Sell-Side Advisory

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Cole’s Tool Works, Inc. (CTW) is a contract manufacturer of orthopedic surgical supplies and instruments for orthopedic medical device OEMs. CTW partners with its customers to manufacture highly engineered orthopedic devices and components used primarily in spine, trauma, knee, hip, and dental applications. CTW utilizes its proven expertise to help OEM clients improve design for manufacturability and assembly and reduce time to market.

About Tegra Medical

Riverside Partners established Tegra Medical in 2007 with the combination of New England Precision Grinding, Accu-Met Laser, and American Medical Instruments. Tegra is focused on precision machining and contract manufacturing services for the medical device industry, producing components and assemblies used in less-invasive procedures for leading edge surgical and interventional companies.

About Riverside Partners

Riverside Partners is a Boston, Massachusetts-based private equity firm that invests in growing middle market healthcare and technology oriented companies, providing owners with liquidity and helping companies accelerate their growth. For two decades, Riverside has successfully partnered with owners and management teams to achieve their goals by applying their industry and operating expertise and by acting as trusted partners.

Client Objectives

Dale Cole, the owner and key manager of CTW, approached us in mid 2007 to discuss his goals, including his growth plans for CTW and possible exit strategy. The owners of two similar companies, MTG and JKB that we had successfully sold to strategic buyers referred Dale to DCF.

Maximizing Value

After a strategic analysis of CTW that considered Dale’s objectives, a transaction range, and various exit options, we recommended that Dale focus on preparing his business for a possible transaction by focusing on a number of key goals. During the next two years, Dale reached or exceeded those goals.

Disciplined Process

In January 2009, we began the process of finding a partner for Dale and CTW. DCF employed its three phase process. Phase one determined a value range for which CTW would consider entering into a transaction. Phase two consisted of indentifying the universe of potential strategic or financial partners as well as developing a comprehensive Confidential Information Memorandum. Phase three involved screening and contacting interested parties, obtaining indications of interest, negotiating a binding letter of intent, and ultimately closing the transaction.

Proven Results

On December 31, 2009, Riverside Partners made a majority investment in CTW, Inc., on behalf of one of its portfolio companies, Tegra Medical, headquartered in Franklin, Massachusetts. The transaction allowed our client to realize his personal goals while allowing his business access to the capital and resources it needed to continue to grow. It also allowed Dale to continue to manage and participate in the long-term growth of the business he spent a life time building.

Click here for a pdf version of this case study or here to view DCF’s medical device experience.

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