New Hampshire based Resonetics announced yesterday that it has acquired Israel’s STI Laser Industries, based in Or Akiva, a leading supplier of laser processing, nitinol shape setting and electropolishing, and cleanroom assembly and packaging for the medical device industry. Financial terms of the deal were not disclosed.
In addition to servicing the prolific startup community in Israel, STI has developed a global business with extensive customer relationships in the U.S., Japan, China and Korea. Since being founded in 1998 by Tovy Sivan, President & CEO, STI has grown rapidly by identifying unmet customer needs and responding aggressively with customized solutions.
“Israel is recognized around the world as an important medical device center and we are very excited to gain access to these customers with STI. Tovy’s entrepreneurial spirit and the strong management team he assembled have created an impressive business serving the structural heart, neurovascular and minimally invasive surgery markets. The acquisition also broadens Resonetics’ nitinol processing capabilities, an important capability to serve our growing interventional business,” said Tom Burns, President and CEO, Resonetics.
“I am very proud of the position STI has built in the industry over the past 20 years,” remarked Tovy Sivan. “By joining forces with Resonetics now, we can offer our customers a broader set of manufacturing capabilities with the resources necessary to support best-in-class prototyping and high-volume production options in Israel, the United States, Europe and Costa Rica. We are uniquely positioned to service a growing list of industry leaders and I look forward to continuing to build this business with Tom, Chip and the team at GTCR.”
STI is doubling the size of its operations in Or Akiva. Building 2 is under construction and will open in early 2020 to increase the Israel operation to 600 sq. meters to accommodate the company’s growth and new manufacturing capabilities.
Earlier this month, Resonetics announced a strategic alliance with the Californian Meraqi Medical and in June, the company announced that it had bought Swiss manufacturer Medelec, which makes metal tubing and other components for the medical device industry.
Resonetics Founded in 1987, is a pioneer in laser micro manufacturing and provides contract manufacturing services to the life sciences industry. The company designs, builds and services its own laser workstations to solve complex manufacturing challenges. Resonetics also offers thin-wall, stainless steel tubing, precious metal radiopaque marker bands and nitinol processing. With five Lightspeed Application Development Labs in strategic MedTech clusters, Resonetics is built for speed and provides winning solutions that meet all technical, quality and economic requirements. The company is ISO 2016 certified with facilities in the U.S., Costa Rica, Israel and Costa Rica.
Resonetics is owned by Regatta Medical, a portfolio company of GTCR, is a leading private equity firm focused on investing in growth companies in the Growth Business Services, Technology, Media & Telecommunications, Healthcare and Financial Services & Technology industries.