Market Overview

Frazier Healthcare Partners Acquires Northfield Medical

Share:

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."

About the Northfield/PREZIO Senior Management Team:

Hank Struik – CEO – Prior to joining Frazier in 2012, Hank served as the
CEO and President of Sarnova (a Water Street company), a provider of
healthcare products to the emergency medical and acute care services
markets. Before Sarnova, Hank spent over 20 years with Baxter,
Allegiance and Cardinal Health. While at Cardinal, he led the strategic
acquisition of Viasys. Upon completion of the transaction, he assumed
the responsibility for four business units, including a clinical trials
company, a neuro-diagnostics company, a cardiopulmonary diagnostics
business, and a ventilator business. In the latter capacity, he served
as the President of Cardinal's $850M Respiratory and Neurocare unit. Mr.
Struik currently sits on the boards of Medical Graphics Corporation, GI
Supply and PREZIO. Hank earned a Master's degree from the Kellogg School
of Business and a BS in biology from Indiana University.

George Willett – CFO – George came to PREZIO with over 20 years of
experience in senior level finance roles including CFO positions at
LABSCO, Summit Energy, National Processing Company, High Speed Access
Corporation, American Pathology Associates and Regent Communications,
Inc. George started his finance career as an auditor for Coopers &
Lybrand and was corporate accounting officer at the United States Shoe
Corporation. George is a graduate of Cincinnati's Xavier University.

Brad Turnmire – COO – Brad joined Northfield in 2014 as CFO and was
named President in 2016 where he oversaw all financial, operating and
recruiting activities. Prior to Northfield, Brad was Managing Director
at Columbus Capital, EVP at Cooper Homes and Sr. Associate at
PricewaterhouseCoopers. Brad has a BS in Accounting from Brigham Young
University and a Master of Taxation from Old Dominion University.

Joel Weihe – President of Sales – With over 30 years of experience in
healthcare, Joel joined the company as President of Sales in April 2017
with responsibility for all customer facing and marketing activities.
Prior to PREZIO, he served as Executive Vice President of Marketing and
Corporate Development at LABSCO and held sales and marketing positions
at Roche Diagnostics, Sysmex Corporation of America, Behring Diagnostics
and Reid-Rowell Pharmaceutical. Joel has a Bachelor's degree in business
management from Western Kentucky University, Bowling Green, KY.

Monty Wenk – Chief Customer Officer – Monty co-founded Northfield in
1996 and has served as CEO since 2013. As CCO of the combined company
going forward, he has responsibility for key strategic customers. Before
founding Northfield, Monty was territory manager at DeRoyal, a provider
of surgical and orthopedic devices and wound care supplies. Monty has a
BS in Finance from Virginia Tech.

About Frazier

Founded in 1991, Frazier Healthcare Partners is a leading provider of
growth capital to healthcare companies. The firm has over $2.9 billion
in committed capital under management and has made investments in over
170 healthcare companies with investment types ranging from company
creation and venture capital to growth buyouts and leveraged
recapitalizations. Frazier's experienced team takes an active approach
to helping build portfolio companies, leveraging the team's deep domain
expertise and expansive network of healthcare executives, advisors and
industry thought leaders. The firm's Growth Buyout team invests in
profitable companies focusing on healthcare services, pharmaceutical
services, medical products, and related sectors. The firm's Life
Sciences team invests in therapeutics and related areas that are
addressing unmet medical needs through innovation. Frazier has offices
in Seattle, Washington and Menlo Park, California, and invests broadly
across the United States, Canada, and Europe. Additional information
about Frazier is available through its website, www.frazierhealthcare.com.

View Comments and Join the Discussion!
 
Loading...