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Charlesbank Capital Partners Acquires Tecomet, Leading Contract Manufacturer
| Source: Charlesbank Capital Partners
BOSTON, MA--(Marketwire - September 29, 2008) - Charlesbank Capital Partners has completed the
acquisition of Tecomet, a leading contract manufacturer of complex
components for the medical device and aerospace industries. Charlesbank and
Tecomet management purchased the Wilmington, Massachusetts-based company
from Cardinal Health (NYSE : CAH ). Terms were not disclosed.
Founded in 1964, Tecomet is a leading contract manufacturer of
precision-engineered medical devices and components for the orthopedic,
cardiovascular, medical imaging and aerospace markets. The company
manufactures orthopedic implants as well as trauma and cranio-maxillofacial
products for medical device customers. Medical products are primarily
manufactured through net shape forging, precision machining and
photo-etching processes and account for approximately 70% of revenue. The
remainder of Tecomet's revenue is derived from aerospace and industrial
products, including components for satellites and infrared applications;
these products are manufactured using a number of precision processes,
including machining, laser welding and vacuum furnace brazing.
William Dow and John Connolly will be joining the existing Tecomet
management team as CEO and CFO, respectively. Messrs. Dow and Connolly each
has more than 30 years of experience in the medical device and healthcare
industries and has had a long-standing relationship with Charlesbank. Mr.
Dow says, "Tecomet has a terrific reputation for delivering high-quality
products to the medical and aerospace markets and for developing innovative
solutions for its customers. John and I are thrilled to join this
outstanding team and we look forward to working with them to expand
Tecomet's capabilities and to capitalize on opportunities to grow the
business organically and through strategic acquisitions."
"Tecomet offers an excellent platform for growth with a strong base of
blue-chip customers and an outstanding management team," agrees Brandon
White, a Managing Director of Charlesbank Capital Partners. "The company
has established a record for performance, quality and product innovation,
and we are pleased to support Bill, John and the rest of the team as they
build on this history and continue to grow."
About Charlesbank
Charlesbank Capital Partners is a middle-market private equity investment
firm managing approximately $1.8 billion of capital. Charlesbank focuses on
management-led buyouts and
growth capital financings, typically investing $25 million to $100 million
per transaction in companies with enterprise values of $50 million to $750
million. The firm seeks to partner with strong management teams to build
companies with sustainable competitive advantages and excellent prospects
for growth. For more information, visit www.charlesbank.com.