SAN FRANCISCO--(BUSINESS WIRE)--
Health Evolution Partners, a health care private equity firm, announced today that it has acquired a majority interest in Freedom Innovations, LLC (“Freedom”). Freedom, based in Irvine, California, is a leading provider of premium high-technology prosthetic devices and is focused on developing world-class solutions for individuals with lower limb amputations. Freedom’s senior management team will continue their leadership of the organization, and will remain significant shareholders in the company. Financial terms of the transaction were not disclosed.
“We are very excited to partner with Freedom,” said Ned Brown, Investment Partner of Health Evolution Partners. “Freedom develops, manufactures, and has successfully commercialized, a broad and attractive portfolio of proprietary lower limb prosthetic devices. The company provides a tremendous platform for expansion in a dynamic and growing market, and has a robust pipeline of new products. We have been impressed with Freedom’s strong management team and employees; they have an outstanding track record of innovation and development, along with superior commercial execution and customer service. We look forward to working with them.”
“Health Evolution Partners is an ideal partner for Freedom,” said Maynard Carkhuff, Chief Executive Officer of Freedom. “Their extensive background in the medical device industry, combined with their strategic insight, and the firm’s total-systems approach to healthcare investing will be extremely valuable to Freedom as we continue to execute our growth strategy. We believe that Health Evolution Partners will be able to help accelerate Freedom’s growth through their broad-scale healthcare systems, strategic, operational, reimbursement, and commercial sales and marketing experience. Furthermore, their strong relationships with key decision-makers in the healthcare industry, both in the U.S. and internationally, will be highly valuable.”
As part of the transaction, and to finance further growth opportunities for Freedom, Health Evolution Partners facilitated the successful completion of new senior credit facilities. The senior credit facilities were led by Madison Capital Funding LLC and included BMO Capital Markets as Co-Lead Arranger.
Health Evolution Partners focuses on creating strong partnerships with high growth companies and exceptional management teams in the healthcare industry. The firm seeks to invest in platforms where the expertise and experience of the firm’s operating and transaction principals can contribute to accelerating the growth and value of the businesses. Freedom is Health Evolution Partner’s ninth Growth Fund investment. Health Evolution Partner’s previous investments include AOS, CambridgeSoft, CenseoHealth, Halcyon Healthcare, Kisimul, Mollen Immunization Clinics, Optimal IMX, and Prolacta Bioscience.
“We are enthusiastic about Freedom Innovations, and look forward to working with them to continue their global growth,” said David J. Brailer, Ph.D., M.D., Chairman of Health Evolution Partners. “Freedom adds undisputed value to its patients and to the overall health care system. It is led by a strong and proven management team, and is poised to take major steps forward as a commercial leader in its space. It is, in short, the kind of company that we want to work with and to have in our portfolio.”
About Health Evolution Partners | www.healthevolutionpartners.com
Health Evolution Partners buys and invests in rapidly growing companies that are commercial leaders in the health care industry. We invest around the globe and across the health economy, including services, information technology, and life sciences. We form close working partnerships with outstanding management teams and connect our companies to our network of CEOs, policy makers, and thought leaders. For more information on Health Evolution Partners, visit www.healthevolutionpartners.com.
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