LOS ANGELES--(BUSINESS WIRE)--Century Park Capital Partners is pleased to announce that is has agreed to the sale of Cirtec Medical, LLC (“Cirtec” or the “Company”), to 3i Group plc, an investment company.
Cirtec specializes in outsourced solutions for OEMs of active implantable medical devices, with a focus on neuromodulation, drug delivery, cardiac rhythm management, and minimally invasive surgical devices. Cirtec has the expertise to provide value-added solutions to its customers through the entire development cycle to bring medical devices to market. Cirtec’s customer base includes both traditional blue-chip original equipment manufacturers and start-ups.
Century Park acquired majority control of Cirtec in November of 2010 from Charter Oak Equity who maintained an equity stake in the business. Since then, Cirtec has continued to develop additional capabilities and service offerings to position itself as one of the leading outsourced development and manufacturing partners to the advanced medical device market. The acquisition of Stellar Technologies, Inc. in July of 2016 provided Cirtec with a location in the medical device hub of Minneapolis, MN and expanded its capabilities to include precision machined component manufacturing. Under Century Park’s ownership, Cirtec’s revenues and earnings increased approximately fourfold.
Chip Roellig, Managing Partner with Century Park Capital Partners, commented, “Cirtec has grown into a fully outsourced solution for medical device OEMs on the forefront of leading edge therapies. CEO Brian Highley and the Cirtec team have done a tremendous job of strategically building Cirtec’s capabilities while maintaining its reputation for and commitment to quality.”
Brian Highley, CEO of Cirtec, commented, “Century Park has been a great partner for Cirtec. Their support of growth initiatives and add-on acquisitions has been invaluable to Cirtec and a key piece in building it into the business it is today. I look forward to carrying this positive momentum into Cirtec’s next phase of growth with 3i.”
Piper Jaffray & Co. served as financial advisor to Cirtec in this transaction.
About Cirtec Medical, LLC:
For over 25 years, Cirtec has been providing design, development, manufacturing and product transfer services for the medical device industry. With facilities in Los Gatos, CA, Enfield, CT and Brooklyn Park, MN, the company specializes in outsourced solutions for active implantable devices in the areas of neuromodulation, drug delivery, cardiac rhythm management, ventricular assist, and minimally invasive devices. Companies rely on Cirtec’s expertise throughout the entire development cycle to bring life-enhancing therapies to market. For more information on Cirtec, please visit http://cirtecmed.com.
About Century Park Capital Partners:
Century Park Capital Partners is a Los Angeles-based private equity firm that invests in family businesses and owner-operated companies with the purpose of accelerating their growth. We specialize in acquiring strategically well-positioned yet under-resourced middle market companies with identifiable potential for value creation through the addition of critical resources. We leverage our Executive Council to invest in companies within their particular domain expertise, and then further support our investments with proven operational and strategic initiatives including buy-and-build acquisition programs, process improvement plans and infrastructure additions. For more information on Century Park Capital Partners, please visit www.centuryparkcapital.com.