The acquisition is expected to enhance Resonetics' capabilities as a specialised manufacturer of medical device components
Resonetics, a contract manufacturer in life sciences industry, has closed a carve-out acquisition of Hutchinson Technology (HTI)’s medical business, for an undisclosed amount.
HTI Medical has developed several manufacturing processes to engineer and assemble tight-tolerance micro-components for medical devices that are used in many types of minimally-invasive surgery,
According to the company, the processes are also developed for use in both conventional and robotic surgery applications .
Resonetics executive chairman Robert Chip Hance said: “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.”
Resonetics supported by Chicago-based GTCR
Under the terms of the transaction, Resonetics will onboard a tenured staff of approximately 150 engineers, technicians and skilled associates.
Resonetics is supported by GTCR, a Chicago-based private equity firm, through initial investment in the company.
In April 2017, GTCR has initially partnered with Resonetics executive chairman Chip Hance to establish Resonetics’ parent company Regatta Medical to tap on opportunities in the medical device sector, and invest in the company, in February 2018.
The HTI Medical transaction represents the fifth add-on acquisition since GTCR invested in Resonetics and is expected to support the company’s strategy for precision micro-manufacturing of complex componentry for interventional medical devices.
GTCR managing director Sean Cunningham said: “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.”