An investor group led by The Courtney Group Incorporated has acquired the medical device repair and service business of Tenacore Holdings Inc. based in Santa Ana, California.
Tenacore repairs and services medical devices and sells new and used medical equipment, including patient monitors, infusion pumps, portable ventilators and telemetry transmitters.
Investors in the transaction include The Courtney Group, Centerfield Capital Partners and Jim Willett, a seasoned health care executive whom The Courtney Group recruited to join Tenacore as CEO. Willett brings relevant experience in the manufacture and design of medical devices as well as the outsourced management of hospital equipment. Peter Bonin and Brand Caso, who founded Tenacore in 2000, will continue to retain significant ownership in the company.
“Tenacore has established a reputation for excellent work and fast turnaround times,” said Willett. “Our plan will be to maintain that commitment to quality and service as we seek to grow our business geographically.”
Partners Tom Courtney, Ed McKenna and Alan Macksey of The Courtney Group led the transaction and will serve on the board of Tenacore.
“We are looking forward to our partnership with Jim Willett, an accomplished executive who has built and managed successful businesses, in addition to the strong team Peter Bonin and Brand Caso have built at Tenacore,” said Courtney.
Courtney, founder of The Courtney Group, has invested in or served as an advisor to many companies, including those in the clinical laboratory, healthcare IT, medical device and pharmaceutical sectors. McKenna was previously chief scientist and engineer at Covidien, where he was responsible for the development of innovative medical devices. Macksey has extensive experience in acquiring and growing middle market companies, including those providing repair and maintenance, testing and compliance, telemedicine and health care services.
“Tenacore has an impressive and highly skilled team in place,” said Willett. “As we execute our strategic growth plan, we intend to expand and complement the existing team, with the goal of providing an increased breadth of products and services to our customers. We look forward to pursuing growth opportunities that the company did not previously have the resources to pursue.”
Terms of the transaction were not disclosed.
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