TechDevice Holdings was the recipient of a debt and equity co-investment from Avante Mezzanine Partners. The refinancing deal would support the purchase of AdvancedCath Technologies by TechDevice. Financial details about the deal were not given.
Based in Watertown, Massachusetts, TechDevice is a maker of catheter and guidewire systems and related products. It works together with leading medical device makers in developing devices for complex interventional and endosurgical medical procedures. TechDevice is a portfolio company of Inverness Graham Investments. Advanced Cath Technologies is a California-based manufacturer of advanced catheters and components. The acquisition of AdvancedCath Technologies would enable TechDevice expand its geographic reach and would add to catheter manufacturing capabilities to its customers.
Avante Founder and Partner Jeri Harman said about the transaction, "We have built a strong relationship with the Inverness Graham team and are excited to partner with them once again. TechDevice is an outstanding platform for advanced medical device manufacturing and is led by an impressive management team. We look forward to supporting Inverness Graham and management as they grow the business."
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