Versa Capital Management has acquired Tucson, Arizona-based medical tech company SynCardia Systems Inc. No financial terms were disclosed.
PHILADELPHIA and TUCSON – September 20, 2016 – Versa Capital Management, LLC (“Versa”) announced today that certain of its affiliates have completed, through a newly formed company SynCardia Systems, LLC (“SynCardia” or the “Company”), the acquisition of the assets and business of SynCardia Systems, Inc. after receiving court approval in the District of Delaware. SynCardia will continue to be headquartered in Tucson, AZ and led by President and CEO Michael P. Garippa.
“We are very pleased to have secured a strong financial partner in Versa Capital,” Mr. Garippa stated. “With a strengthened balance sheet, we now face a new future in which we can broaden and deepen our work to benefit the thousands of people who will require the SynCardia Total Artificial Heart (TAH-t) and Freedom® driver, and particularly to accelerate our work on the Freedom II driver that promises significant upgrades for patient comfort and daily living.”
Garippa continued, “The partnership with Versa gives SynCardia the resources to continue providing physicians and their patients globally with the life-saving Total Artificial Heart, while simultaneously supporting domestic and international growth and ongoing development of new and innovative devices. Our 70cc TAH-t leads the world-wide market while our newer 50cc device is designed to accommodate underserved populations, including women and adolescents. Our mission is to save lives, and we have a renewed ability to meet this objective and help shape the dynamics of the healthcare industry as a result of our new partnership with Versa.”
“SynCardia is the unrivalled global leader in the artificial heart market, representing over 95% of all artificial hearts ever implanted,” said Gregory L. Segall, Chairman and CEO of Versa. “We are excited to work with Michael and his team to fully implement their vision for supporting this critically important and valuable product and market. SynCardia now has the capital and other resources necessary to realize its full potential, including the development of the next generation of Freedom® drivers, and accelerate their growth trajectory here in the United States and around the world.”
About SynCardia Systems, LLC and its temporary Total Artificial Heart:
SynCardia Systems, LLC, headquartered in Tucson, AZ, is a medical technology company focused on developing, manufacturing and marketing the SynCardia temporary Total Artificial Heart (TAH-t), an implantable system designed to assume the full function of a failed human heart in patients suffering from end-stage biventricular (both sides) heart failure.
The SynCardia TAH-t, in commercial use for over a decade, is the world’s only total artificial heart that is commercially available and approved in the United States (FDA), European Union (CE Marked) and Canada (Health Canada) for use as a bridge to donor heart transplantation. SynCardia is focused on supporting SynCardia Certified Centers to improve patient outcomes.
More than 1,625 implants of the SynCardia TAH-t account for over 550 patient years of life on the device. More information can be found at www.syncardia.com.
About Versa Capital Management, LLC
Based in Philadelphia, Versa Capital Management, LLC is a private equity investment firm with more than $1.4 billion of assets under management focused on control investments in special situations involving middle market companies where value and performance growth can be achieved through enhanced operational and financial management. Versa has a diverse portfolio of North American businesses including Allen-Vanguard International, Bell and Howell, Bridgestreet Global, Polartec, Hatteras Yachts, and Silver Airways. More information can be found at Versa.com.