GTCR-Backed Resonetics Acquires HTI Medical
CHICAGO, Nov. 3, 2020 /PRNewswire/ -- GTCR, a leading private equity firm, announced today that Resonetics has completed a carve-out acquisition of the medical business within Hutchinson Technology, Inc. ("HTI"). The HTI medical business ("HTI Medical"), based in Hutchinson, Minnesota, has developed several proprietary manufacturing processes to fabricate and assemble tight-tolerance micro-components for medical devices used in many types of minimally-invasive surgery. HTI Medical's processes can be used in both conventional & robotic surgery applications. As part of the transaction, Resonetics will onboard a tenured staff of nearly 150 engineers, technicians and skilled associates. HTI Medical represents the fifth 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 to form Regatta Medical 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™. Since GTCR's investment, Mr. Hance has partnered with the Resonetics team, including CEO Tom Burns, to significantly grow the company's revenue and EBITDA through strong organic growth and strategic add-on acquisitions.
Chip Hance, Executive Chairman of Resonetics, commented, "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."
Sean Cunningham, Managing Director at GTCR, added, "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."
Kirkland & Ellis LLP provided legal counsel and PricewaterhouseCoopers served as accounting advisor to GTCR.
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