Boston, Massachusetts – February 5, 2019 – Sverica Capital Management LP (“Sverica”) announced today that Resonetics has acquired Caribou Technologies (“Caribou”), based in Blaine, Minnesota, a leading supplier of centerless grinding, forming, coiling, machining and laser processing for the medical device industry. In addition to servicing the large number of medical device manufacturers in the Minneapolis market, Caribou has built a strong and growing customer base in high growth market segments around the world. Since being founded in 2005 by Dan and Wendy Honeck and Connie Magnuson, Caribou has grown consistently by developing novel engineered solutions and adding new capabilities to enhance the customer experience.
“Connie, Dan and Wendy have established a great reputation in the industry by building a talented team and providing innovative manufacturing processes,” said Tom Burns, President and CEO, Resonetics. “They’ve also invested in an impressive 50,000 square foot facility that highlights their commitment to their employees and customers and provides a great venue to serve our expanding business needs.” The acquisition broadens Resonetics’ capabilities in several important growth markets, most notably neurovascular, structural heart and other interventional specialties, adding new manufacturing capabilities to produce tightly toleranced metal components and sub-assemblies for leading edge devices.
“We are very proud of what we’ve created at Caribou Technologies,” expressed Dan Honeck. “We’ve remained true to our original promise of building a great company and redefining customer experiences and have been rewarded with a great group of employees and many loyal customers.” Added Connie Magnuson, “It’s been exciting to experience our growth over the past 14-years. We know there is much more that can be achieved, and we look forward to working with the Resonetics team to continue to build a special company on a larger scale.”
Founded in 1987, Resonetics is a pioneer in laser micro manufacturing and provides contract manufacturing services to the life sciences industry. Resonetics designs, builds and integrates its own laser workstations to solve complex manufacturing challenges and has invested heavily in leading edge technology. Combining state-of-the-art laser systems with a large and innovative technical team allows Resonetics to partner with customers and provide winning solutions that meet all technical, quality and economic requirements. Learn more at www.resonetics.com. Resonetics was acquired by Sverica in October 2014 and recapitalized by Sverica in February 2018 with GTCR taking a majority stake and Sverica and Resonetics management retaining a minority stake in the company.