Case Study

Cirtec Medical, LLC

Since investing in Cirtec, Century Park has helped management focus on the bigger picture — to see what is possible. We expect to achieve great success with Century Park’s guidance.

Brian Highley

CEO, Cirtec Medical, LLC

Overview

Headquartered in Brooklyn Park, Minnesota with offices in Los Gatos, California and East Longmeadow, Massachusetts, Cirtec Medical, LLC is an ISO 13485 and FDA registered provider of outsourced medical device design, engineering and manufacturing services primarily for the cardiovascular, neurostimulation and orthopedic markets. The Company’s reputation is particularly strong in the development of active implantable and minimally invasive devices. Cirtec serves medical device OEMs and medical device startups looking to minimize the capital outlay of developing a medical device while gaining access to Cirtec’s deep domain expertise.

Highlights

Expertise in design and engineering of neurostimulation and cardiotherapy devices;
Strong growth serving end markets

Details

Headquarters – Brooklyn Park, Minnesota
CEO – Brian Highley
Industry – Medical Devices
Website – cirtecmed.com

The Situation

Cirtec was established when Circle Medical (“Circle”) and Texcel Medical (“Texcel”) merged into a newly formed entity. The merger of Circle and Texcel created a bi-coastal business with the capabilities to take a medical device from initial design and development through the manufacturing of finished products. Century Park recapitalized the Company allowing for existing shareholder liquidity while also providing expansion capital to aid the Company in securing larger manufacturing contracts.

How We Helped

Through its recapitalization of Cirtec, Century Park hopes to extend the Company’s design expertise downstream into recurring manufacturing revenue. Using its deal-sourcing network as well as the expertise of its Executive Council, Century Park has initiated efforts to help identify value-added acquisitions to aid in this growth initiative.

The Result

Century Park has established a proactive acquisition search program focused on expanding Cirtec’s manufacturing capability. With Century Park’s assistance, Cirtec has developed an incremental cost project pricing model to improve profitability. In addition, we helped in the establishment of several key criteria that have been used to examine past project wins and losses to enhance the win rate on new business.