Equity Firm, Cardinal Health Exec Form New Company

Private equity firm GTCR announced that it has entered into a partnership with Thomas Daulton to form Devicor Medical Products, LLC. The new company, headquartered in Pleasant Prairie, WI, will focus on acquiring medical device companies and products.

GTCR plans to invest up to $250 million of equity capital to support management’s strategy. Daulton will serve as CEO of Devicor.

“We are delighted to partner with Tom to build an industry-leading medical device company focused on products with clinical preference,” said GTCR Principal Dean Mihas. “Our partnership with Tom exemplifies GTCR’s strategy of identifying a highly-attractive industry, then forging a partnership with a strong executive to build a market-leading company. It’s a strategy we pioneered, and we have implemented it successfully for over 25 years.”

Daulton is a former senior executive of Cardinal Health and a previous member of its Global Leadership Team. His senior-level management experience spans two decades and includes a variety of positions at Baxter Healthcare, Allegiance Healthcare and Cardinal in marketing, sales, international, manufacturing, distribution, business development and general management. Most recently, Daulton served as General Manager of Cardinal’s Interventional Specialties and MedSystems divisions, both fast-growing interventional product businesses.

“I am excited about the opportunity to build a significant new global player in the medical device industry,” said Mr. Daulton. “GTCR has a long history of backing experienced managers and providing them with the resources and support required to build successful companies through both organic growth and acquisitions. GTCR also has a very successful track record in the healthcare sector, making them an ideal partner with whom to form Devicor.”

“We continue to be enthusiastic about investing capital in the medical device industry,” added Sean Cunningham, vice president at GTCR. “We are actively looking for acquisitions and see a number of compelling investment opportunities in the market today. Working with Tom, we are in a unique position to evaluate and pursue them.”

GTCR’s investment in Devicor will be made from GTCR Fund IX LP, a private equity fund with $2.75 billion of committed capital.

SOURCE: Business Wire