Avesi Partners has invested in New Age Medical, a MedTech platform serving the spinal surgery market. Financial terms of the transaction were not disclosed.
Avesi is partnering with New Age founder and CEO Kevin Bly and the company’s existing management team to support national expansion, entry into additional medical specialties and M&A-driven growth.
St. Louis-based New Age sits between medical device manufacturers, hospitals and ambulatory surgery centers, surgeons and medical device sales representatives.
The company works nationwide with more than 85 original equipment manufacturers, more than 100 representatives, over 200 hospitals and ambulatory surgery centers and more than 350 surgeons.
Its model is designed to reduce supply-chain complexity and allow hospitals and ambulatory surgery centers to consolidate vendors while helping medical device manufacturers make products available to more surgeons.
New Age provides products including spinal implants, orthobiologics and related medical technologies.
The company was founded in 2012.
Avesi plans to provide capital, healthcare industry expertise and other resources to expand New Age’s geographic footprint, specialties and capabilities.
Avesi manages more than $2.2 billion and focuses on lower-middle-market businesses in healthcare services and technology and business services.
KEY QUOTES:
“When we founded New Age Medical in 2012, the goal was simple: make it easier for surgeons to get the right products for their patients, and easier for the manufacturers building those products to reach them. Avesi shares our conviction that durable growth is the result of doing right by every stakeholder we serve, surgeons, hospitals, manufacturers, and the reps who bring it all together. The cultural alignment between our two organizations was clear from our very first conversation, as was a shared, growth-oriented mindset. With Avesi’s commitment and resources behind us, we can extend best-in-class product access to more surgeons, more facilities, more reps and ultimately more patients across the country.”
Kevin Bly, Founder and Chief Executive Officer of New Age Medical
“Avesi has targeted innovative businesses that help hospitals and health systems deliver the highest standards of care while reducing administrative burden. New Age delivers this value to its stakeholders and operates in a large, growing market with substantial opportunity to expand. We look forward to pairing our resources and healthcare expertise with the talented team at New Age to continue delivering exceptional service and extend the Company’s impact across new specialties and markets.”
Pete Tedesco, Managing Director at Avesi Partners
“New Age Medical is one of a kind in its sector given its long-term track record of growth, the strength of its relationships across surgeons, reps, OEMs, and facilities, and the differentiated value it delivers to each. Our team at Avesi is excited to work alongside management in the coming years to further expand the Company’s reach and capabilities.”
Chris Laitala, Managing Partner at Avesi Partners
