NeuroTherm, a Wilmington, Mass.-based medical device maker focused on interventional pain, has acquired certain assets of neurodiagnostic accessory maker Technomed Europe. No financial terms were disclosed. NeuroTherm is a portfolio company of The Cortec Group.
Cortec Group (“Cortec”), a New York based private equity firm which invests in middle-market manufacturing, distribution and proprietary service businesses, announces that NeuroTherm, Inc. (“NeuroTherm”), a portfolio company of Cortec Group Fund III, L.P. (“Cortec Fund III”), has acquired certain assets from Technomed Europe (“Technomed Assets”). Terms of the transaction were not disclosed.
NeuroTherm, a leading developer and manufacturer of products used in the field of Interventional Pain, acquired the Technomed Assets from private owners on February 8, 2010. Based in the Netherlands, Technomed is a developer, manufacturer and supplier of neurodiagnostic accessories, including needles used in the practice of pain management. Under the terms of the acquisition, NeuroTherm acquired all intellectual property and manufacturing know-how associated with certain needle product lines made by Technomed.
“NeuroTherm’s management team has been focused on reducing costs, improving margin and controlling more aspects of the supply chain for some time. The Technomed deal represents another significant step towards achieving these goals,” according to Jeffrey A. Lipsitz, a Partner at Cortec.
The acquisition of the Technomed Assets represents the third add-on acquisition for Neurotherm and the twenty-second acquisition in the Cortec Fund III portfolio.
NeuroTherm, Inc. is a leading developer, manufacturer and provider of products and services in the rapidly growing interventional pain management market. The Company offers a broad line of proprietary capital and consumable products including radiofrequency ablation generators, cannula, standard and specialty electrodes, grounding pads, epidural catheters, procedural tables and pharmaceutical compounding services to physicians trained in the field of interventional pain medicine. Further information on NeuroTherm is available at www.neurotherm.com.
Cortec acquires high value-added, middle-market manufacturing, distribution and service businesses with leadership positions in their market niches. Cortec manages approximately $750 million of committed capital which it uses to acquire platform companies with enterprise values of $30 million to $300 million as well as smaller follow-on acquisitions.