completed the acquisition of Advantis Medical, Inc. Advantis is a leading designer and manufacturer of medical case / tray organizing systems for surgical instruments, implants and medical devices. Advantis will be combined with Instrumed International, Inc.
RoundTable acquired a majority interest in Instrumed in October 2005. Instrumed specializes in the manufacturing and sourcing of premium quality surgical instruments. The two companies will form a new medical device outsourcing platform operating under the name Avalign Technologies, Inc. The financial terms of the transaction and RoundTable's investment were not disclosed.
"We are excited about the combination of Advantis and Instrumed to form Avalign," said Joseph F. Damico, a founding partner of RoundTable and new chairman of Avalign. "We are impressed with Advantis' design and engineering capabilities and its strong commitment to quality and customer service. These core competencies, combined with Instrumed's expertise in manufacturing and sourcing precision surgical instruments, will position Avalign as a leading full-service provider of outsourced services to medical device OEM customers."
With the formation of Avalign, RoundTable also announced that Forrest R. Whittaker has joined as Avalign's new CEO. Whittaker has more than 30 years of healthcare experience, previously serving as the president and COO of Teleflex Medical and in various senior executive roles at Tyco Healthcare, Baxter Healthcare and American Hospital Supply.
As part of the transaction and to finance further growth opportunities for Avalign, RoundTable facilitated the successful completion of new senior credit facilities and a private placement of subordinated notes. The senior credit facilities were led by LaSalle Bank and GE Healthcare Financial Services also participated in the transaction. Avalign's senior subordinated notes were purchased by RoundTable Capital Partners, RoundTable's $200 million captive subordinated debt fund.
Source: RoundTable Healthcare Partners