LOS ANGELES, Jan. 6, 2011 /PRNewswire/ -- Century Park Capital Partners is pleased to announce that it led the recapitalization of Cirtec Medical Systems, LLC ("Cirtec") along with Charter Oak Equity and the company's founders. Cirtec is a leading provider of client focused, comprehensive medical product design, engineering and manufacturing solutions. Cirtec provides its customers with highly technical solutions, utilizing its expertise in minimally invasive systems, active and passive implants, and medical electronics. Cirtec was formed in 2009 from the merger of Circle Medical Devices and Texcel Medical. The company operates out of locations in Los Gatos, California and East Longmeadow, Massachusetts.
"We chose to partner with Century Park because of their philosophy of collaborating with management and their track record of successfully helping businesses grow," stated Barry Smith, CEO of Cirtec. "Century Park's leadership and access to resources will allow us to maintain our industry leading position in the outsourced medical device design and manufacturing industry as we take our business to the next level."
Larry Derose, one of the founders of the company said, "This partnership with Century Park is the next step in our company's evolution. By coupling our success in the market with Century Park's proven experience helping businesses of our size grow, we have become exceptionally well positioned to capture the tremendous opportunities that exist in our marketplace."
Century Park Capital Partners has experienced success in the medical device arena through prior investments in the medical contract manufacturing sector.
Chip Roellig, a Managing Partner of Century Park, stated, "We are very enthusiastic about our new partnership with Cirtec. Cirtec's reputation as the market leader and its customer relationships with major medical device OEMs in the neurostimulation and cardiovascular markets set the company apart from other medical device design and manufacturing firms. Cirtec is especially attractive because they offer their customers a range of highly technical capabilities that improve device design and reduce time to market for new devices, while offering a superior economic value proposition. Furthermore, Cirtec is well positioned to take advantage of the trend in increased outsourcing of medical device design and manufacturing. As neurostimulation and cardiovascular devices evolve and gain further acceptance, Cirtec is primed for growth."
Terms of the transaction were not disclosed. The investment by Century Park was made from its latest fund, Century Park Capital Partners II, L.P.
About Cirtec Medical Systems
Cirtec Medical Systems, through its partnerships with its customers, has become a leading single-source provider of comprehensive medical product design and manufacturing solutions from concept through high-volume finished goods across all therapeutic categories. Its technically-driven, 130-person team has particular expertise in minimally invasive systems, active and passive implants, and medical electronics. Cirtec Medical Systems is ISO-13485 (2003) and FDA certified and maintains locations in Los Gatos, California and East Longmeadow, Massachusetts. For more information about Cirtec, please visit www.cirtecmed.com.
About Century Park Capital Partners
Century Park Capital Partners is a Los Angeles-based private equity firm that partners with owner/managers to build successful companies. The firm specializes in facilitating owner liquidity and business expansion by providing equity for recapitalizations, buyouts, growth financings, and acquisitions. More information on Century Park Capital Partners can be found at www.centuryparkcapital.com.
About Charter Oak Equity
Charter Oak Equity is a Westport, CT based private equity firm. Charter Oak Equity focuses on niche manufacturing, packaging, medical products & services, specialty chemicals, consumer products and financial services companies ranging in size from $5 million to $150 million in enterprise value. More information on Charter Oak Equity can be found at www.charteroak-equity.com.
|SOURCE Century Park Capital Partners|
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