Arlington-backed Avalign buys Thortex and Millennium, as medical device makers attract buyers
Avalign Technologies, backed by Arlington Capital Partners, has acquired medical device instrument distributors Thortex and Millennium Surgical.
Thortex, located in Portland, makes coatings and metal injection moldings, mostly for implants. Narberth, Pennsylvannia-based Millennium distributes and sells healthcare accessories, such as sterilization trays, to doctors, hospitals and surgical centers. Avalign produces implants and cutting tools for the same markets.
“Thortex and Millennium nicely complement and expand the manufacturing technologies and services that Avalign offers and provide us with the ability to continue gaining share with our customers,” says Avalign Technologies CEO Forrest Whittaker. Arlington invested in Lake Forest, Illinois-based Avalign in 2015.
Arlington is a Washington, D.C.-based middle market private equity firm that focuses on the healthcare, aerospace and defense, government services, technology and business services sectors. In 2016, the PE firm launched cybersecurity tech firm Polaris Alpha.
Demand for more personalized treatment options, an increasing aging population and constantly changing technology has kept medical device manufacturers busy. GTCR launch a platform company to fund medical device deals. Other related deals include: 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.