Capstone Headwaters, advised Aspen Medical Products (“Aspen”) on its recapitalization by Cortec Group. Terms of the deal were not disclosed.
Aspen Medical Products is a leading designer and manufacturer of upper and lower spinal bracing products. Aspen’s products are primarily used in the acute care market by patients in need of short-term treatment from severe injuries, have urgent medical conditions, and/or are recovering from surgery. In addition to acute care applications, the company’s products are widely used for stabilization, pain therapy and to support daily living activities. Aspen, led by founder and CEO Dan Williamson, is headquartered in Irvine, CA.
Cortec Group, based in New York, is an experienced and knowledgeable investor in healthcare products and services, B2C and B2B products, value-added distribution (including eCommerce), and specialty services companies. The firm has made 12 investments in the healthcare space (and 55 add-ons) since inception, with successful investments in several device companies including Royce Medical, Philadelphia Cervical Collar, and Gaymar, among others.
Dan Williamson, Aspen, Founder and CEO, said
“We sought an engaged partner, capable of helping Aspen with strategic planning, infrastructure development, and growth initiatives including expanded product adoption, international expansion, and acquisitions. The Capstone team was extremely helpful during our journey to find just the right partner and worked diligently with our executive staff and legal advisors to make sure we were meeting all of our objectives.”
Roger Kahn, a managing director at Capstone Headwaters, added
“We were pleased to have an opportunity to work with this excellent management team on the recapitalization of the premier company in the spinal bracing space. In Cortec, we were able to find a buyer with a substantial amount of experience and previous success in the medical device world, whose philosophy and operating approach fit well with Aspen. We are confident that Cortec will continue Aspen’s success and assist it in its future growth.”
Jeffrey Lipsitz, a managing partner at Cortec, commented
“Aspen is a great fit for Cortec based on our significant experience investing in medical products companies and teaming with entrepreneurs. The company’s strong reputation among healthcare providers as an industry-leading spinal bracing brand and impressive growth are the clear results of a longstanding focus on product innovation and dedication to patient care.”