Harris Williams & Co. Advises 180 Medical in its Sale to Strategic Buyer ConvaTec
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of 180 Medical, the leading pure-play, direct-to-consumer distributor of intermittent catheters, urologic and disposable medical supplies, to ConvaTec. 180 Medical was a portfolio company of Cortec Group (Cortec). The transaction closed on September 28, 2012 and was led by Turner Bredrup, Cheairs Porter and Andy Dixon from the firm’s Healthcare & Life Sciences (HCLS) Group, along with Chris Williams. Harris Williams & Co. acted as an advisor to 180 Medical.
"180 Medical’s unique service model not only provides a superior patient experience and higher quality care but also drives lower cost to the healthcare system through the reduction of infections associated with the use of intermittent catheters," said Turner Bredrup, a managing director and head of Harris Williams & Co.'s Healthcare & Life Sciences Group. "The merger of ConvaTec with 180 Medical combines a unique direct-to-patient care model with the resources of a world class medical technology company to further accelerate growth and improve patients’ quality of life."
180 Medical is one of America's fastest growing providers of sterile use catheters, urologic and disposable medical supplies. Based in Oklahoma City, the company is dedicated to meeting the supply needs of customers with chronic medical diagnoses such as urinary incontinence, spinal cord injuries, multiple sclerosis, transverse myelitis, spina bifida and many other urologic conditions that require catheterization.
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.
ConvaTec is a leading developer and marketer of innovative medical technologies that have helped improve the lives of millions of people worldwide. With four key focus areas - ostomy care, wound therapeutics, continence and critical care and infusion devices – ConvaTec products support healthcare professionals from the hospital to the community health setting.