Sterling are a perfect strategic fit for RBC's next stage of growth. We invested several years developing our relationship and shared vision with the Ampersand team and when they made an investment in Sterling, a respected name in medical device design services, it was clear that a combination of our firms was the right strategy to accelerate our collective customer-focused, fast-to-market design and manufacturing vision."

CEO David Montecalvo added, "Sterling and RBC have developed excellent reputations in the industry based on their respective capabilities and track records of supporting Med Tech innovation.  I am honored to partner with Ampersand and management and look forward to providing a fully integrated service offering to our customers to support the advancement of innovative care for patients."

"We partnered with Ampersand to expedite the growth of our current business while also seeking M&A opportunities that would be a strong cultural match and bring capabilities complementary to our own. We couldn't have hoped for a better fit than RBC. Our teams are already collaborating to the benefit of our customers, and we are eager to build a bright future together," noted Sterling's Founder Dan Sterling. "We're also excited to welcome David to the team. His experience will serve us well as we continue to build a company that can service the needs of small innovators and strategic titans alike."

Trevor Wahlbrink, Partner at Ampersand, commented, "We are extremely enthusiastic about the company that has been created following the combination of these two outstanding businesses. The partnership is a win-win for current and prospective customers and will provide a full outsourced solution for medical device innovation. We are thrilled to welcome David and Carl to the team and look forward to collaborating with them to continue building the business through both organic and inorganic means."

About Sterling Medical Devices

Located in Moonachie, New Jersey, Sterling Medical Devices is a provider of custom electromechanical and software solutions for the medical device industry. For more than 21 years, the Company's extensive and diverse experience in product development has helped healthcare companies bring their medical device software and hardware, electromechanical equipment, and mobile medical device apps to market. Sterling addresses the entire development process including systems, software, electronics, mechanical, quality, compliance, and regulatory affairs. For more information, visit www.sterlingmedicaldevices.com.

About RBC Medical Innovations

Since 1994, medical device companies have selected RBC Medical Innovations as a partner to design, develop and manufacture innovative medical devices due to our ability to reduce time-to-market while providing customer-focused solutions flexibly and dependably. Our platform-based approach has brought numerous devices to market for both major medical device OEMs as well as the world's leading innovators. For more information, visit www.rbccorp.com.  

About Ampersand Capital Partners

Founded in 1988, Ampersand Capital Partners is a middle market private equity firm with $3 billion of assets under management dedicated to growth-oriented investments in the healthcare sector. With offices in Boston, MA and Amsterdam, Netherlands, Ampersand leverages a unique blend of private equity and operating experience to build value and drive superior long-term performance alongside its portfolio company management teams. Ampersand has helped build numerous market-leading companies across each of the firm's core healthcare sectors. For additional information, visit www.ampersandcapital.com or follow us on LinkedIn.

SOURCE Ampersand Capital Partners