GTCR, a leading private equity firm, announced today that Resonetics has completed an acquisition of Distal Solutions.
Distal Solutions (“Distal”), based in Westborough, Massachusetts, specializes in the design and development of catheter-based delivery systems for interventional medical devices and implants.
Distal’s founder David Rezac, a 15-year veteran of the contract design and development industry, will lead Resonetics’ design and development efforts as well as further expansion in the California market. Distal Solutions represents the sixth add-on acquisition since GTCR invested in Resonetics in February 2018.
The acquisition furthers the company’s strategy to build a market leader in precision micro-manufacturing and design of complex interventional medical devices and componentry. With the addition of Distal’s design and development capabilities, Resonetics aims to further accelerate product development cycles and help customers advance their innovative product concepts to market more quickly.
GTCR made its initial investment in Resonetics in partnership with medical device industry executive Robert “Chip” Hance. GTCR initially partnered with Mr. Hance to form Regatta Medical in April 2017 to pursue opportunities in the medical device sector, and the investment in Resonetics represented another example of how GTCR executes The Leaders StrategyTM. Since GTCR’s investment, Mr. Hance has partnered with the Resonetics team, including CEO Tom Burns, to significantly grow the company’s revenue and EBITDA through organic growth and strategic add-on acquisitions.
Chip Hance, Executive Chairman of Resonetics, commented, “Consistent with our initial investment thesis for Resonetics, the acquisition of Distal Solutions strategically enhances Resonetics’ capabilities, and further establishes the company’s position as a leading service provider to interventional medical device companies.”
Sean Cunningham, Managing Director at GTCR, added, “We have great respect for what David and the Distal team has built, and we look forward to our partnership with them. This represents Resonetics’ sixth acquisition since our initial investment, and we expect to continue to aggressively pursue tuck-in acquisitions as well as more transformative opportunities.”
Kirkland & Ellis LLP provided legal counsel and PricewaterhouseCoopers served as accounting advisor to GTCR.