Resonetics buys Caribou Technologies

Resonetics, which is owned by Regatta Medical, said Feb. 5 that it acquired Caribou Technologies. Financial terms weren’t announced. Caribou, of Blaine, Minnesota, supplies centerless grinding, forming, coiling, machining and laser processing for the medical device industry. Regatta is a GTCR portfolio company.

PRESS RELEASE

NASHUA, N.H., Feb. 5, 2019 /PRNewswire/ — Resonetics announced today that it has acquired Caribou Technologies (“Caribou”), based in Blaine, Minnesota, a leading supplier of centerless grinding, forming, coiling, machining and laser processing for the medical device industry. In addition to servicing the large number of medical device manufacturers in the Minneapolis market, Caribou has built a strong and growing customer base in high growth market segments around the world. Since being founded in 2005 by Dan and Wendy Honeck and Connie Magnuson, Caribou has grown consistently by developing novel engineered solutions and adding new capabilities to enhance the customer experience.
“Connie, Dan and Wendy have established a great reputation in the industry by building a talented team and providing innovative manufacturing processes,” said Tom Burns, President and CEO, Resonetics. “They’ve also invested in an impressive 50,000 square foot facility that highlights their commitment to their employees and customers and provides a great venue to serve our expanding business needs.” The acquisition broadens Resonetics’ capabilities in several important growth markets, most notably neurovascular, structural heart and other interventional specialties, adding new manufacturing capabilities to produce tightly toleranced metal components and sub-assemblies for leading edge devices.
“We are very proud of what we’ve created at Caribou Technologies,” expressed Dan Honeck. “We’ve remained true to our original promise of building a great company and redefining customer experiences and have been rewarded with a great group of employees and many loyal customers.” Added Connie Magnuson, “It’s been exciting to experience our growth over the past 14-years. We know there is much more that can be achieved, and we look forward to working with the Resonetics team to continue to build a special company on a larger scale.”
About Resonetics
Founded in 1987, Resonetics is a pioneer in laser micro manufacturing and provides contract manufacturing services to the life sciences industry. The company designs, builds and services its own laser workstations to solve complex manufacturing challenges. Resonetics also offers thin-wall, stainless steel tubing, precious metal radiopaque marker bands and nitinol processing. With five Lightspeed Application Development Labs in strategic MedTech clusters, Resonetics is built for speed and provides winning solutions that meet all technical, quality and economic requirements. The company is ISO 13485:2016 certified with facilities in the U.S., Costa Rica, Israel and Switzerland. Resonetics is owned by Regatta Medical, a portfolio company of GTCR. Learn more at www.resonetics.com.
About GTCR
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Growth Business Services, Technology, Media & Telecommunications, Healthcare and Financial Services & Technology industries. The Chicago-based firm pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $15 billion in over 200 companies. For more information, please visit www.gtcr.com. Regatta Medical was formed in April 2017 as a partnership between Robert “Chip” Hance, Mark Weishaar, and GTCR. Regatta Medical’s mission is to build a leading company in the medical device industry by acquiring outstanding medical device products and services businesses. For more information about Regatta Medical, please visit www.regattamedical.com.