Home > Latest News >
TECHDEVICE EXPANDS WITH ADD-ON ACQUISITION OF MP&E
PHILADELPHIA, PA: June 29, 2011 – TechDevice, a portfolio company of Inverness Graham Investments, announced today that on June 21, 2011, it acquired Medical Profiles and Engineering (“MP&E”). MP&E, headquartered outside of Minneapolis, specializes in highly engineered catheter assemblies for medical device manufacturers. This acquisition expands TechDevice’s capabilities and adds a new facility in strategically important Minnesota.
TechDevice (www.techdevice.com), which was acquired by Inverness Graham’s latest lower middle market buyout fund in January of 2011, designs and manufactures complex guide wires, balloons, precision components and finished devices for a broad range of endosurgical and interventional applications. The addition of MP&E, which also serves interventional and endosurgical OEMs, adds scale to the TechDevice platform and will serve as the platform’s center of excellence for technically sophisticated catheters and catheter sub-assemblies.
Bill Ryan, founder and former owner of MP&E will continue to drive the future growth of MP&E from its 33,000 square foot facility in Eden Prairie, MN. “With the additional financial resources of Inverness Graham and a broader set of component and finished device capabilities from TechDevice we will be able to offer our customers and employees new opportunities to grow with MP&E,” stated Ryan.
“MP&E is a perfect complement to TechDevice’s guidewire and balloon product offering and will allow us to deliver a more comprehensive set of capabilities to our medical device customers,” said Ross Magladry, CEO of TechDevice. “I am excited about the additional value we will be able to deliver to our customers by leveraging this expanded capability set and look forward to working with the team at MP&E.”
“We are very excited to have completed the add-on acquisition of MP&E just five months after closing TechDevice, our initial medical manufacturing platform for Inverness Graham II. With this addition, we are well on our way to building a leading outsourced designer and manufacturer of ‘Advanced Delivery Systems’ to support OEMs focused on catheter-based procedures,” stated Scott Kehoe, Managing Principal of Inverness Graham.
Inverness Graham Investments (www.invernessgraham.com): Inverness Graham is an operationally focused private equity firm headquartered in suburban Philadelphia. Inverness acquires high growth, innovative manufacturing and service companies with enterprise values of less than $75M. The firm has over $200M under management and was founded by senior executives of the Graham Group of industrial businesses.
FOR FURTHER INFORMATION CONTACT:
Jeri Lynne Roberts (
jerilynne.roberts@techdevice.com)
Phone: 617-972-5828
Fax: 617-972-5824
TECHDEVICE PARTNERS WITH INVERNESS GRAHAM
PHILADELPHIA, PA: January 26, 2011 – Inverness Graham Investments, a lower middle market private equity firm based in suburban Philadelphia, is pleased to announce the acquisition of TechDevice, its first platform investment from Inverness Graham II, L.P. Headquartered outside Boston, TechDevice is an outsource partner developing and manufacturing sophisticated catheters and components, including balloons, coils, ground cores, and finished guidewires across a broad range of endosurgical and interventional applications.
“TechDevice is the initial acquisition within Inverness Graham’s Medical Device “Outsourced Manufacturing” platform-build initiative. Our intention is to combine TechDevice’s established manufacturing and engineering expertise with the differentiated capabilities of select companies to create a leading outsource provider of catheter-centric medical devices and components.” Stated Scott Kehoe, Managing Principal of Inverness Graham.
Company founder Gordon Brown offered, “Over the past several years, we have built a relationship with Inverness Graham and are excited to finalize our partnership. We are confident that we will be able to accelerate the growth and offerings of TechDevice, and expand synergies with our customers by leveraging the financial, operating and industry resources of Inverness Graham.”
TechDevice’s VP of Operations, Michael Brown, noted, “TechDevice is benefiting from an aging population, the explosive growth of minimally invasive surgical techniques and the expanding outsourcing of medical devices by medical device OEMs, which has created a “perfect storm” to drive demand. We will leverage our comprehensive manufacturing and engineering capabilities, scalable quality management systems, and experienced team to build an industry leader focused on the design and manufacture of complex medical devices and components”
Inverness Graham is bringing in industry veteran Ross Magladry (former COO of Venusa and VP of Business Development at Medegen) to be CEO of TechDevice. “I observed firsthand Inverness’s ability to execute a medical-platform build strategy with their highly successful investment in ExtruMed, a market-leading provider of precision tubing solutions to the medical device industry. I look forward to again working closely with the Inverness team and believe that we have a significant opportunity in joining with Gordon and Michael Brown to drive substantial organic and acquisitive growth at TechDevice.”
The terms of the transaction were not disclosed.
Inverness Graham Investments (www.invernessgraham.com): Inverness Graham is an operationally focused, lower middle market private equity firm headquartered in suburban Philadelphia. Inverness acquires high growth, innovative manufacturing and service companies with enterprise values of less than $75M. The firm has over $180M under management and was founded by senior executives of the Graham Group of industrial businesses.
FOR FURTHER INFORMATION CONTACT:
Courtney Comer (
ccomer@invernessgraham.com)
Phone: 610-722-0300
Fax: 610-251-2880
TECHDEVICE CORPORATION EXPANDS GRINDING SERVICES
WATERTOWN, MA: October 12, 2009 – TechDevice, a developer and manufacturer of balloons, catheters, guidewires, and components, has expanded its grinding capabilities and capacity with the recent investment and focus on precision grinding. The new systems feature CAM technology as well as complementary advanced technology for profilometry analysis for surface measurement which promotes efficiency, quality, and consistency for prototyping and engineering.
“Now, many more grinding options are possible, and delivered faster, whether it’s for a core only job, or as part of a finished guidewire project,” says Michael Brown, vice president of operations. “In addition, our focus in this area provides TechDevice with a stellar platform for manufacturing many component types that require tight toleranced grinding, which also expedites the development process and controls costs for our customers.”
Single/multi-tapered grinds, profile grinds, as well as custom shapes and configurations are available upon request. Also, nitinol components will be a specialized focus in addition to a variety of stainless steel materials.
For more information, please contact us at 617-972-5800 or
info@techdevice.com.
TECHDEVICE UPCOMING TRADESHOW SCHEDULE:
View our latest new product offerings and services as well as our core product lines at the following tradeshows.
February 13-16, 2012
Anaheim Convention Center, Anaheim, CA
Booth #2297
