Cortec Group, a New York based private equity firm which invests in middle-market healthcare, specialty manufacturing, service, and distribution businesses, announced that on December 23, 2011 its affiliate, Cortec Group Fund IV, L.P. (“Cortec Fund IV”), in partnership with management, acquired a majority interest in Cranial Technologies, Inc. (“CranialTech” or the “Company”). Terms of the transaction were not disclosed. Based in Tempe, Arizona, CranialTech is a leading developer, manufacturer and provider of medical devices and services for the treatment of positional plagiocephaly (i.e., asymmetric head shape) in infants. The Company manufactures an FDA-cleared cranial remodeling device marketed under the DOC Band® brand name, and treats patients through a network of fourteen owned and four licensed treatment centers across the U.S. and Europe.
