Buyer: Frazier Healthcare Partners
Seller: Northfield Medical
Sector: Medical Device, Biomedical
Keywords: Medical Device, Biomedical
SEATTLE– Frazier Healthcare Partners (“Frazier”) is pleased to announce that it has closed on the purchase of Northfield Medical (“Northfield”), an acquisition for Frazier’s surgical instrument, endoscope and power equipment repair platform, PREZIO Health (“PREZIO”). Northfield, headquartered in Greensboro, NC, provides repair and maintenance services with a focus on rigid and flexible endoscopes, and surgical instruments. The acquisition is the cornerstone in the execution of a refocused growth and M&A strategy for PREZIO under a new senior management team. Former Northfield investors have joined Frazier and PREZIO management by investing in the combined entity.
In early 2017, Frazier Operating Partner, Hank Struik, was named CEO of PREZIO, to reposition the company and accelerate growth. Hank re-joined Frazier in May 2016, following the successful sale of former Frazier portfolio company, LABSCO, to McKesson (NYSE: MCK). Immediately after assuming the CEO role, Hank recruited several former members of his LABSCO management team to join him at PREZIO, including George Willett as CFO, and Joel Weihe as President of Sales.
In addition to continued organic growth, M&A execution will complement the new strategy for the company to reignite growth by building a scaled, national, quality-oriented service provider under Hank and his new management team. The Northfield acquisition is a crucial step under that strategy and the combined company boasts a significantly expanded geographic footprint, a true national direct sales force and a broadened service portfolio.
“Hank and his management team are uniquely qualified to execute on the refocused strategy and we are thrilled with the acquisition of Northfield,” said Ben Magnano, General Partner. “Further, Northfield executives Monty Wenk and Brad Turnmire will continue with the company joining Hank’s team as Chief Customer Officer and COO, respectively. We welcome our new team and investment partners.”