TechDevice Purchased by Private Equity Firm Inverness Graham Investments, a private equity firm b

TechDevice Purchased by Private Equity Firm

Inverness Graham Investments, a private equity firm based in suburban Philadelphia, Pa., purchased TechDevice in Watertown, Mass.

TechDevice is an outsource partner developing and manufacturing sophisticated catheters and components, including balloons, coils, ground cores, and finished guidewires across a broad range of endosurgical and interventional applications.

“TechDevice is the initial acquisition within Inverness Graham’s Medical Device ‘Outsourced Manufacturing’ platform-build initiative. Our intention is to combine TechDevice’s established manufacturing and engineering expertise with the differentiated capabilities of select companies to create a leading outsource provider of catheter-centric medical devices and components,” said Scott Kehoe, managing principal of Inverness Graham.

TechDevice’s vice president of Operations, Michael Brown, said TechDevice is benefiting from an aging population, the explosive growth of minimally invasive surgical techniques and the expanding outsourcing of medical devices by medical device OEMs, which has created a “perfect storm” to drive demand.

“We will leverage our comprehensive manufacturing and engineering capabilities, scalable quality management systems, and experienced team to build an industry leader focused on the design and manufacture of complex medical devices and components,” Brown said.

Inverness Graham is bringing in industry veteran Ross Magladry (former chief operating officer of Venusa and vice president of Business Development at Medegen) to be CEO of TechDevice.

“I observed firsthand Inverness’s ability to execute a medical-platform build strategy with their highly successful investment in ExtruMed, a market-leading provider of precision tubing solutions to the medical device industry,” Graham said.

Terms of the deal were not disclosed.