GTCR-Backed Resonetics Acquires Tru Tech
CHICAGO, Sept. 4, 2019 /PRNewswire/ -- GTCR, a leading private equity firm, announced today that Resonetics has completed the acquisition of Tru Tech Systems, LLC ("Tru Tech"), a leading supplier of precision processing services for the medical device market. Tru Tech represents the fourth 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 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(TM). Since GTCR's investment, Mr. Hance has partnered with the Resonetics team, including CEO Tom Burns, to approximately triple the company's revenue and EBITDA through strong double-digit organic earnings growth and strategic add-on acquisitions.
Chip Hance, Executive Chairman of Resonetics, commented "Consistent with our initial investment thesis for Resonetics, the Tru Tech acquisition strategically enhances the company's capabilities, geographic reach and customer portfolio. We believe that the acquisitions completed to date, combined with the company's strong organic growth have further established Resonetics 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 Tru Tech team has built, and we look forward to our partnership with them. This represents Resonetics' fourth acquisition of a founder-owned business over the past 18 months, 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.
About 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(TM) - 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 $15 billion in over 200 companies. For more information, please visit www.gtcr.com.
About Resonetics
Founded in 1987, Resonetics is a pioneer in laser micro manufacturing and provides contract manufacturing services to the life sciences industry. The company designs its own customized laser systems that are purpose-built to solve complex manufacturing challenges. Core competencies include laser processing, nitinol processing, and thin walled Swiss precision tube fabrication. With six Lightspeed Application Development Labs located strategically to serve MedTech clusters 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. Resonetics operates as a subsidiary of 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.
Media Contact:
Eileen Rochford | +1 312-953-3305 | eileenr@theharbingergroup.com
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SOURCE GTCR
