Medin Successfully Recapitalizes And Raises New Capital With Financial Partner
TOTOWA, N.J., March 9, 2017 /PRNewswire/ -- Medin Corporation announced today that it was acquired by Seven Point Equity Partners, LLC in a recapitalization transaction on December 31, 2016. Renamed Medin Technologies, Inc., the company, which is headquartered in Totowa, NJ, is the leading independent U.S. manufacturer of sterilization cases and trays for the orthopedic implant and instrument industry. Medin will continue its great tradition of being a customer-focused leader in the sterilization case market, now with an augmented management team and increased financial resources and capabilities.
Andy Novotny, a Seven Point Operating Partner who has extensive experience in orthopedic medical device manufacturing, was named Chief Executive Officer of Medin. Jay Schainholz, the former majority owner of the company, has retained a minority ownership position in the company and will serve as its Chairman.
Medin Technologies, Inc. will offer OEM customers:
- Enhanced and extensive engineering resources, manufacturing capabilities, and contract manufacturing services
- Integrated and value-added supply chain management solutions
- Complex, customized product development and regulatory support capabilities
- Cost reduction strategies through unified product design for manufacturing
- Future services to support and enhance OEM product launches
"We are excited to have completed the recapitalization of Medin," stated Tom Burchill, Seven Point's Managing Partner. "The company offers an attractive investment platform in the medical manufacturing market. We look forward to working with Andy, Jay, and the entire Medin team to enhance the company's manufacturing capabilities and broaden Medin's offerings to its customer base."
Jay Schainholz added, "Seven Point represents a strong new capital partner for Medin. The firm's operational resources, experience in the medical manufacturing sector, and patient, long-term investment orientation will be critical to our success as we continue strategically to build our business."
"Medin is our firm's second platform investment and our first transaction in the medical manufacturing sector," said Seven Point Partner Mark Kammert. "This investment highlights our strategy of targeting middle market businesses with complex capital and operational needs that fall within the expertise and prior industry experience of the firm's Operating Partners and investment principals. Our Operating Partner, Andy Novotny, has developed an aggressive strategy to strengthen all aspects of Medin's business and was instrumental in completing the recapitalization."
Seven Point completed the recapitalization through an all-equity structure without using outside lenders. Benesch, Friedlander, Coplan & Aronoff LLP acted as legal advisor to Seven Point in this transaction. Cole Schotz P.C. acted as Medin's legal advisor and Kinsella Group, Inc. served as the company's financial advisor.
About Medin Technologies, Inc.
Medin Technologies, Inc., headquartered in Totowa, New Jersey, designs and manufactures a variety of medical products, with a focus on highly engineered, custom-designed sterilization cases and trays, for many of the world's leading providers of orthopedic implants and instruments. The company collaborates with leading medical OEMs around the world to provide visually arresting, exceptionally durable, and highly reliable sterilization cases that showcase the brand identities of its orthopedic and surgical device customers. A supplier to the medical industry for more than 50 years, Medin is known for its vertical integration, advanced manufacturing capabilities, and short lead times to meet its customers' needs. For more information, please visit www.medin.com.
About Seven Point Equity Partners, LLC
Seven Point Equity Partners, LLC, based in Westport, Connecticut, is an operationally focused, value-oriented private investment firm dedicated to achieving exceptional long-term returns for its investors. Seven Point concentrates on control equity investments in lower middle market companies, principally in North America. Seven Point partners with companies that have complex business and capital structure challenges and can benefit from the ability of Seven Point's Operating Partners to drive operational improvement. The firm's differentiated funding approach allows Seven Point to back management teams patiently over a long investment horizon as they do the hard work to build great businesses and create fundamental value. More information about Seven Point can be found at www.sevenpointpartners.com.
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SOURCE Medin Technologies, Inc.
