Nexcore Technology, LLC Acquires Phase 2 Medical Manufacturing, Inc.
WALDWICK, N.J., July 11, 2017 /PRNewswire/ -- Nexcore Technology, LLC ("Nexcore"), an FDA registered and ISO 13485 certified contract manufacturer of electro-mechanical capital equipment to the medical device industry, announced it has acquired Phase 2 Medical Manufacturing, Inc. ("Phase 2"), a manufacturer of a wide variety of Class I, II and III single-use instruments and disposable medical devices. Nexcore is a portfolio company of Kidd & Company, LLC ("KCO"), a private investment firm located in Old Greenwich, CT. With locations in Rochester, NH, Lafayette, CO and Tijuana, Mexico, Phase 2 has developed an outstanding reputation with medical device original equipment manufacturers ("OEMs") based upon its process development and technology experience, LEAN manufacturing systems designed for continuous improvement, high quality standards, on-time performance and superb customer service.
"Nexcore's acquisition of Phase 2 adheres to our strategy of creating a leading contract manufacturer focused exclusively on the medical device industry. The combination of Nexcore and Phase 2 allows us to quickly establish a leading contract manufacturing suppler for medical device OEMs. The new company offers customers a full suite of services across a comprehensive range including concept, feasibility, design, development, manufacturing and after-market services. Additionally, we have diversified our customer base, gained access to a new market segment, expanded our geographic presence and enabled the two companies to share best practices," said Ken Heuer, a KCO Principal and Nexcore Board member.
Carlo W. Colesanti, Nexcore's President and CEO stated, "Phase 2 has developed a world-class team that has been pleasing customers for more than two decades, and this acquisition will permit us to create a deeper toolbox of solutions, expand our value proposition, and enhance our ability to serve customers and offer them a unified, 'single-source of supply' for a variety of complex manufacturing and service needs for medical capital equipment and single-use disposable devices. They have been doing a wonderful job and we intend for that to continue as we look forward to building on the foundation created by Phase 2 and continuing to grow Nexcore by serving the increasing needs of our collective customers."
Adam Prime, Phase 2's President prior to the acquisition, will assume a new role as Sr. Vice President & Chief Lean Officer of the newly combined businesses. Mr. Prime said, "I am truly excited by the prospects for our business and the related advantages our customers and employees will experience together with Nexcore. I look forward to working closely with Carlo, the management team, and KCO to continue to build an industry-leading company."
Eaglehill Advisors LLC, Plexus Capital, and Spring Capital Partners, LLC provided mezzanine debt and co-equity investments, and J.P. Morgan Chase provided senior debt financing in support of the transaction.
About Nexcore
Founded by Milton Frank in 1999, Nexcore is a contract manufacturer of electro-mechanical capital equipment to the medical device industry. The Company has a strong track record of growth and an outstanding reputation with its customers based upon its leading technical capabilities, high quality standards, on-time performance and customer service. The Company's capabilities cover the complete spectrum of the medical device manufacturing product life cycle, from conceptual design and engineering through to manufacturing and after-market service and support. The Company serves a variety of leading medical device OEMs with a portfolio of innovative medical devices. With its full suite of design and manufacturing capabilities and focus on all aspects of customer service, Nexcore positions itself not just as a supplier but as a true value-added partner to its OEM customers. For more information, visit www.nexcoretech.com.
About Phase 2
Founded by Garry Prime, Peter Prime and Mark Newbert in 1995, Phase 2 partners with medical device market leaders and innovators to design, assemble, and package single-use instruments and disposables. With comprehensive design and manufacturing capabilities, we help customers at each stage of the product life-cycle from device innovation, to new product introduction, program transfers, or end-of-life programs. The Company is 100% focused on design and manufacturing of Class I, II and III single-use instruments and disposable medical devices. At Phase 2, LEAN is more than a process, it is a culture, and benefits of the Company's LEAN systems can be realized through supply chain, warehousing, assembly, testing, packaging, sterilization, and distribution. For more information, visit www.phase2medical.com.
About Kidd & Company
Based in Old Greenwich, CT, KCO traces its roots to 1976 when William Kidd made his first private equity investment. Today, KCO is the private investment arm of the Kidd Family Office engaged in sponsoring private equity transactions in the lower middle market. The firm's focus is on driving superior returns by implementing fundamental strategic and operational improvements to drive above-market growth in revenue and earnings, both organically and through accretive acquisitions. The diverse skill set of its partners allows KCO to bring management, operational, sales and marketing, corporate finance and M&A expertise to bear to substantially increase the total value of its investments. For more information, visit www.kiddcompany.com.
Contact: Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334
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SOURCE Nexcore Technology, LLC
