M&A Deal Summary

Cortec Group and Madison Capital Funding Acquires 180 Medical

On September 16, 2009, private equity firm Cortec Group and Madison Capital Funding LLC acquired medical products company 180 Medical, Inc. for 321M USD

Acquisition Highlights
  • This is Cortec Group’s 4th and Madison Capital Funding’s 1st transaction in the Medical Products sector.
  • This is Cortec Group’s 1st and Madison Capital Funding’s 1st largest (disclosed) transaction.
  • This is Cortec Group’s 20th and Madison Capital Funding’s 19th transaction in the United States.
  • This is Cortec Group’s 1st and Madison Capital Funding’s 2nd transaction in Oklahoma.
Investment Fate
  • 180 Medical was sold to a strategic buyer in 2012.

M&A Deal Summary

Date 2009-09-16
Target 180 Medical, Inc.
Sector Medical Products
Buyer(s) Cortec Group
Madison Capital Funding LLC
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 321M USD

Target

180 Medical, Inc.

Oklahoma City, Oklahoma, United States
website
180 Medical is a leading distributor of disposable, single-use (intermittent) urologic catheters to over 10,000 customers in the home setting. The Company stocks a comprehensive inventory of over 500 types of urologic catheters and ships directly to patients to suit the individual needs of its diverse customer base, including those with spinal cord injuries, spina bifida, multiple sclerosis and other conditions causing incontinence.

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Buyer(S) 2

Buyer

Cortec Group

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 4.6B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

Cortec Group, Inc. is a private equity firm focused on acquiring mid-sized businesses operating in basic industries. Cortec Group is an experienced and knowledgeable investor in healthcare products and services, B2C and B2B products, value-added distribution (including eCommerce), and specialty services companies with revenues of $40-$300 million and EBITDA of $7 to $35+ million. The Cortec Group was formed in 1984 and is based in New York City.


DEAL STATS #
Overall 20 of 43
Sector (Medical Products) 4 of 7
Type (Buyout (LBO, MBO, MBI)) 13 of 19
State (Oklahoma) 1 of 1
Country (United States) 20 of 42
Year (2009) 1 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-09-17 The Cortland Companies, Inc.

Cortland, New York, United States

The Cortland Companies, Inc. is a manufacturer of electro-mechanical cables, umbilicals, tethers, and high-performance synthetic ropes. Cortland's products are used in a wide variety of industries including oil and gas, government, heavy marine, medical, utility and oceanographic markets with customers located throughout the world.

Sell $230M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-09-30 Katena Products, Inc.

Parsippany, New Jersey, United States

Katena is a provider of precision ophthalmic instruments and therapeutics to physician offices, hospitals, and surgical centers. Katena’s product offering includes precision surgical instruments, single-use devices, and specialty biologics that are sold into over 100 countries through a network of direct salespeople and distributors. Katena was founded in 1975 and is based in Parsippany, New Jersey.

Buy -
Buyer

Madison Capital Funding LLC

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2001
PE ASSETS 8.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Madison Capital Funding is an affiliate of the New York Life Insurance Company. Madison Capital looks to fund leveraged buyouts, leveraged recapitalizations, add–on acquisitions, and various growth investments by investing across the capital structure. Madison Capital targets profitable companies with at least $3.5 million of EBITDA and can invest up to $200 million per transaction. Madison Capital Funding was formed in 2001 and is based in Chicago, Illinois.


DEAL STATS #
Overall 19 of 65
Sector (Medical Products) 1 of 5
Type (Buyout (LBO, MBO, MBI)) 7 of 21
State (Oklahoma) 2 of 3
Country (United States) 19 of 65
Year (2009) 1 of 2
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-04-16 Rosetta Stone, Inc.

Arlington, Virginia, United States

Rosetta Stone is a provider of online language learning software. Rosetta Stone was founded in 1992 and is headquartered in Arlington, Virginia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-11-19 Precision Wire Components LLC

Tualatin, Oregon, United States

Precision Wire Components (PWC) designs and produces high precision medical wires and supporting components that are used in a wide variety of minimally invasive medical procedures.

Buy -