CHICAGO, Nov. 3, 2020 /PRNewswire/ -- GTCR, a leading private equity firm, announced today that Resonetics has completed a carve-out acquisition of the medical business within Hutchinson Technology, Inc. ("HTI"). The HTI medical business ("HTI Medical"), based in Hutchinson, Minnesota, has developed several proprietary manufacturing processes to fabricate and assemble tight-tolerance micro-components for medical devices used in many types of minimally-invasive surgery. HTI Medical's processes can be used in both conventional & robotic surgery applications. As part of the transaction, Resonetics will onboard a tenured staff of nearly 150 engineers, technicians and skilled associates. HTI Medical represents the fifth add-on acquisition since GTCR invested in Resonetics in February 2018 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 partnership with medical device industry executive Robert "Chip" Hance. GTCR initially partnered with Mr. Hance to form Regatta Medical 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, including CEO Tom Burns, to significantly grow the company's revenue and EBITDA through strong organic growth and strategic add-on acquisitions.
Chip Hance, Executive Chairman of Resonetics, commented, "Consistent with our initial investment thesis for Resonetics, the carve-out of HTI Medical strategically enhances Resonetics' capabilities, and further establishes the company's position as a leading supplier of specialized componentry for interventional medical device companies."
Sean Cunningham, Managing Director at GTCR, added, "We have great respect for what the HTI Medical team has built, and we look forward to our partnership with them. This represents Resonetics' fifth acquisition since our initial investment, and we expect to continue to aggressively pursue tuck-in acquisitions as well as more transformative opportunities."
Kirkland & Ellis LLP provided legal counsel and PricewaterhouseCoopers served as accounting advisor to 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 $18 billion in over 200 companies. For more information, please visit www.gtcr.com.
Founded in 1987, Resonetics is a pioneer in micro manufacturing and provides contract manufacturing services to the life sciences industry. Resonetics is a leader in laser processing, centerless grinding, nitinol processing, thin-wall stainless steel tubing fabrication, precious metal forming, and other critical machining services. With seven Lightspeed Application Development Labs located strategically to serve MedTech 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 and Switzerland. Resonetics is owned by Regatta Medical, a portfolio company of GTCR. Learn more at www.resonetics.com
About Regatta Medical
Regatta Medical was formed in April 2017 as a partnership between Robert "Chip" Hance, Mark Weishaar, and GTCR. Regatta Medical's mission is to build a leading company in the medical device industry by acquiring outstanding medical device products and services businesses. For more information about Regatta Medical, please visit www.regattamedical.com.
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