And according to the leadership of Watertown, Mass.-based TechDevice, the time was right to umbrella its recent acquisitions under one cohesive identity.
In January, TechDevice, AdvancedCath Technologies, and Medical Profiles and Engineering (MP&E) united under one common brand: AdvancedCath.
TechDevice was founded in 2001 and acquired by Inverness Graham, a private investment firm headquartered just outside of Philadelphia, Pa., in January 2011. Soon after, in June, TechDevice acquired MP&E in Eden Prairie, Minn. TechDevice acquired San Jose, Calif.-based AdvancedCath Technologies in October last year.
With its combined capabilities, the company manufactures highly engineered catheter and guidewire systems as well as related components and sub-assemblies including extrusions, balloons, coils, ground cores, and braided sheaths. The company works with medical device OEMs to develop and manufacture devices focused on complex interventional and endosurgical procedures.
“The rebranding of our company gives us a stronger and clearer presence in our target markets,” said Randall Sword, AdvancedCath's CEO (pictured left). “It will let customers know exactly what we do, that we are serious about innovation and we have the capabilities to quickly commercialize advanced catheters and guidewires. We work collaboratively with our customers providing design expertise and flexible manufacturing services."
The three sister companies have evolved and expanded in size and capability, Sword told Medical Product Outsourcing, making the time right to move forward as a larger, combined and rebranded entity.
“AdvancedCath is growing rapidly and is now an international company with the addition of Costa Rica facilities to our California, Massachusetts and Minnesota locations,” he told MPO. “We are united with a common mission to develop and manufacture advanced catheter systems. AdvancedCath is an integrated manufacturing partner from prototype to scale up to high volume manufacture.
When asked about the challenges and opportunities in melding three separate firms, Sword said giving up years of brand awareness isn’t easy.
“It is difficult to give up the brand equity built under the TechDevice and MP&E brands over many years,” he said. “It is important that our customers know they can continue to expect excellent quality and customer service that made these companies trusted suppliers. Combined, we offer a continuum of manufacturing solutions that grow with our customer's needs, and the ability to share resources provides customers access to the most innovative engineers in the industry.”
But despite a more unified approach, Sword said it is important to keep the innovative spirit that often comes with smaller organizations.
“Each facility maintains its entrepreneurial spirit yet is part of a larger organization that provides stability with access to capital, resources and common services,” he said. “We are committed to remaining innovative and keeping our systems fast and flexible.”
Sword did not discuss specific plans for future growth through acquisition, but said the company certainly is open to adding “complementary advanced catheter technologies and companies that share our commitment to innovation, quality and customer service”