Expands nitinol raw material and component manufacturing capabilities to address the industry’s growing need for technological advances in an array of therapeutic areas
Nashua, NH January 9, 2023 – Resonetics announced today that it has signed an agreement to acquire Memry Corporation and SAES Smart Materials, Inc. from SAES Getters S.p.A, Milan, Italy. Both acquired businesses are based in the United States with operations in Bethel, Connecticut, New Hartford, New York, and Menlo Park, California. Resonetics is backed by funds managed by global investment firm Carlyle and leading private equity firm GTCR. The transaction is valued at $900 million.
“The SAES Medical Nitinol business is a leading supplier to the medical device industry with a broad set of capabilities focused 100% on nitinol, a novel superelastic, shape-memory alloy that is enabling many technological advances in a growing array of therapeutic areas including structural heart, peripheral vascular, electrophysiology, neurovascular, and orthopaedics,” said Tom Burns, President and CEO of Resonetics. “Upon completion of the deal, Resonetics will have the supply and scale to better address the growing customer needs for nitinol material, components, and implants. We will continue to provide a high level of service to all our customers, including contract manufacturers who serve the medical device industry. We look forward to offering customers enhanced options and products as a result of this transaction, and to working with the 550 employees at SAES Medical Nitinol that will be joining our team once the acquisition closes.”
“We are excited to support the Resonetics management team as it executes on a high growth strategy to bolster its platform of differentiated capabilities to better serve customers,” said Robert Schmidt, a Managing Director specializing in healthcare at Carlyle. “We believe Resonetics and the SAES Medical Nitinol business are highly complementary to each other and this combination, in our view, will result in an even stronger service offering to large medical technology companies across the world.”
“GTCR is eager to invest this additional equity in Resonetics to support the company’s continued strong growth and believe the acquisition of the SAES Medical Nitinol business will strengthen Resonetics’ portfolio of unique products and services to the medical device community,” said Sean Cunningham, Managing Director and Co-Head of Healthcare at GTCR. “We look forward to partnering with the SAES Medical Nitinol team through our continued support of the Resonetics business.”
Resonetics currently operates nitinol centers of excellence in San Diego, California, and Or Akiva, Israel with a focus on laser cutting, braiding, shape setting, and electropolishing. In addition, Resonetics is a leader in centerless grinding of nitinol wire with operations in Blaine, Minnesota and Alajuela, Costa Rica. The Memry business will add extensive electric discharge machining (EDM) capabilities, as well as additional laser processing, centerless grinding, nitinol tubing, sheet, and wire fabrication. The SAES Smart Materials business creates the nitinol raw material from nickel and titanium raw material and converts it into various form factors.
The transaction is expected to close in 2023, subject to the receipt of required regulatory clearances and approvals and the satisfaction of other closing conditions, including the approval of SAES Getters S.p.A. Board of Directors. Until the transaction closes, each company will continue to operate independently. Mediobanca S.p.A. acted as exclusive financial advisor to Resonetics.
Founded in 1987, Resonetics is a pioneer in advanced engineering, product development, prototyping, and manufacturing solutions for the life sciences industry. Resonetics is a leader in laser processing, centerless grinding, nitinol processing, thin-wall stainless steel & precious metal tubing, photochemical machining, microfluidics, sensor solutions, and medical power. With strategically located AGILE Product Development centers and Lightspeed Labs, Resonetics is committed to quality, speed, innovation, and a great customer experience. The company is ISO 13485:2016 certified with 14 facilities and more than 2,000 associates in the United States, Canada, Costa Rica, Israel, and Switzerland. Resonetics is backed by leading private equity firms Carlyle and GTCR. Learn more at www.resonetics.com.
Carlyle is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $369 billion of assets under management as of September 30, 2022, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,100 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.
Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $24 billion in over 270 companies, and the firm currently manages over $26 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. GTCR has been an equity investor in Resonetics since 2018. For more information, please visit www.gtcr.com and follow the company on LinkedIn.