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Great Point Partners Completes Growth Recapitalization of Velentium
Introduction
GREENWICH, CT and HOUSTON, TX – Great Point Partners (“GPP”) today announced a growth recapitalization of Houston, Texas-based Velentium, a professional engineering firm that specializes in the design and manufacturing of therapeutic and diagnostic medical devices for companies ranging from startups to Fortune 100s. This is GPP’s second investment in the medical device contract manufacturing industry. GPP’s investment will allow Velentium to pursue additional avenues of growth.
“When Great Point reached out to us earlier this year, we were immediately impressed with their deep knowledge of contract medical device manufacturing and track record building businesses,” said Dan Purvis, CEO of Velentium. “We continue to build an organization that improves the lives of people and families by helping to bring transformative medical devices to market. Today, with this capital for expansion we are able to take an important step in realizing our dream of having 1,000 families as part of Velentium.”
Tim Carroll, Velentium’s President and COO, added, “It was important to Dan and me to find a partner that recognized the non-negotiable need to preserve the quality of the work that we do and the culture we’ve built while we continue to grow. Great Point understands and shares our values, and we’re excited about what we can achieve together.”
“Velentium has played a pivotal role in the development of groundbreaking neuromodulation devices that have led to important medical technology advancements. We look forward to partnering with Dan, Tim and the entire team and helping them to achieve their goals for the Company” said GPP Managing Director Adam Dolder. “Not only is Velentium an exciting investment for GPP but with this investment GPP III is now approximately 70% invested.”
Eddie Hjerpe, Senior Vice President at GPP commented, “Velentium has grown at an impressive CAGR of over 40% since inception, and GPP looks forward to helping accelerate their growth even further with tuck-in acquisitions and adding additional engineering and manufacturing services.”
About Great Point Partners
Great Point Partners, founded in 2003 and based in Greenwich, CT, is a leading health care investment firm with 30 professionals, investing in the United States, Canada, and Western Europe. GPP is currently making new private equity investments from GPP III, which has $307 million of committed capital. Great Point manages capital in private (GPP I, $156 million and GPP II, $215 million of committed capital, and GPP III, $307 million) and public equity fund (BioMedical Value Fund). Great Point Partners has provided growth equity, growth recapitalization, and management buyout financing to more than 200 growing health care companies. The private equity funds invest across all sectors of the health care industry with a particular emphasis on biopharmaceutical services and supplies, alternate site care, medical device and information technology enabled businesses. The firm pursues a proactive and proprietary approach to sourcing investments and tuck-in acquisitions for its portfolio companies.
Reach Great Point at 203-971-3300 or www.gppfunds.com
About Velentium
Headquartered in Houston, Texas with operations globally, Velentium is a professional engineering firm that specializes in the design and manufacturing of therapeutic and diagnostic active medical devices for Fortune 100 companies and startups. The company offers world-class expertise in software, usability, cybersecurity, electrical and mechanical development for medical equipment. Velentium transforms IP into safe and secure products that will support healthcare professionals, patients and communities, and ultimately, change lives for a better world. For more information, visit www.velentium.com.