Century Park Capital Partners has agreed to sell Cirtec Medical to 3i Group.
Cirtec specialises in outsourced solutions for OEMs of active implantable medical devices, with a focus on neuromodulation, drug delivery, cardiac rhythm management, and minimally invasive surgical devices. Cirtec has the expertise to provide value-added solutions to its customers through the entire development cycle to bring medical devices to market. Cirtec’s customer base includes both traditional blue-chip original equipment manufacturers and start-ups.
Century Park acquired majority control of Cirtec in November of 2010 from Charter Oak Equity who maintained an equity stake in the business. Since then, Cirtec has continued to develop additional capabilities and service offerings to position itself as one of the leading outsourced development and manufacturing partners to the advanced medical device market. The acquisition of Stellar Technologies, Inc. in July of 2016 provided Cirtec with a location in the medical device hub of Minneapolis, MN and expanded its capabilities to include precision machined component manufacturing. Under Century Park’s ownership, Cirtec’s revenues and earnings increased approximately fourfold.
Chip Roellig, Managing Partner with Century Park Capital Partners, says: “Cirtec has grown into a fully outsourced solution for medical device OEMs on the forefront of leading edge therapies. CEO Brian Highley and the Cirtec team have done a tremendous job of strategically building Cirtec’s capabilities while maintaining its reputation for and commitment to quality.”
Brian Highley, CEO of Cirtec, says: “Century Park has been a great partner for Cirtec. Their support of growth initiatives and add-on acquisitions has been invaluable to Cirtec and a key piece in building it into the business it is today. I look forward to carrying this positive momentum into Cirtec’s next phase of growth with 3i.”
Piper Jaffray & Co served as financial advisor to Cirtec in this transaction.
