KCO recaps Nexcore


Kidd & Company LLC has recapitalized Nexcore Technology LLC. Nexcore Founder and CEO Milton Frank and Plexus Capital also made co-investments in the transaction. No financial terms were disclosed. Based in Waldwick, NJ, Nexcore is a contract maker of electro-mechanical capital equipment for the medical device sector.

PRESS RELEASE

OLD GREENWICH, CT, January 22, 2015 – Kidd & Company, LLC (“KCO”), a leading family office investment firm focused on the middle market, announced it has sponsored the recapitalization of Nexcore Technology, LLC (“Nexcore”) in partnership with its founder and CEO Milton Frank.

Founded by Mr. Frank in 1999 and headquartered in Waldwick, NJ, Nexcore is a contract manufacturer of electro-mechanical capital equipment to the medical device industry. Nexcore’s capabilities cover the complete spectrum of the medical device manufacturing product life cycle, from conceptual design and engineering through to manufacturing and after-market service and support. The Company has a strong track record of growth and an outstanding reputation with many leading medical device original equipment manufacturers based upon its leading technical capabilities, high quality standards, on-time performance and customer service.

“We are delighted to be partnering with Milt and his team to build on the terrific foundation they have created over the last 15 years, and together we plan to continue to grow Nexcore by expanding its capabilities to serve the increasing demands of its customer base,” said Kenneth Heuer, a Principal at KCO. “This investment fits perfectly with KCO’s investment strategy of partnering with the owners of good companies to leverage their strengths and experience and to fundamentally enhance the value of their businesses.”

Nexcore has also expanded its management team with the appointment of Carlo W. Colesanti in the newly created post of President and Chief Operating Officer and James V. DiVizio in the newly created role of Vice President of Finance. Mr. Colesanti joins Nexcore with 25 years of experience leading drug delivery/medical device and specialty chemical businesses. Mr. DiVizio is a CPA and seasoned financial executive with more than 20 years of finance, accounting and operations experience.

Milton Frank, founder and CEO of Nexcore, said, “I am looking forward to working with Carlo, Jim and KCO. There are many growth opportunities for Nexcore and we are confident in our ability to capitalize on them with the help of our newly expanded management team and the additional resources that come from the KCO team.”

Mr. Colesanti stated, “I am excited to be joining an organization that is recognized for its product innovation, quality manufacturing and customer service capabilities at such an opportune time in the industry. Nexcore is extremely well-positioned with its current customers and is poised to continue growing by expanding its capabilities and continuing to add new customers.”

Tony Castor, a KCO Partner and Chairman of Nexcore, added, “We are extremely impressed with the franchise that Nexcore has built with its strong customer relationships and outstanding reputation, and we are thrilled to be helping to take the company to the next level.”

Milton Frank made a significant co-investment alongside KCO in the transaction. Plexus Capital provided additional financing as well as a minority equity co-investment.

About Nexcore
Founded in 1999, Nexcore is a contract manufacturer of electro-mechanical capital equipment to the medical device industry. The Company has a strong track record of growth and an outstanding reputation with its customers based upon its leading technical capabilities, high quality standards, on-time performance and customer service. The Company’s capabilities cover the complete spectrum of the medical device manufacturing product life cycle, from conceptual design and engineering through to manufacturing and after-market service and support. The Company serves a variety of leading medical device original equipment manufacturers (“OEMs”) with a portfolio of innovative medical devices. With its full suite of design and manufacturing capabilities and focus on all aspects of customer service, Nexcore positions itself not just as a supplier but as a true value-added partner to its OEM customers. For more information, visit www.nexcoretech.com.

About Kidd & Company

Based in Old Greenwich, Connecticut, KCO traces its roots to 1976 when William Kidd made his first private equity investment. Today, KCO is the private investment arm of the Kidd Family Office engaged in sponsoring private equity transactions in the lower middle market. The firm’s focus is on driving superior returns by implementing fundamental strategic and operational improvements to drive above-market growth in revenue and earnings, both organically and through accretive acquisitions. The diverse skill set of its partners allows KCO to bring management, operational, sales and marketing, corporate finance and M&A expertise to bear to substantially increase the total value of its investments. For more information, visit www.kiddcompany.com.