Minnetronix Raises $20 Million in Equity Capital to Support Growth Initiatives
January 26, 2016
Minnesota-based company has developed and manufactured hundreds of life-saving products
SAINT PAUL, MINN. – January 26, 2016 – Minnetronix, Inc., a leading medical technology and innovation company that has touched millions of lives with its work in developing medical devices, today announced that it has raised $20 million in equity capital through a minority investment from Altaris Capital Partners, LLC. This partnership represents the first time Minnetronix has raised outside equity capital since the company was founded 20 years ago.
Launched in 1996, Minnetronix carved a niche helping companies design, engineer and manufacture electronic and electromechanical medical devices. Working with small startups and medical device giants alike, Minnetronix has helped develop technologies and products in the cardiovascular, oncology, pulmonary, neurology, and wound care markets, among others.
The company has grown steadily over its twenty-year history, and today has more than 200 employees. In recent years, Minnetronix has built upon its established expertise and began designing and innovating its own proprietary technologies and therapies. The investment from Altaris will allow Minnetronix to more aggressively pursue its growth strategies, while continuing to deliver best-in-class service and support to its customers, and bring high-quality, innovative products to the market.
“Our team at Minnetronix is passionate about improving patients’ lives,” said Rich Nazarian, president and CEO of Minnetronix. “We’ve developed technologies large and small through the years and are seeing a growing need for innovative technologies in underserved areas that tend to be overlooked because they aren’t multi-billion dollar markets. We believe this is an important business niche, and the investment by Altaris will help us accelerate our mission to develop and deliver devices that benefit patients and the physicians who care for them.”
After Minnetronix decided to consider outside capital for the first time in its history, Altaris emerged as an exceptional partner given the firm’s breadth of experience and knowledge in the healthcare industry. Nazarian added, “Altaris, which has tremendous experience in building medtech companies, will be a valuable partner to us as we work to grow our proprietary technologies and therapies, including our groundbreaking Cerebrospinal Fluid Treatment platform for treating life-threatening neurological diseases.”
“We are delighted to partner with Minnetronix,” commented George Aitken-Davies, Managing Director and co-founder of Altaris Capital Partners. “We were attracted to Minnetronix’ track record of serving the development and manufacturing needs of its medical device customers, their deep understanding of the medical device industry, and their innovative approach to developing proprietary technologies and products.”
Minnetronix is a medical technology and innovation company with deep expertise in electronic and electromechanical devices. Founded in 1996, the company creates new technologies and therapies that solve unmet clinical and business needs for patients and medical device companies. Minnetronix is FDA Registered and ISO 13485 Certified. www.minnetronixmedical.com
About Altaris Capital Partners, LLC
Altaris Capital Partners, LLC is an investment firm focused exclusively on the healthcare industry. Managing $1.3 billion of equity capital, Altaris invests in businesses that meet clearly defined healthcare needs and leverages its extensive industry knowledge and relationships to accelerate growth and value appreciation. Altaris is based in New York, NY. www.altariscap.com