Cortec Group Announces the Acquisition of IOP Ophthalmics
(New York, NY) – Cortec Group (“Cortec”), a New York private equity firm which invests in middle market healthcare, consumer, and specialty products, service and distribution businesses, announced that on December 12, 2013, Katena Holdings, Inc. (“Katena”), a portfolio company of Cortec Group Fund IV, L.P., (“Cortec IV”) acquired Arxa5 Corporation d/b/a IOP Ophthalmics (“IOP”). Terms of the transaction were not disclosed.
IOP is an innovation-driven, medical technology company, providing specialty ophthalmic surgical products. IOP develops, commercializes and distributes a wide range of tissue-based and device solutions used in the cornea, glaucoma and oculoplastic subspecialty markets. Its products are sold to hospitals, surgery centers and ophthalmic surgeons.
Bill Friedberg, CEO of Katena, commented “The acquisition of IOP is a logical extension of Katena’s position in the ophthalmic surgical market. As we serve a very similar customer base, this combination of two highly respected and successful companies not only creates greater critical mass in the ophthalmology marketplace, but enhances our ability to provide more clinical solutions and be of greater value to our customers.”
Jonathan Stein, a Partner at Cortec, added “Cortec is excited about the combination of Katena and IOP. This complementary acquisition provides both companies with exciting opportunities for growth in the U.S. and abroad. We look forward to the IOP team joining the Katena organization and Cortec IV portfolio, including IOP’s founders, Jason Malecka and Erich Ziegler, who are now shareholders of Katena.”
Katena is a leading designer and marketer of surgical instruments for ophthalmic surgery. Katena’s products are sold globally to hospitals, ambulatory surgery centers and individual ophthalmic surgeons. Katena offers a comprehensive, proprietary line of precision-manufactured, reusable microsurgical instruments sold primarily under the Katena® brand name. Katena also exclusively distributes certain single patient use corneal transplant devices. Additional information about Katena can be found at www.katena.com.
IOP specializes in providing preserved human tissue used to treat damaged corneas as well as in connection with certain kinds of glaucoma surgery. IOP also markets several related specialty surgical products used in glaucoma and oculoplastic surgery. IOP’s products are sold under the Ambio5®, Ambio2TM,AmbioDiskTM, Molteno®, and Tutoplast® brands to hospitals, surgery centers and ophthalmic surgeons. Additional information about IOP can be found at www.iopinc.com.
Founded in 1984, Cortec acquires high value-added, middle-market healthcare, consumer, and specialty products, service, and distribution businesses from owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages over $1 billion in its two active funds and targets platform acquisitions with enterprise values of $40 million to $300 million and smaller follow-on acquisitions. Additional information about Cortec can be found at www.cortecgroup.com.