(New York, NY) – Cortec Group (“Cortec”), a New York private equity firm which invests in middle market healthcare, consumer, and specialty products, service and distribution businesses, announced that on September 3, 2014, CHSL Holdco, Inc. (“CHS”), a portfolio company of Cortec Group Fund V, L.P. (“Cortec V”), acquired Inter V Medical Inc. (“IVM”), a portfolio company of Entrepreneur Capital Inc. (“Entrepreneur Capital”), a Montreal-based private equity firm. Terms of the transaction were not disclosed.
Based in Montreal, Quebec, IVM markets and distributes medical products provided by global device manufacturers to the Canadian hospital market. The Company maintains long-standing, exclusive distribution relationships with leading manufacturers of products used primarily in the biopsy, cardiology, and endovascular surgical end markets.
David Enns, CEO of CHS, commented, “The acquisition of IVM will allow CHS to expand our interventional sales division into adjacent hospital segments with a highly complementary product portfolio. As CHS and IVM serve a very similar hospital customer base, the combination of these two highly-respected and successful companies further enhances CHS’ leading presence in Canada, and allows us to provide more comprehensive solutions, and thereby greater value, to our customers.”
“We share the CHS management team’s enthusiasm for the acquisition,” added Jeffrey Lipsitz, a Managing Partner at Cortec. “This highly strategic acquisition provides both companies with compelling opportunities for future growth. We look forward to working with the IVM team to create a leader in the Canadian acute care market.”
The IVM acquisition represents Cortec V’s eighth acquisition.
About CHS
Based in Oakville, Ontario, CHS manufactures, sells, markets and distributes disposable medical and surgical products primarily to the Canadian hospital market. CHS conducts its business through three key segments: (i) production and sale of its proprietary MED-RX branded products; (ii) exclusive sale and distribution in Canada of products supplied by global medical device manufacturers; and (iii) outsourced manufacturing of disposable medical products for OEM healthcare companies. For additional information, please visit www.chsltd.com.
About IVM
Founded in 1992, IVM is a leading provider of medical products developed by global device manufacturers to the Canadian hospital market. For additional information, please visit www.intervmedical.com.
About Cortec
Founded in 1984, Cortec acquires high value-added, middle-market healthcare, consumer, and specialty products, service, and distribution businesses from owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages over $1 billion in its two active funds and targets platform acquisitions with enterprise values of $40 million to $300 million and smaller follow-on acquisitions. Additional information about Cortec can be found at www.cortecgroup.com.
