WINTER PARK, Fla.--(BUSINESS WIRE)--Advantage Capital Partners has announced an investment in GENICON, a designer, manufacturer and global distributor of over 200 products in the laparoscopic surgery market. GENICON, headquartered in Winter Park, Fla., offers innovative products across the U.S. and to over 60 international markets.
The investment, made in connection with the Florida New Markets Tax Credit Program, will allow GENICON to expand its facilities and grow its central Florida workforce. Rand Capital (NASDAQ: RAND) also committed financing to the deal, bringing the total investment amount to almost $4 million.
“GENICON has built a great reputation for new product development,” said Chris Harris, senior vice president at Advantage Capital Partners. “This growth capital will allow GENICON to accelerate its expansion into complementary products and drive the company to the next level of revenue and profitability.” Harris will join the GENICON board.
GENICON has long-standing distribution agreements with third parties in a number of international markets, including the U.K., Italy, Spain, South Korea, South Africa, the Middle East and China. The company brings product directly to the surgical market in the U.S. and abroad.
In 2014, GENICON was recognized for its strength in the export market by the U.S. Department of Commerce and received the President’s “E” Award for Exports presented by U.S. Secretary of Commerce Penny Pritzker. The “E” Awards are the highest recognition any U.S. entity may receive for making a significant contribution to the expansion of U.S. exports.
“This financial investment will support GENICON’s continued double-digit revenue growth,” said N. Michael Wolsonovich Jr., the GENICON board member representing Series A investors.
“We are excited about this next chapter for our company,” said Gary Haberland, founder and CEO of GENICON. “We are a company that is driven to meet the needs of today’s health-care system through both the harmonization of clinical needs and the economic demands of a global health-care system.”
About Advantage Capital Partners
Advantage Capital Partners provides equity and debt financing to established and emerging companies located in communities underserved by conventional sources of capital. Since 1992, the firm has invested more than $1.9 billion in companies from a diverse array of industry sectors, including manufacturing, technology and business services, and has offices in New Orleans, St. Louis, New York, Austin and other locations.
Advantage Capital Partners is an investment advisor registered under the Investment Adviser Act of 1940. Registration does not imply a certain level of skill or training. This release is not intended to be an advertisement subject to the rules under the Investment Advisers Act of 1940.