PR Newswire07.11.17
Nexcore Technology, LLC, an FDA registered and ISO 13485 certified contract manufacturer of electro-mechanical capital equipment to the medical device industry, announced it has acquired Phase 2 Medical Manufacturing Inc., a manufacturer of a wide variety of Class I, II and III single-use instruments and disposable medical devices. Nexcore is a portfolio company of Kidd & Company, LLC ("KCO"), a private investment firm located in Old Greenwich, Conn. With locations in Rochester, N.H., Lafayette, Colo., and Tijuana, Mexico, Phase 2 has developed an outstanding reputation with medical device original equipment manufacturers based upon its process development and technology experience, LEAN manufacturing systems designed for continuous improvement, high quality standards, on-time performance, and superb customer service.
"Nexcore's acquisition of Phase 2 adheres to our strategy of creating a leading contract manufacturer focused exclusively on the medical device industry. The combination of Nexcore and Phase 2 allows us to quickly establish a leading contract manufacturing suppler for medical device OEMs. The new company offers customers a full suite of services across a comprehensive range including concept, feasibility, design, development, manufacturing, and after-market services. Additionally, we have diversified our customer base, gained access to a new market segment, expanded our geographic presence and enabled the two companies to share best practices," said Ken Heuer, a KCO Principal and Nexcore Board member.
Carlo W. Colesanti, Nexcore's president and CEO stated, "Phase 2 has developed a world-class team that has been pleasing customers for more than two decades, and this acquisition will permit us to create a deeper toolbox of solutions, expand our value proposition, and enhance our ability to serve customers and offer them a unified, 'single-source of supply' for a variety of complex manufacturing and service needs for medical capital equipment and single-use disposable devices. They have been doing a wonderful job and we intend for that to continue as we look forward to building on the foundation created by Phase 2 and continuing to grow Nexcore by serving the increasing needs of our collective customers."
Adam Prime, Phase 2's president prior to the acquisition, will assume a new role as sr. vice president & chief lean officer of the newly combined businesses. Mr. Prime said, "I am truly excited by the prospects for our business and the related advantages our customers and employees will experience together with Nexcore. I look forward to working closely with Carlo, the management team, and KCO to continue to build an industry-leading company."
Eaglehill Advisors LLC, Plexus Capital, and Spring Capital Partners, LLC provided mezzanine debt and co-equity investments, and J.P. Morgan Chase provided senior debt financing in support of the transaction.
"Nexcore's acquisition of Phase 2 adheres to our strategy of creating a leading contract manufacturer focused exclusively on the medical device industry. The combination of Nexcore and Phase 2 allows us to quickly establish a leading contract manufacturing suppler for medical device OEMs. The new company offers customers a full suite of services across a comprehensive range including concept, feasibility, design, development, manufacturing, and after-market services. Additionally, we have diversified our customer base, gained access to a new market segment, expanded our geographic presence and enabled the two companies to share best practices," said Ken Heuer, a KCO Principal and Nexcore Board member.
Carlo W. Colesanti, Nexcore's president and CEO stated, "Phase 2 has developed a world-class team that has been pleasing customers for more than two decades, and this acquisition will permit us to create a deeper toolbox of solutions, expand our value proposition, and enhance our ability to serve customers and offer them a unified, 'single-source of supply' for a variety of complex manufacturing and service needs for medical capital equipment and single-use disposable devices. They have been doing a wonderful job and we intend for that to continue as we look forward to building on the foundation created by Phase 2 and continuing to grow Nexcore by serving the increasing needs of our collective customers."
Adam Prime, Phase 2's president prior to the acquisition, will assume a new role as sr. vice president & chief lean officer of the newly combined businesses. Mr. Prime said, "I am truly excited by the prospects for our business and the related advantages our customers and employees will experience together with Nexcore. I look forward to working closely with Carlo, the management team, and KCO to continue to build an industry-leading company."
Eaglehill Advisors LLC, Plexus Capital, and Spring Capital Partners, LLC provided mezzanine debt and co-equity investments, and J.P. Morgan Chase provided senior debt financing in support of the transaction.