Innovative Medical Device Solutions said Friday that it has refinanced senior and subordinated debt obligations and made changes to its board. The company said it named Ron Lawson chairman, and added Donald Deieso, an operating partner in Arsenal Capital Partners‘ healthcare group, to the board.
IMDS(R) (Innovative Medical Device Solutions) announced the refinancing of its senior and subordinated debt obligations and changes to its Board of Directors.
“The refinancing of our debt facilities is an important milestone in supporting IMDS growth objectives,” said Brady Shirley, the company CEO. “As a result of this transaction, IMDS gains access to substantial incremental capital and a reduction in the cost of our debt obligations — with the result of having more liquidity to support our growth,” he added.
IMDS also announced the appointment of Ron Lawson as Chairman of the Board of Directors and the addition of Dr. Donald Deieso, Operating Partner in Arsenal Capital Partners’ healthcare group, to the Board.
Brady Shirley commented: “We are excited to announce the appointment of Ron Lawson as Chairman and the addition of Don Deieso to our Board of Directors. Ron Lawson has been an integral member of the IMDS team and Board since 2010. Ron brought his rich background and experiences in the orthopedic marketplace to our organization. As Chairman he will play an even larger role in guiding our future direction. Don Deieso is an experienced healthcare executive who has an extensive background in medical device and drug regulatory matters. His addition assures that we will have the benefit of additional experienced business leadership within our board,” he added.
Ron Lawson said: “I am honored to assume the position of Chairman of the IMDS’ Board of Directors. I look forward to this expanded role with IMDS and am excited about the prospects of this business.”
Dr. Deieso commented, “I look forward to the opportunity to support Brady and the talented team at IMDS in realizing their growth agenda. IMDS is uniquely positioned to redefine the orthopedic device market through an integrated process of innovation, design, and manufacture. Arsenal is committed to ensuring the realization of this extraordinary business plan.”
IMDS (Innovative Medical Device Solutions) is the strategic source for contract, full-service medical device development and manufacturing. With an intense focus on innovation, speed to market, and partners’ goals, IMDS delivers products that enhance the quality of life and standard of care for patients.
About Arsenal Capital Partners:
Arsenal Capital Partners is a leading New York-based private equity firm that invests in middle market specialty industrial, healthcare and financial services companies. Arsenal targets businesses that have the potential for further value creation by working closely with management to accelerate growth and leverage the firm’s operational improvement capabilities.