Helix Medical Expands with MedVenture Acquisiton
Posted on November 12, 2012 @ 04:07 pm
The Freudenberg Group, owner of medical device company Helix Medical, has agreed to acquire MedVenture Technology Corp. as part of an expansion strategy. Helix Medical is targeting sales in excess of $140 million in 2013 via several steps including the acquisition of MedVenture.
The terms of the deal were no disclosed.
MedVenture designs, develops, and manufactures complete non-electronic minimally invasive surgical devices and catheter-based devices. The technology the company produces is used in cardiovascular surgery, cardiology, neurology, urology, oncology, and gynecology. Its products include microcatheters for applications such as surgical procedures on peripheral blood vessels and special catheters used for taking tissue samples from the gastrointestinal tract. One of MedVenture’s most successful products is the hemostasis clip device, which is used to stop bleeding in the gastrointestinal tract.
The purchase of MedVenture will allow Helix access to the company’s headquarters in Jeffersonville, Ind. and development office in Minnetonka, Minn., which will give Helix a presence in key medtech clusters in the United States. Helix is headquartered in Carpintiera, Calif.
“MedVenture expands our expertise in product design, development, and engineering and gives us the opportunity to guarantee comprehensive lifecycle management for medical device manufacturers,” said Jorg Schneewind, D.Eng., president and CEO of Helix Medical. “That makes us an even more efficient strategic partner for our customers. The highly-skilled engineering team from MedVenture and the specialists from Helix Medical will offer customers complex medical technology solutions, effective development processes, and an excellent quality assurance system.”
Helix Medical first entered the field of minimally invasive surgery (MIS) in 2010, when the company acquired a 50 percent stake in the Irish manufacturer VistaMed. VistaMed specializes in high-quality specialty catheters and complex extruded tubing systems for the medical device industry. This expansion strategy continued with a strategic investment in Cambus Medical in August 2012. Cambus manufactures high precision hypotubes and micro-component solutions for advanced catheter systems. MedVenture is just one more step towards bolstering the company’s already strong MIS device foothold.
Helix has also expanded its geographical reach. In September 2012, the company opened its first manufacturing facility in Costa Rica, where it produces silicone tubing and silicone and thermoplastic molded components for medical devices.
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