3i : backed Cirtec diversifies with acquisition of Metrigraphics

03 Jan 2019

3i Group plc ('3i') today announces that Cirtec Medical ('Cirtec'), a strategic outsourcing partner for complex medical devices in which 3i invested in August 2017, is acquiring Metrigraphics, a leading manufacturer of ultra-high precision, custom micron-scale circuits and components for the medical devices industry and other critical applications.

Metrigraphics combines core technologies of thin film sensor substrate manufacturing with their proprietary processes to provide ultra-miniature components that increase the performance, accuracy, and reliability of state-of-the-art medical and wearable devices. The Company serves a number of fast growing medical device segments, including continuous glucose monitoring, advanced drug delivery, active medication management and life science instruments. The acquisition also further strengthens Cirtec's relationship with market leading and pioneering OEMs serving these device segments.

Metrigraphics has approximately 175 employees. The company is ISO 9001 certified and is based in a 46,000 sq. ft. facility in Lowell, Massachusetts.

Brian Highley, CEO, Cirtec, commented:

'This is a significant acquisition that fits perfectly with Cirtec's focus on active implantables and aligns well with our strategy of expanding our capabilities serving minimally invasive interventional therapeutic products. We plan to continue to enhance our capabilities to support our core customers, including those in the neuromodulation and active implantable markets, and to increase our investment in wearables and other biomedical applications.'

Richard Relyea, Partner, 3i Private Equity, added:

'The acquisition of Metrigraphics builds upon the recent acquisition of Cactus Semiconductor and further expands the company's product portfolio of cutting edge and technically challenging medical device components. Metrigraphics also diversifies the company's device exposures with additional therapeutic markets poised for long-term growth. We are excited to partner with an organisation that has such strong capabilities and relationships with innovative OEMs.'

This transaction represents Cirtec's fourth completed acquisition since 3i's investment, and will be funded from the company's own resources.

-Ends-

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3i Group plc

Notes to editors:

About 3i Group

3i is a leading international investment manager focused on mid-market private equity and infrastructure. Its core investment markets are northern Europe and North America. For further information, please visit: www.3i.com.

About Cirtec

For over 30 years, Cirtec has been providing design, development, manufacturing, and product transfer services to the medical device industry. With facilities in Brooklyn Park, MN; Chandler, AZ; Enfield, CT; Los Gatos, CA, and Birkenfeld, Germany, the company specialises in outsourcing solutions for active implantable devices in the areas of neuromodulation, drug delivery, cardiac rhythm management, mechanical circulatory support, and minimally invasive surgical devices. For more information on Cirtec, please visit http://cirtecmed.com