Pulse Veterinary Technologies® Acquires VersaTron® Veterinary Business
Acquisition Includes Market-Leading VersaTron® and VersaTron® 4Paws Systems for the Treatment of Soft Tissue Conditions
ALPHARETTA, Ga., June 3, 2009 – Pulse Veterinary Technologies, LLC, today announced the completion of its acquisition of the veterinary business from SANUWAVE, Inc. The purchase includes the VersaTron® family of pulsed energy therapeutic products for the non-invasive management of musculoskeletal disorders causing chronic pain and lameness in veterinary patients, primarily horses and dogs. The transaction was sponsored by Integris, LLC, with Topspin Partners LBO, LP as the principal investor. VersaTron® products have been available in the U.S. market since 2002.
“We are extremely excited by the opportunity which this acquisition represents,” said Eric Goorno, chief executive officer of Pulse Veterinary Technologies®. “The VersaTron® system is the leading, non-invasive technology for orthopedic soft tissue conditions in the equine market. Veterinarians have used VersaTron® to successfully treat more than 250,000 horses and dogs worldwide. It is the brand of choice in the market based on quality, performance and technical innovation. We plan to continue our leadership in the equine market, while bringing the technology to a similar position in the underserved small animal market with the VersaTron® 4Paws device.”
Goorno enters the company as chief executive officer and director, most recently serving as president of Boston Scientific’s Urology and Gynecology Division – a $400 million division. Goorno was with Boston Scientific for 12 years and has more than 20 years of health care industry experience. Adrian Lock remains on the management team, with a promotion to chief operating officer. Lock joined SANUWAVE as vice president, sales and marketing, in March 2006. He has 17 years of medical sales and marketing experience, three of them with SANUWAVE.
Richard Effress, chairman of Pulse Veterinary Technologies® and the sole principal of Integris, stated, “This transaction will help grow the VersaTron® product family – an extremely safe, efficacious and robust therapy that provides veterinarians an ease-of-use treatment option. The technology is the most studied of all pulsed energy systems in the veterinary field, and the field’s thought leaders are among our many satisfied users and clinician partners.”
Leigh Randall, managing director at Topspin Partners LBO, said, “We have invested in Pulse Veterinary Technologies® because we believe the company has a significant growth opportunity, and has a talented management team to capitalize on the opportunity in the veterinary field.”
Chris Cashman, president and chief executive officer of SANUWAVE, commented, “This transaction allows SANUWAVE to continue to refine its focus within the human clinical markets, especially addressing the global advanced wound care sector. We are pleased PulseVet® shares our excitement for this technology and a singular investment focus on developing veterinary market opportunities.”
About Pulse Veterinary Technologies, LLC
Pulse Veterinary Technologies, LLC, located in Alpharetta, Ga., is a privately held company which develops and markets innovative, non-invasive therapies for the veterinary market. The company’s principal technology is the VersaTron® family of products for the management of a variety of musculoskeletal disorders causing chronic pain and lameness. For more information, please visit www.pulsevet.com.
About SANUWAVE, Inc.
SANUWAVE, Inc. is a global medical technology company focused on the development and utilization of Extracorporeal Shock Wave Technology (ESWT) and Pulsed Acoustic Cellular Expression (PACE) for advanced would care, orthopedic, cardiovascular and neurological conditions. Headquartered in Alpharetta, GA. SANUWAVE designs, manufactures, markets and services its industry leading products worldwide. The company’s dermaPACE has the European Community’s CE Mark approval for use in acute and chronic defects of the skin and subcutaneous soft tissue and is conducting an Investigational Device Exemption (IDE) clinical trial evaluating dermaPACE’s efficacy in the treatment of diabetic foot ulcers on the foot. SANUWAVE is undertaking extensive research into biological mechanisms and cellular effects of ESWT and PACE, to include anti-inflammatory response, angiogenesis promotion, and bactericidal capabilities. For more information, please visit www.sanuwave.com.
About Topspin Partners LBO, LP
Topspin Partners LBO is a $132 million, Long Island, N.Y.‐based private equity fund that makes control investments in profitable and established small businesses. The firm often invests in sectors such as consumer products, niche manufacturing, food/beverage, retail, business services, and security. The team at Topspin LBO has considerable industry operations expertise and has partnered with management teams in building businesses of varying stage, size and sector, both at Topspin as well as prior firms. Additional information on Topspin LBO can be found at www.topspinlbo.com.