Indianapolis, Indiana-based private equity firm Hammond, Kennedy, Whitney & Company (HKW) has sold Canadian Hospital Specialties ULC and Benlan Inc, which distribute and manufacture a broad range of sterile, disposable, medical and surgical devices in the Canadian market. The buyer is Cortec Group, a private equity firm based in New York. The financial details of the transaction were not published. The Oakville, Ontario-based Canadian Hospital Specialties and Benlan have been portfolio investments of HKW since 2010.
Hammond, Kennedy, Whitney & Company, Inc. Announces Sale of Canadian Hospital Specialties ULC and Benlan Inc.
Indianapolis, IN – Hammond, Kennedy, Whitney & Company, Inc. (“HKW”) is pleased to announce that on November 12, 2013, it closed on the sale of Canadian Hospital Specialties ULC and Benlan Inc. (collectively “CHS”). CHS is a leading distributor and manufacturer of a broad range of sterile, disposable, medical and surgical devices primarily to the Canadian healthcare market. CHS had been a portfolio company of HKW since 2010.
The buyer is Cortec Group Fund V L.P., an affiliate of Cortec Group (“Cortec”), a private equity firm based in New York. Cortec, founded in 1984, invests in middle market healthcare, consumer, and specialty products, service and distribution businesses.
“CHS has become a niche market leader in the Canadian hospital market, primarily due to its long industry tenure, outstanding management team, unique product portfolio and tremendous customer service capabilities. David Enns and the entire management team are exceptional, and HKW is very pleased that the CHS team chose to partner with us in 2010,” said Glenn Scolnik, Chairman of HKW and CHS. “CHS is well-positioned for future growth with Cortec and we wish the management team continued success.”
HKW is a private equity firm founded in 1903 with offices in Indianapolis and New York. Since 1982, HKW has sponsored 44 platform management buyouts of lower middle-market companies throughout North America as well as 47 add-on acquisitions. For further information about HKW, please visit www.hkwinc.com. For further information on CHS, please visit www.chsltd.com.
TM Asante Healthcare Partners, the healthcare investment banking practice of TM Capital Corp., served as financial advisor to CHS. Further information about TM Capital is available at www.tmcapital.com.
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