In addition to servicing a large number of medical device manufacturers in the Twin Cities market, Caribou has built a strong and growing customer base in high growth market segments around the world, according to a statement from Resonetics (Nashua, N.H.). 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.
“Connie, Dan, and Wendy have established a great reputation in the industry by building a talented team and providing innovative manufacturing processes,” Resonetics president and CEO Tom Burns said in the statement. “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 is the third for Resonetics since mid-2018. In October, the laser micro manufacturer purchased STI Laser Industries (Or Akiva, Israel), a supplier of laser processing, nitinol shape-setting and electropolishing, and cleanroom assembly and packaging. The company acquired metal tubing supplier Medelec (Puidoux, Switzerland) in June 2018. Terms of the deals were not disclosed.
The Caribou 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, according to the company.
“We are very proud of what we’ve created at Caribou Technologies,” Dan Honeck said. “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.”
Resonetics is owned by Regatta Medical, a portfolio company of Chicago-based private equity firm GTCR.