M&A Deal Summary

Cortec Group and Apogem Capital Acquire 180 Medical

On September 16, 2009, private equity firm Cortec Group and asset manager Apogem Capital acquired medical products company 180 Medical for 321M USD

Acquisition Highlights
  • This is Cortec Group’s 4th and Apogem Capital’s 1st transaction in the Medical Products sector.
  • This is Cortec Group’s and Apogem Capital’s largest (disclosed) transaction.
  • This is Cortec Group’s 20th and Apogem Capital’s 19th transaction in the United States.
  • This is Cortec Group’s 1st and Apogem Capital’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
Sector Medical Products
Buyer(s) Cortec Group
Apogem Capital
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 321M USD

Target

180 Medical

Oklahoma City, Oklahoma, United States
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

Category Private Equity Firm
Founded 1984
PE ASSETS 6.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Cortec Group 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 equity of $100-$500 million and EBITDA of $10 to $50 million. Cortec Group was formed in 1984 and is based in New York City.

DEAL STATS #
Overall 20 of 49
Sector (Medical Products) 4 of 7
Type (Buyout (LBO, MBO, MBI)) 13 of 20
State (Oklahoma) 1 of 1
Country (United States) 20 of 48
Year (2009) 1 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-09-17 The Cortland Companies

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

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

Apogem Capital

Chicago, Illinois, United States
Category Asset Manager
Founded 2001
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apogem Capital is a diversified alternative investment manager and subsidiary of insurance provider, New York Life. Apogem manages a variety of investment strategies including private equity, private credit, and real assets. Within private equity, the Firm looks to make fund, direct, and secondary investments, as well as acquire GP stakes. Within its direct investing activity, Apogem targets mid-sized companies valued up to $250 million and will consider businesses throughout North America and Europe. Apogem Capital formed as the result of New York Life combining PA Capital, Madison Capital Funding, and Goldpoint Partners into one entity. Apogem Capital is based in New York City.

DEAL STATS #
Overall 19 of 69
Sector (Medical Products) 1 of 5
Type (Buyout (LBO, MBO, MBI)) 7 of 22
State (Oklahoma) 2 of 3
Country (United States) 19 of 69
Year (2009) 1 of 2
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-04-16 Rosetta Stone

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

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 -
Mergr

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