SEATTLE--(BUSINESS WIRE)--Frazier Healthcare Partners (“Frazier”) is pleased to announce that it has closed on the purchase of Northfield Medical (“Northfield”), an acquisition for Frazier’s surgical instrument, endoscope and power equipment repair platform, PREZIO Health (“PREZIO”). Northfield, headquartered in Greensboro, NC, provides repair and maintenance services with a focus on rigid and flexible endoscopes, and surgical instruments. The acquisition is the cornerstone in the execution of a refocused growth and M&A strategy for PREZIO under a new senior management team. Former Northfield investors have joined Frazier and PREZIO management by investing in the combined entity.
In early 2017, Frazier Operating Partner, Hank Struik, was named CEO of PREZIO, to reposition the company and accelerate growth. Hank re-joined Frazier in May 2016, following the successful sale of former Frazier portfolio company, LABSCO, to McKesson (NYSE: MCK). Immediately after assuming the CEO role, Hank recruited several former members of his LABSCO management team to join him at PREZIO, including George Willett as CFO, and Joel Weihe as President of Sales.
In addition to continued organic growth, M&A execution will complement the new strategy for the company to reignite growth by building a scaled, national, quality-oriented service provider under Hank and his new management team. The Northfield acquisition is a crucial step under that strategy and the combined company boasts a significantly expanded geographic footprint, a true national direct sales force and a broadened service portfolio.
“Hank and his management team are uniquely qualified to execute on the refocused strategy and we are thrilled with the acquisition of Northfield,” said Ben Magnano, General Partner. “Further, Northfield executives Monty Wenk and Brad Turnmire will continue with the company joining Hank’s team as Chief Customer Officer and COO, respectively. We welcome our new team and investment partners.”
About the Northfield/PREZIO Senior Management Team:
Hank Struik – CEO – Prior to joining Frazier in 2012, Hank served as the CEO and President of Sarnova (a Water Street company), a provider of healthcare products to the emergency medical and acute care services markets. Before Sarnova, Hank spent over 20 years with Baxter, Allegiance and Cardinal Health. While at Cardinal, he led the strategic acquisition of Viasys. Upon completion of the transaction, he assumed the responsibility for four business units, including a clinical trials company, a neuro-diagnostics company, a cardiopulmonary diagnostics business, and a ventilator business. In the latter capacity, he served as the President of Cardinal’s $850M Respiratory and Neurocare unit. Mr. Struik currently sits on the boards of Medical Graphics Corporation, GI Supply and PREZIO. Hank earned a Master’s degree from the Kellogg School of Business and a BS in biology from Indiana University.
George Willett – CFO – George came to PREZIO with over 20 years of experience in senior level finance roles including CFO positions at LABSCO, Summit Energy, National Processing Company, High Speed Access Corporation, American Pathology Associates and Regent Communications, Inc. George started his finance career as an auditor for Coopers & Lybrand and was corporate accounting officer at the United States Shoe Corporation. George is a graduate of Cincinnati’s Xavier University.
Brad Turnmire – COO – Brad joined Northfield in 2014 as CFO and was named President in 2016 where he oversaw all financial, operating and recruiting activities. Prior to Northfield, Brad was Managing Director at Columbus Capital, EVP at Cooper Homes and Sr. Associate at PricewaterhouseCoopers. Brad has a BS in Accounting from Brigham Young University and a Master of Taxation from Old Dominion University.
Joel Weihe – President of Sales – With over 30 years of experience in healthcare, Joel joined the company as President of Sales in April 2017 with responsibility for all customer facing and marketing activities. Prior to PREZIO, he served as Executive Vice President of Marketing and Corporate Development at LABSCO and held sales and marketing positions at Roche Diagnostics, Sysmex Corporation of America, Behring Diagnostics and Reid-Rowell Pharmaceutical. Joel has a Bachelor’s degree in business management from Western Kentucky University, Bowling Green, KY.
Monty Wenk – Chief Customer Officer – Monty co-founded Northfield in 1996 and has served as CEO since 2013. As CCO of the combined company going forward, he has responsibility for key strategic customers. Before founding Northfield, Monty was territory manager at DeRoyal, a provider of surgical and orthopedic devices and wound care supplies. Monty has a BS in Finance from Virginia Tech.
Founded in 1991, Frazier Healthcare Partners is a leading provider of growth capital to healthcare companies. The firm has over $2.9 billion in committed capital under management and has made investments in over 170 healthcare companies with investment types ranging from company creation and venture capital to growth buyouts and leveraged recapitalizations. Frazier’s experienced team takes an active approach to helping build portfolio companies, leveraging the team’s deep domain expertise and expansive network of healthcare executives, advisors and industry thought leaders. The firm’s Growth Buyout team invests in profitable companies focusing on healthcare services, pharmaceutical services, medical products, and related sectors. The firm’s Life Sciences team invests in therapeutics and related areas that are addressing unmet medical needs through innovation. Frazier has offices in Seattle, Washington and Menlo Park, California, and invests broadly across the United States, Canada, and Europe. Additional information about Frazier is available through its website, www.frazierhealthcare.com.