Rockwood Equity Partners today announced that it has completed the sale of Altimate Medical Holdings, Inc. (the “Company”) to Granite Equity Partners, a Minnesota-based private investment firm and holding company.
In 2014, Rockwood, in partnership with senior management and Granite Equity Partners, acquired Altimate Medical, Inc. in a carve-out from Invacare Corporation. Headquartered in Morton, Minn., Altimate manufactures the EasyStand brand of state-of-the-art standing frames and equipment to help improve the quality of life for the global patient population of kids and adults who use wheelchairs.
During the ownership period, Altimate acquired Rockwood-affiliated Medical Positioning, Inc. (MPI), a Kansas City, Mo.-based designer and provider of medical beds, tables and chairs used during diagnostic imaging procedures. The two patient positioning-focused businessed were merged into Altimate Medical Holdings, Inc.
Rockwood continued to work closely with its partners to build out the management teams and execute on strategic growth initiatives, including new product introductions, marketing programs, and geographic expansion, along with the integration of MPI. As a result of those activities, the Company grew both top and bottom lines significantly, resulting in a meaningful cash-on-cash return for Rockwood and its limited partners.
“We are honored to have worked together with the leadership of Altimate and MPI, as well as Granite Equity Partners, to take the companies to the next level of serving the patient positioning market,” said Joe Merrill, Partner at Rockwood. “Under the ownership of our friends at Granite Equity Partners, Altimate Medical Holdings is poised for significant growth through market expansion, new products and add-on acquisitions. We are excited for the future and wish Granite success during its continued partnership with the Company.”