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Sverica Capital Management Announces Strategic Investment in Resonetics by Carlyle
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Sverica Capital Management has announced a minority equity stake sale in portfolio company Resonetics to Carlyle, valuing the company at approximately $2.25 billion. Originally acquired by Sverica in 2014, Resonetics has grown significantly under its ownership, expanding from a single location to six and enhancing its capabilities in micro-manufacturing for the MedTech industry. Carlyle will join GTCR as a significant shareholder, while Sverica retains a minority stake, continuing its support of Resonetics' growth trajectory.
Positive
Company valuation at approximately $2.25 billion indicates strong market position.
Carlyle's entry as a shareholder may provide additional capital and strategic resources.
Resonetics has expanded from one to six locations, demonstrating significant growth.
Negative
None.
Investment to Support Continued Growth and Expansion of Specialized Medical Device Contract Manufacturer
NASHUA, N.H. & BOSTON--(BUSINESS WIRE)--
Sverica Capital Management LP (“Sverica”) 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. Sverica initially acquired Resonetics in 2014, and then sold a majority interest in the Company in 2018 to private equity firm GTCR. Carlyle will join GTCR as a meaningful shareholder in Resonetics, and Sverica will retain a minority position 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.
Sverica made its initial investment in Resonetics in October 2014, taking a majority position in what was then a single-location Company focused on polymer componentry serving medical device programs. Under Sverica’s ownership, Resonetics grew to six locations and expanded its capabilities into laser-machining metal components through a combination of de novo and acquisitive growth under the leadership of CEO Tom Burns. Sverica partnered with GTCR and medical device industry executive Chip Hance, who became Executive Chairman of Resonetics, in February 2018 to continue pursuing opportunities in the medical device sector, significantly growing the Company’s revenue and EBITDA over the ensuing four years through strong organic growth and eight strategic add-on acquisitions.
Dave Finley, Managing Partner at Sverica, said, “Resonetics has been a successful growth story for Sverica’s business-builder private equity model within our Advanced Industrial vertical. The opportunity to extend the relationship with Tom Burns, Chip Hance and the Resonetics team over the last four years, and build a new partnership with GTCR has been fantastic. We look forward to continuing to retain a minority position under joint leadership of the Company by GTCR and Carlyle.”
About Sverica Capital Management
Sverica Capital Management is a leading growth oriented private equity firm that has raised over $1.1 billion across five funds. The firm acquires, invests in and actively builds companies that are, or could become, leaders in their industries. Since inception, Sverica has followed a “business builder” approach to investing and takes an active supporting role in its portfolio companies. Sverica devotes significant internal time and resources to help its management teams develop and execute growth strategies and proactively looks for levers to pull to accelerate growth by reinvesting back into those companies. Sverica firmly believes in building businesses collaboratively that can endure for the long term by starting with a strong foundation and bringing the right people and playbook to drive reinvestment and ultimately strong returns for our investors.
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.
