01.06.11 - Century Park Capital Partners Announces the Recapitalization of Cirtec Medical Systems, LLC
10.19.09 - Circle Medical Devices, Texcel Medical Merge to Form CIRTEC Medical Systems
08.11.09 - Texcel Medical Expands Medical Device Development & Manufacturing Capabilities with New Personnel, Nearly $1 Million in Capital Investments
03.26.09 - Texcel Medical Appoints John Mulvihill as Vice President, Sales and Marketing
02.23.09 -
Texcel Medical Appoints Barry Smith as President, CEO
10.27.08 - Texcel Introduces Innovative Programmable, Implantable Stimulation System for R&D
of Specialty Stimulation Therapies
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January 6, 2011, LOS ANGELES – 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 Managingcredito fovissste sinaloa 2007 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.
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Springfield, Mass. - October 19, 2009 - Circle Medical Devices of Los Gatos, Calif., and Texcel Medical of Springfield, Mass., have merged to create CIRTEC Medical Systems a leading provider of comprehensive medical product design and manufacturing solutions.
"The merger introduces CIRTEC Medical Systems to medical device manufacturers as a preeminent, globally-experienced, single-sourced solution from concept through high-volume finished goods manufacturing," said Barry Smith, Chief Executive Officer of CIRTEC Medical Systems.
"CIRTEC Medical Systems combines the strength of Circle Medical's extensive design and development capability with Texcel Medical's exceptional development and manufacturing. This strategic union creates a strong, technically-driven, 130-person full-service medical device engineering and manufacturing industry resource that is deeply-experienced across all therapeutic categories. Moreover, our team has particular expertise in minimally invasive systems, active and passive implants, and medical electronics," Smith said.
Smith said the two firms have helped to create and accelerate the commercialization of more than 300 medical device technologies safely, rapidly, and cost-effectively. Clients range from start-up medical technology innovators to international medical device manufacturers.
CIRTEC Medical Systems operates from three locations across the U.S. - Texcel Medical's facility in Springfield, MA., and Circle Medical's locations in Minneapolis, MN., and Los Gatos, CA. Jerry Hansen is CIRTEC Medical Systems Executive Chairman and Founder; Larry Derose is Chairman and Founder; and Michael Forman is President and Chief Technology Officer (CTO).
The announcement follows news in August of Texcel Medical's plans to expand its medical device development and manufacturing capabilities and services with nearly $1 million in new state-of-the-art capital manufacturing equipment and added professional staffing.
About CIRTEC Medical Systems
CIRTEC Medical Systems is a preeminent single-source provider of comprehensive medical product design and manufacturing solutions from concept through high- volume finished goods across all therapeutic categories. It was created in October 2009 by the merger of Circle Medical Devices of Los Gatos, Calif., and Minneapolis, Minn., with Texcel Medical of Springfield, Mass. 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) certified and is based in Springfield, Mass.
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East Longmeadow, Mass. — August 11, 2009 — Texcel Medical is expanding its capabilities and services as a leading medical device development and manufacturing solutions company with the addition of new professional staffing and nearly $1 million in new state-of-the-art capital manufacturing equipment.
Barry Smith, CEO of Texcel Medical, said “medical device companies are under intense pressure to speed new innovations into the marketplace in the face of global competition and economic challenges — and will need to increase their reliance on partnerships with solution providers such as Texcel Medical to succeed.”
“To expand our support and services for medical device manufacturers, Texcel Medical is bolstering its product development, manufacturing, and quality assurance expertise and capabilities in the areas of Class II and III implantable medical devices, including IPG’s (Implantable Pulse Generators) for Neuromodulation,” Smith said.
The new appointments announced by Smith are:
- John Randolph of Easton, Conn., who has joined Texcel Medical as Director, Quality & Regulatory. He has more than 25 years of quality and regulatory experience in medical devices and pharmaceuticals. Randolph was most recently with Roche. His experience includes design and quality system management for computer-based medical devices, in vitro diagnostics, and x-ray with corresponding FDA and European CE submissions. He is a registered Professional Engineer, certified Project Management Practioner, and holds a BS in Electrical Engineering from Pennsylvania State and an MBA from the University of Massachusetts.
- Mark Tauer of Belchertown, Mass., has joined the company as a Mechanical Designer. Tauer has 14 years of experience designing medical, consumer and industrial products. Most recently, his experience included surgical tray design and knee implant metal-to-plastic conversions for major orthopedic companies. He has also designed operating room products for Tyco Healthcare. Tauer is skilled at assessing projects and finding ways to minimize costs and project timelines. He holds an AS in mechanical drafting/CAD technology from Ivy Technical State College.
- Andy Fetterroll of Springfield, Mass., has been appointed as a Development Engineer. He has over 12 years of experience in the medical field. Fetterroll joins the company from Blackstone Medical. His most recent experience includes dealing with medical chart papers, operating room products, spinal implants, tab, snap, and defibrillation electrodes. He has a strong quality and technical background and is versed in validations, protocols, and six sigma tools for analysis. He graduated with a BS in Industrial Technology/Manufacturing concentration from Fitchburg State College, and an AS in Mechanical Engineering/Design from Springfield Technical Community College and a CQE certification through ASQ.
- Haralambos Zaharis of Enfield, Conn., has been appointed as Development Engineer. Before joining Texcel Medical, Zaharis interned at the University of Connecticut Health Center in the New England Musculoskeletal Institute as a research assistant. There, he applied mechanical engineering principles using cadaveric specimens for medical and orthopedic research. Zaharis Graduated in 2009 with a BS in Biomedical Engineering from University of Hartford
Smith said the company’s investments in new capital manufacturing technology include the acquisition of new Lasag SLS 200 CL Series Industrial Laser, a ProLas Multi-Purpose Compact Laser Machining Workstation, a new low-volume helium leak detection system, and an optical inspection station.
“These significant new investments in manufacturing technology — combined with our new appointments — strengthen our ability to help medical device firms achieve their development milestones and dramatically slash both the time and cost of introducing new product innovations to market,” Smith said.
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East Longmeadow, Mass. – March 26, 2009 – Texcel Medical, a full service medical device process design, development and contract manufacturing company, has announced the appointment of John Mulvihill as Vice President, Sales and Marketing.
Mulvihill, 49, of East Longmeadow, Mass., will direct the sales and marketing functions at Texcel Medical, which helps companies around the world by providing the manufacturing infrastructure and expertise they need to accelerate the commercialization of their surgical, interventional, multiparameter, and implantable medical device technologies. The firm is headquartered in East Longmeadow, Mass.
Texcel Medical President and CEO Barry Smith reinforced the significance of Mulvihill’s appointment. “John’s previous experience in the medical electronics industry and his achievements in leading and developing highly successful market driven teams is an ideal complement to Texcel Medical’s strategic growth initiatives as we move forward in creating long term partnerships with our clients,” Smith said.
Prior to joining Texcel Medical, Mulvihill served as Business Development and Vice President of Sales and Marketing for several medical device product and engineering companies. Most recently, Mulvihill was with Greatbatch, Inc., of Clarence, NY.
Texcel Medical’s 20+ years of experience provide companies increasingly sophisticated designs through reliable manufacturing, with particular expertise in Orthopedics, Cardiac Assist, Active Implantables, Combination Products, and General Instrumentation.
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East Longmeadow, Mass. – February 23, 2009 – Texcel Medical, LLC, a full service medical device process development and contract manufacturing company, has announced the appointment of Barry Smith as President and CEO.
Smith will oversee all functions at Texcel Medical, which helps companies around the world by providing the manufacturing infrastructure and expertise they need to accelerate the commercialization of their surgical, interventional, and implantable medical device technologies. The firm is headquartered in East Longmeadow, Mass.
Texcel Medical Founder and Chairman Laurence Derose, emphasized the significance of Smith’s appointment. “Barry’s executive experience in the medical products market is an ideal compliment to Texcel’s strategic growth initiatives as we move to the next level as a long term partner,” Derose said.
Prior to joining Texcel, Smith served as Chief Operating Officer and Vice President of Operations and Product Development for several medical device product and engineering companies.
Derose continues in his role as Chairman and will expand his focus on identifying and securing strategic partnerships for the organization.
Texcel Medical’s medical device process development and manufacturing solutions and services includes design for manufacturability (DFM), design history file management, inventory management, quality and regulatory assistance, and process validation, along with general manufacturing, electronic testing, laser welding, and clean-room processing for a wide range of product applications. Texcel Medical has more than 20 years of experience assisting companies execute increasingly sophisticated designs through reliable manufacturing, with particular expertise in Orthopedics, Cardiac Assist, Active Implantables, Combination Products, and General Instrumentation.
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East Longmeadow, Mass. – October 27, 2008 -- Texcel, a leading provider of custom medical device development and manufacturing solutions, has introduced its innovative new StimX programmable, implantable stimulation system.
Designed for use in the research and development of specialty stimulation therapies, the StimX system is the industry’s first-truly programmable, implantable customizable platform.
The StimX system’s programmable stimulation parameters “will directly benefit medical researchers and medical device developers by dramatically reducing the time, cost, and risk involved in creating devices for use in testing stimulation therapies in variety of applications,” said Keith Checca, Texcel Director of Business Development.
“With the StimX implantable system, we are freeing researchers from the hours and dollars that they’d otherwise invest in designing and developing their own devices– and to literally re-allocate their resources back into their research,” said Checca.
Neural stimulation therapies, including direct nerve and brain stimulation, are used to treat people who suffer from epilepsy, Parkinson's disease, clinical depression and other diseases. Targeted stimulation areas range widely from direct brain surface, deep brain stimulation, to the spinal cord and peripheral nerves.
Texcel’s new StimX platform includes an implantable stimulator, laptop and output customization program, proven wireless communication and charging modules.
The need for the system was realized as a result of Texcel’s years of innovation in the field of custom medical device manufacturing and it was made possible by Texcel’s partnerships with medical electronics development resources. |
