Cortec recaps Aspen Medical Products

Cortec Group has recapitalized Irvine, California-based Aspen Medical Products LLC, a maker of upper and lower spinal orthopedic bracing products. No financial terms were disclosed. Capstone Headwaters was financial adviser to Aspen.


(New York, NY) – Cortec Group (“Cortec”), a New York-based private equity firm that specializes in investing with entrepreneur and family owners of middle market healthcare, B2B and B2C products and specialty services businesses, announced that on June 10, 2019, a group led by its affiliate, Cortec Group Fund VI, L.P. (“Cortec Fund VI”), in partnership with management, recapitalized Aspen Medical Products, LLC (“Aspen” or the “Company”). Terms of the transaction were not disclosed.

Headquartered in Irvine, California, Aspen is a leading designer, developer, manufacturer and marketer of upper and lower spinal orthopedic bracing products. The Company’s products address patient needs across a wide range of end uses and care settings. Aspen primarily sells its products into the acute care market, as they offer a high level of motion restriction and are used by patients in need of short-term treatment from severe injuries, have urgent medical conditions, and/or are recovering from surgery. Outside of the acute setting, the Company’s products are also broadly used for stabilization, pain therapy and to support daily living activities.

Aspen has established a market-leading reputation for developing products with innovative designs, high quality production, and superior patient comfort. “Aspen is a great fit for Cortec based on our significant experience investing in medical products companies and teaming with entrepreneurs. The Company’s strong reputation among healthcare providers as an industry-leading spinal bracing brand and impressive growth are the clear results of a longstanding focus on product innovation and dedication to patient care,” said Jeffrey A. Lipsitz, a Managing Partner at Cortec. Jeff R. Shannon, a Partner at Cortec, added, “Dan and Geof have built a great company over the last 25 years. We are excited to partner with the entire Aspen team to support the continued expansion of the Company’s product offering, further penetration of U.S., European and Asian markets, and the pursuit of new market segments, including pain management as an alternative to surgery and prescription drugs.”

Dan Williamson, Aspen’s Founder and CEO, who will continue to lead the business, added, “We sought an engaged partner, capable of helping Aspen with strategic planning, infrastructure development, and growth initiatives including expanded product adoption, international expansion, and acquisitions. From our first meeting together, the Cortec team impressed us with their appreciation for our business, industry knowledge, success working with many other entrepreneur- and family-owned businesses, and highly relevant operational expertise, which led us to select them as our teammate going forward.”

Aspen represents Cortec Fund VI’s sixth platform investment. Capstone Headwaters served as financial advisor and Rutan & Tucker, LLP served as legal advisor to Aspen. Paul Hastings, LLP served as legal advisor to Cortec. Debt financing to support the recapitalization was provided by Antares, NXT Capital, Golub Capital, and First Eagle Private Credit.

About Aspen
Aspen is a leader in the design, development and marketing of upper and lower spinal orthotics. For over 25 years, the company has introduced a continuous flow of pioneering spinal bracing products and services to the healthcare marketplace. Headquartered in Irvine, California, the Company has local sales representation throughout the U.S. as well as internationally.

About Cortec
Founded in 1984, Cortec invests in high value-added, middle-market healthcare, B2B and B2C products and specialty services businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Additional information about Cortec can be found at