180 Medical, a distributor of intermittent catheters, urologic and disposable medical supplies has been sold to ConvaTec. 180 Medical was a portfolio company of Cortec Group. Harris Williams & Co. acted as an advisor to 180 Medical.
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of 180 Medical, the leading pure-play, direct-to-consumer distributor of intermittent catheters, urologic and disposable medical supplies, to ConvaTec. 180 Medical was a portfolio company of Cortec Group (Cortec). The transaction closed on September 28, 2012 and was led by Turner Bredrup, Cheairs Porter and Andy Dixon from the firm’s Healthcare & Life Sciences (HCLS) Group, along with Chris Williams. Harris Williams & Co. acted as an advisor to 180 Medical.
“180 Medical’s unique service model not only provides a superior patient experience and higher quality care but also drives lower cost to the healthcare system through the reduction of infections associated with the use of intermittent catheters,” said Turner Bredrup, a managing director and head of Harris Williams & Co.’s Healthcare & Life Sciences Group. “The merger of ConvaTec with 180 Medical combines a unique direct-to-patient care model with the resources of a world class medical technology company to further accelerate growth and improve patients’ quality of life.”
180 Medical is one of America’s fastest growing providers of sterile use catheters, urologic and disposable medical supplies. Based in Oklahoma City, the company is dedicated to meeting the supply needs of customers with chronic medical diagnoses such as urinary incontinence, spinal cord injuries, multiple sclerosis, transverse myelitis, spina bifida and many other urologic conditions that require catheterization.
Founded in 1984, Cortec acquires high value-added, middle market healthcare, consumer and specialty products, service, and distribution businesses from owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages over $1 billion in its two active funds and targets platform acquisitions with enterprise values of $40 million to $300 million and smaller follow-on acquisitions.
ConvaTec is a leading developer and marketer of innovative medical technologies that have helped improve the lives of millions of people worldwide. With four key focus areas – ostomy care, wound therapeutics, continence and critical care and infusion devices – ConvaTec products support healthcare professionals from the hospital to the community health setting.
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.
The firm’s HCLS Group focuses on transactions across the spectrum of healthcare market segments. For more information, contact Turner Bredrup, James Clark or Cheairs Porter at +1 (804) 648-0072 or Todd Morris at +1 (415) 288-4260.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Services Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.
For general release inquiries, please contact Kimberly Baker, marketing director, at +1 (804) 648-0072.