NEW YORK, May 14, 2019 /PRNewswire/ -- HealthpointCapital, the leading private equity firm focused exclusively on musculoskeletal healthcare, today announced the acquisition of a controlling stake in CrossRoads Extremity Systems ("CrossRoads" or the "Company").
CrossRoads offers a broad portfolio of procedure-specific and sterile-packed implants and instrumentation for foot & ankle fixation. The Company's patented Active Stabilization® technology combines continuous dynamic compression and enhanced stability through a hybrid construct of a nitinol clip within a fixation plate. In addition, CrossRoads' high-quality reusable instrumentation and unique EcoSMART® instrument recovery program promote efficient inventory management and improved economics for healthcare facilities.
HealthpointCapital will partner with CrossRoads' co-founders Vernon Hartdegen and Chad Hollis and the current management team as they continue to expand the Company's portfolio and market presence. HealthpointCapital has also committed additional equity capital to fund organic growth and bolt-on acquisitions.
Commenting on the announcement, Mike Mogul, HealthpointCapital's President, said: "The outstanding CrossRoads team has delivered an elegant solution to the decades-old orthopedic challenge of gaining stability and compression in a single device to promote bone healing. We believe the Company will be a preeminent franchise in the fast-growing extremity orthopedics sector. We look forward to working with Vernon Hartdegen and his talented team to maximize the potential of CrossRoads' offerings."
"We are excited to partner with HealthpointCapital as we continue our rapid growth," said Vernon Hartdegen, CEO and Co-Founder of CrossRoads. "Our partnership will enable us to continue offering innovative, minimally invasive solutions that benefit both patients and healthcare facilities through better outcomes and better economics."
"The sector experience of our HealthpointCapital team and investors was clearly demonstrated in the year-long search and diligence for the best company in this fast-growing sector," said John Foster, HealthpointCapital's CEO and Founder. "We are excited to support CrossRoads' innovative team in the expansion of the business."
CrossRoads' management team and lead institutional investor MB Venture Partners remain significant investors. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. served as legal advisor to HealthpointCapital. Waller, Lansden, Dortch, & Davis, LLP served as legal advisor to CrossRoads.
Founded in 2002, HealthpointCapital is the leading private equity firm focused exclusively on the musculoskeletal sector. The Firm is led by CEO and founder John H. Foster and Mike Mogul, former Group President, Orthopaedics at Stryker Corporation and former CEO of DJO Global. HealthpointCapital brings together extensive medical technology operating experience, a strong private equity track record, and a deep network of relationships to help portfolio companies accelerate growth. Notable recent exits for HealthpointCapital include OrthoSpace (acquired by Stryker), Blue Belt Technologies (acquired by Smith & Nephew) and BioHorizons (acquired by Henry Schein).
For additional information, visit www.healthpointcapital.com.
About CrossRoads Extremity Systems
Headquartered in Memphis, TN, CrossRoads was founded in 2014 by Glen Coleman, Vernon Hartdegen and Chad Hollis. The Company's mission is to develop and commercialize innovative technologies in the orthopedic extremity sector that improve the operating room experience and patient outcomes through simplicity and accuracy for the surgeon, and sustainability and cost reduction for healthcare institutions. CrossRoads' Active Stabilization® technology is the only technology on the market today to simultaneously offer enhanced stability with continuous compression, optimizing conditions for bone healing in fusion procedures. The Company leverages this technology in a broad range of procedure-specific, sterile-packed implants and instrumentation systems cleared for both lower and upper extremity indications. The Company's EcoSMART® Instrument Service provides customers with gamma sterilized, reusable instruments for every surgical case and post-surgery recovery and processing of those instruments. EcoSMART® reduces the inefficiencies of traditional non-sterile instrument trays and eliminates the waste associated with typical disposable instruments.
For additional information, visit www.crextremity.com.
For investor or media inquiries, please contact:
Tessa Cicitta, HealthpointCapital, 212-935-7780 or [email protected]