Tegra Medical, a portfolio company of Riverside Partners, has acquired CTW Inc., a Hernando, Miss.-based outsourced manufacturer for medical device OEMs with a particular focus on orthopedics. No financial terms were disclosed.
Riverside Partners’ portfolio company, Tegra Medical, is pleased to announce the acquisition of CTW, Inc., an orthopaedic-focused contract manufacturing company based in Hernando, Mississippi. Riverside Partners financed and completed the transaction in conjunction with the existing CTW and Tegra management teams. CTW will leverage Tegra’s organizational infrastructure by supporting CTW with resources to expand its orthopaedic market penetration.
CTW is an outsourced manufacturer for medical device OEMs with a particular focus on orthopaedics. CTW partners with its customers to manufacture highly engineered medical devices and components used in orthopaedic specialties, particularly spine, trauma, knees, hips, and dental applications. The growing importance of cost-effective healthcare makes it essential to manufacture medical devices with greater precision to reduce procedural time and length of stay in the hospital. CTW utilizes its proven expertise to help OEM clients improve design for manufacturability and assembly and reduce time to market.
“Riverside Partner’s healthcare investment and operating experience has been extremely helpful since the founding of Tegra Medical. Our partnership with Riverside Partners allows us to invest in the necessary infrastructure so that Tegra can continue to provide innovative products with industry leading quality and service,” said Gerald Mazzenga, CEO of Tegra Medical. “We are very excited about our partnership with CTW and are pleased to be working with Dale and his team.”
“We are excited about working with Riverside Partners because of their experience in growing leading healthcare businesses,” said Dale Cole, Jr., President of CTW. “Riverside Partners can provide additional capital and resources to help the company continue its strong growth. We’re also excited about our partnership with Tegra Medical, who can provide ongoing resources, including sales and marketing resources, to support future growth.”
“Riverside Partners is very excited to invest additional capital and continue to back the existing management team at CTW as they continue to grow. We believe CTW is a world-class supplier to medical device OEMs, and its affiliation with Riverside Partners and Tegra Medical will continue to help it meet the needs of current and future customers. CTW’s strong position in the spine and trauma specialties, its long-term customer relationships, and its world-class manufacturing facility make it a perfect fit,” said Philip Borden, a General Partner at Riverside Partners.
Founded in 1996, CTW is a leading outsourced manufacturer of implants and instruments for the orthopaedic market offering Swiss-style turning, multi-access CNC milling, EDM, gun drilling, laser processing and other secondary operations. The company is located in Hernando, Mississippi.
About Tegra Medical
Founded in 2007, Tegra Medical was created from the combination of New England Precision Grinding, Accu-Met Laser and American Medical Instruments. Tegra provides wire and tubular components and assemblies, along with specialty needles for sports medicine, cardiovascular, drug delivery and other minimally invasive market segments.
About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing Riverside Partners Fund IV, L.P. The fund focuses on growth oriented companies primarily in the healthcare and technology industries. Riverside Partners is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. The partners at Riverside Partners have managed more than $500 million in investments in over 50 companies. The firm is currently focused on companies with revenues between $20 – $200 million and with $5 – $25 million of EBITDA.