3i-backed Cirtec Medical buys Vascotube to grow internationally
Cirtec Medical Systems LLC, backed by private equity firm 3i Group plc, has purchased medical tube manufacturer Vascotube Gmbh.
Founded in 2004, Vascotube is a Baden-Wuerttemberg, Germany-based distributor of nitinol tubing used in minimally invasive, implantable medical devices. Nitinol tubing is made from nickel and titanium alloy, and is used for its shape memory capabilities and elasticity properties. As part of the deal, Vascotube’s management team will remain in their current leadership roles.
The deal will help Circtec further expand into Europe. The Los Gatos, California-based buyer provides design, manufacturing and product transfer services for the medical device industry. Cirtect specializes in outsourced services for active implantable devices in the areas of neuromodulation, drug delivery, cardiac rhythm management, ventricular assist and minimally invasive devices.
Cirtec, previously owned by Los Angeles private equity firm Century Park Capital Partners, was backed by 3i in July. The 3i investment is supporting Cirtec’s “organic growth strategy” through targeted acquisitions.
3i is a U.K. investment company targeting investment opportunities across Europe and North America. The PE firm, one of the oldest private equity firms in Europe, is comprised of two complementary businesses consisting of private equity and infrastructure. 3i has roots dating back to 1945.
Demand for more personalized treatment options, and constant changes in the healthcare sector continue to keep medical device companies busy. Recent deals include: Vance Street capital LLC’s purchase of the cardiovascular manufacturing tools business from W.L. Gore & Associates Inc.; Arlington Capital-backed Avalign Technologies’ acquisition of medical device distributors Thortex and Millennium Surgical.; Boston Scientific’s (NYSE: BSX) deal to buy heart valve replacement maker Symetis; Teleflex Inc.’s purchase of Vascular Solutions Inc. for $1 billion; and Medtronic plc’s (NYSE: MDT) acquiring of HeartWare International Inc.for nearly $1.1 billion. GTCR also launched a platform company to fund medical device deals.