BOSTON–(BUSINESS WIRE)–February 1, 2018–
Sverica Capital Management LLC (“Sverica”) and GTCR announced today the signing of an agreement to recapitalize Resonetics LLC (“Resonetics”). Sverica increased its investment alongside GTCR, which acquired a majority interest in the company. Resonetics management will continue in their existing roles and be significant shareholders in the company. The transaction is expected to close in early February.
Founded in 1987 and headquartered in Nashua, New Hampshire, Resonetics is a leading medical device contract manufacturing organization (“CMO”), specializing in laser micro-manufacturing for interventional medical devices. The company’s capabilities include precision laser prototyping and manufacturing, including creating features as small as one micron, a fraction of a human hair, in a variety of materials. Over the past 30 years, Resonetics has developed a diverse base of blue chip medical device customers, a highly experienced team of technical engineers and scientists, and a well-positioned facility network in major medical device manufacturing hubs. This platform enables the company to work with its customers across a wide range of interventional products and medical device segments, including neurovascular, diabetes, structural heart and other interventional products.
This marks an important milestone in what has been a very successful partnership between Sverica and Resonetics. In 2014, Sverica acquired Resonetics and has since worked with management to build a North American leader in medtech manufacturing. Since Sverica’s investment, the Company has grown from one to six locations, executed two strategic acquisitions and tripled revenue. Chip Hance, ex-CEO of Creganna and a Resonetics board director, will continue to play a leadership role, working with Tom Burns, Resonetics CEO, in growing the company into a global leader.
“Sverica has been a great partner, supporting the dramatic growth of Resonetics over the last three years. GTCR has an impressive track record in the healthcare space helping companies grow via organic initiatives and through strategic acquisitions. We look forward to continuing the relationship with Sverica and working with Chip and GTCR to enhance our ability to serve the medtech industry with a broader set of capabilities,” said Tom Burns of the transaction.
Dave Finley, Managing Director at Sverica, said, “Resonetics has been a very successful growth story for Sverica’s business-builder model across our High-Value Industrial and Healthcare verticals. We were very pleased to extend the relationship with Chip Hance, Tom Burns and the Resonetics team, and to work with GTCR and the resources they will bring to bear to continue to grow and scale the company.”
Founded in 1987, Resonetics is a pioneer in laser micro manufacturing and provides contract manufacturing services to the life sciences industry. Resonetics designs, builds and integrates its own laser workstations to solve complex manufacturing challenges and has invested heavily in leading edge technology. Combining state-of-the-art laser systems with a large and innovative technical team allows Resonetics to partner with customers and provide winning solutions that meet all technical, quality and economic requirements. Learn more at www.resonetics.com.
About Sverica Capital Management
Sverica is a leading lower-middle-market-focused private equity firm that has raised over $700 million of investment capital across four funds. The firm acquires and actively builds companies that are, or could become, leaders in their industries. Since 2001, Sverica has maintained a “high touch” operating philosophy of taking an active role in portfolio companies. Sverica devotes significant internal resources to help its management teams develop and execute growth strategies. For more information, please visit www.sverica.com.