New York-based private equity firm Cortec Group has acquired Cranial Technologies Inc., a Tempe, Arizona-based developer, manufacturer and provider of medical devices and services for the treatment of positional plagiocephaly in infants, for an undisclosed amount.
With the investment, made in partnership with management, Cortec Fund IV acquired a majority interest in the company, which manufactures an FDA-cleared cranial remodeling device marketed under the DOC Band® brand name, and treats patients through a network of fourteen owned and four licensed treatment centers across the U.S. and Europe.
Cortec intends to help the company expand sales and marketing efforts in existing markets and strategically entering new geographies.
Founded in 1988, CranialTech is led by Jeanne Hertz, Founder, who will continue to be involved with the Company, and Carol Erickson, CEO.
FinSMEs
20/01/2012