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Cortec Group Announces the Acquisition of Franklin Energy Services, LLC

October 2010

(New York, NY) — Cortec Group ("Cortec"), a New York based private equity firm which invests in middle-market manufacturing, distribution, healthcare and proprietary services businesses, announced that on October 7, 2010 its affiliate, Cortec Group Fund IV, L.P. (“Cortec Fund IV”), in partnership with management, acquired a majority interest in Franklin Energy Services, LLC (“Franklin” or the “Company”). Terms of the transaction were not disclosed.

Franklin is one of the leading energy efficiency (“EE”) program management companies in the United States, with a significant presence in the Midwest. The Company designs and implements customized ratepayer-funded EE programs that enable electric and natural gas utilities to (i) comply with legislative and regulatory mandates to reduce energy consumption, (ii) avoid the cost of adding generating capacity by managing demand growth, and (iii) promote “green” environmental conservation measures. Founded in 1994, Franklin now has more than 200 employees operating out of 17 offices.

Scott Schafler, President of Cortec, stated “Franklin is a top performing company operating in an exciting, high-growth segment of the economy. We were attracted to Franklin because of its track record of consistently delivering superior client results. With demand for EE programs expected to grow into the future, Franklin is well positioned to help its clients comply with legislative and regulatory mandates to reduce energy consumption.” Jon Stein, a Senior Managing Director at Cortec, added “Franklin has a first-rate management team of veteran professionals, and we are excited to become their partners. As a result of this transaction, management was able to increase its ownership stake in the company alongside Cortec.” The Franklin acquisition represents Cortec Fund IV’s seventh platform investment.

Franklin’s founder and Chief Executive Officer, Paul Schueller, added “Our business will benefit from Cortec’s resources as we face the opportunities and challenges that come with growth. The Cortec team took the time to understand our business and delivered on all their promises. We look forward to building Franklin Energy with our existing management team and Cortec’s full support.”

About Franklin Energy Services, LLC

Since 1994 Franklin has designed and implemented large-scale EE programs for utilities and government agencies. These programs target end-users in the commercial, industrial, agricultural and multi-family residential markets to reduce their consumption of electricity and natural gas. Based in Port Washington, WI, Franklin has been named one of the top workplaces in Wisconsin. For more information about Franklin, please see: www.franklinenergy.com.

About Cortec Group

Cortec acquires high value-added, middle-market specialty manufacturing, service, healthcare and distribution businesses with leadership positions in their market niches. Cortec Fund IV has more than $410 million of committed capital to acquire platform companies with enterprise values of $30 million to $250 million and smaller follow-on acquisitions. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Seeks Specialty Surgical Add-Ons

January 2011

Cortec Group is seeking add-on acquisitions for its portfolio company, Katena Products, Inc.

Katena is a leading developer and manufacturer of high precision reusable and disposable ophthalmic surgical instruments. Suitable add-on candidates would include both ophthalmic surgical products, and non-ophthalmic precision instruments.

Please bring us your ideas – we promise a quick and thoughtful reply. If a seller hasn’t retained you, we’re happy to pay a buyside fee.

Ophthalmic Acquisition Criteria

Business Lines: Ophthalmic surgical products

  • Products used in the ophthalmic OR setting
  • Anterior and posterior ophthalmic segments
  • Reusable precision instruments (non-capital items)
  • Disposable/consumable products

Size: Business acquisition min revenues: $5 million; minimum 10% EBITDA Product line acquisition min revenues: $3 million; minimum 40% gross margin

Geography: Businesses based in the U.S., U.K., Germany, Brazil or Japan

Management: Either with or without ongoing senior management

Non-Ophthalmic Acquisition Criteria

Business Lines: Non-ophthalmic precision surgical instruments (non-capital items) used in surgical specialties such as: neuro, plastic, and ENT

Size: Minimum Revenues – $10 million; history of growth, Minimum EBITDA – $3.0 million

Geography:

Businesses headquartered in the U.S.

Management:

Preferably has ongoing senior management

Contact:

Jonathan Stein
Bill Tucker

[email protected]
[email protected]

212-916-0174
212-916-0169

Cortec Group Announces the Final Closing of Cortec Group Fund V, L.P.

March 2011

(New York, NY) — Cortec Group ("Cortec"), a New York based private equity firm which seeks control positions in middle-market healthcare, specialty manufacturing, distribution, and proprietary service businesses, is pleased to announce that on March 29, 2011 its affiliate, Cortec Group Fund V, L.P. (“Cortec Fund V”), held its final closing with $620 million of capital under management. Cortec Fund V hit its “hard cap” of $600 million in limited partner commitments, with the remaining $20 million coming from Cortec Fund V principals and their families.Cortec distributed private placement memos with a target of $500 million on the cover to a select group of prospective investors in late October 2010. While Cortec had held “pre-marketing” meetings with certain existing limited partners and select new investors prior to that date, discussions with most new investors commenced in December 2010. Cortec Fund V’s $205 million first closing was held on December 17, 2010 and its second closing, which brought aggregate limited partner commitments to $505 million, was on March 4, 2011.

“We are truly appreciative of the continued support we received from our blue-chip existing limited partners and excited about our relationships with a world-class group of new investors,” said David Schnadig, a Managing Partner at Cortec. “We had a strong record and a differentiated approach – I think the market recognized that, and as a result, the fundraise went as smoothly and quickly as we could have hoped,” added Managing Partner Jeffrey Lipsitz. R. Scott Schafler, also a Cortec Managing Partner stated, “Now that the money is raised, we’re excited to get back to doing what we do best – finding good companies that can benefit from our input and assistance.”

In addition to Messrs. Schafler, Lipsitz and Schnadig, the Cortec team includes Partners Michael Najjar, Jonathan Stein and Gene Nesbeda, Managing Director Jeffrey Shannon, Vice President Bill Tucker and Associate Allison Sacks.

Cortec did not engage a placement agent to assist in its fundraise. Ropes & Gray LLP served as counsel to Cortec Fund V, while Pillsbury Winthrop Shaw Pittman LLP represented Cortec for all management company documentation.

About Cortec

Cortec acquires high value-added, middle-market healthcare, specialty manufacturing, service, and distribution businesses with leadership positions in their market niches and the desire to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages over $1 billion in its two active funds and targets platform acquisitions with enterprise values of $30 million to $300 million and smaller follow-on acquisitions. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Group Announces the Acquisition of Cranial Technologies, Inc. – Represents The Final Platform Investment For Cortec Fund IV

December 2011

(New York, NY) — Cortec Group ("Cortec"), a New York based private equity firm which invests in middle-market healthcare, specialty manufacturing, service, and distribution businesses, announced that on December 23, 2011 its affiliate, Cortec Group Fund IV, L.P. (“Cortec Fund IV”), in partnership with management, acquired a majority interest in Cranial Technologies, Inc. (“CranialTech” or the “Company”). Terms of the transaction were not disclosed.Based in Tempe, Arizona, CranialTech is a leading developer, manufacturer and provider of medical devices and services for the treatment of positional plagiocephaly (i.e., asymmetric head shape) in infants. The Company manufactures an FDA-cleared cranial remodeling device marketed under the DOC Band® brand name, and treats patients through a network of fourteen owned and four licensed treatment centers across the U.S. and Europe.

“Over its 20 year history, CranialTech has developed an industry-leading reputation among pediatricians, pediatric specialists and parents for its uncompromising commitment to quality and realizing positive clinical outcomes for each infant the Company treats. CranialTech’s leading market position is reflected in its strong brand name, which has allowed the Company to generate impressive historical growth and strong financial performance. We are excited to be partnering with CranialTech’s outstanding management team to accelerate the Company’s continued growth by expanding its sales and marketing efforts in existing markets and strategically entering new geographies”, stated Jeffrey A. Lipsitz, a Managing Partner at Cortec.

Jeanne Hertz, CranialTech’s Founder, who will continue to be involved with the Company, indicated she “chose Cortec because of their healthcare investing experience and strong-track record of helping founder-owned businesses achieve their next level of growth.” She further stated that “Cortec also shares CranialTech’s commitment to quality, service, and patient outcomes, which was extremely important to me and rest of the management team. The Company has a very bright future and we are excited to be partnering with Cortec.” Carol Erickson, CranialTech’s CEO, added, “We look forward to building on the growth our company has enjoyed over the last several years. Our entire management team is enthusiastic about the resources that Cortec brings to CranialTech to assist our expansion.”

The CranialTech acquisition represents Cortec Fund IV’s eighth platform investment and Cortec’s nineteenth healthcare investment since 2000. It also represents the final platform investment in Cortec Fund IV, a 2006 vintage fund with over $400 million in total committed capital.

About Cranial Technologies, Inc.

Founded in 1988, CranialTech is a leading developer, manufacturer and provider of medical devices and services for the treatment of positional plagiocephaly in infants. The Company’s mission is to provide a superior product, service, and the best possible outcome for every child with an abnormal head shape. Cranial is the only manufacturer of the DOC Band®, the first FDA-cleared device used for the treatment of positional plagiocephaly. The Company treats patients through a network of fourteen owned and four licensed treatment centers across the U.S. and Europe, and owns and operates a state-of-the-art manufacturing facility in Tempe, AZ where all of the Company’s bands are produced. CranialTech is the only band provider exclusively focused on treating positional plagiocephaly in infants and has invested in the development of a proprietary DSi® measurement system, which has significantly improved the overall patient experience, enhanced outcome documentation and streamlined the manufacturing process. The Company acquires new customers primarily from a diverse group of pediatricians and pediatric specialists that refer patients to CranialTech and consistently cite the Company as the highest quality plagiocephaly treatment provider in the industry. For additional information, please visit www.cranialtech.com.

About Cortec

Cortec acquires high value-added, middle-market healthcare, specialty manufacturing, service, and distribution businesses with leadership positions in their market niches and the desire to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages over $1 billion in its two active funds and targets platform acquisitions with enterprise values of $30 million to $300 million and smaller follow-on acquisitions. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Group Announces the Acquisition of Yeti Coolers, LLC – Represents The First Platform Investment For Cortec Fund V

June 2012

(New York, NY) — Cortec Group ("Cortec"), a New York based private equity firm which invests in middle-market consumer, healthcare, specialty manufacturing, service, and distribution businesses, announced that on June 15, 2012 its affiliate, Cortec Group Fund V, L.P. (“Cortec Fund V”), acquired YETI Coolers, LLC (“YETI” or the “Company”) in partnership with YETI’s founders, Roy and Ryan Seiders. Terms of the transaction were not disclosed.

Based in Austin, Texas, YETI is the leading designer and marketer of premium, rotationally molded ice chests and coolers sold under the YETI® brand name. The Company was founded in 2006, and virtually created the market for premium coolers by designing an extremely durable product with superior insulation properties for a variety of end markets and uses. YETI’s products are sold throughout the U.S. by a broad range of leading national, regional and local retailers.“Since inception, YETI has generated exceptional growth and profitability, driven by its consistently high quality, superior performance characteristics and authentic brand. The Company’s rapid growth, current momentum and future prospects are incredibly exciting. In particular, YETI anticipates introducing innovative, value-added new products which capitalize on management’s proven design capabilities, further penetrating existing customers and channels, and expanding to new markets,” stated David L. Schnadig, a Managing Partner at Cortec.

Roy Seiders, YETI’s co-Founder and CEO, who will continue with the Company in his current role and retain a meaningful ownership stake in YETI, added, “We were seeking a partner who could help foster YETI’s expansion while bringing experiences and resources (beyond just their capital) to support the Company as we face the opportunities and challenges that come with growth.” He further stated that “Cortec’s track record of successfully investing in entrepreneur-led high-growth businesses, as well its relevant knowledge of our sourcing and manufacturing processes was extremely important to me and my brother Ryan.” Ryan Seiders, YETI’s co-Founder and President, who will also continue in his current position and remain a material shareholder, added, “We are enthusiastic about this new partnership, both as senior managers of the Company and continuing owners in the business. We really like the Cortec guys and expect to learn a lot, work hard and have a lot of fun together.”

The YETI acquisition represents Cortec Fund V’s first platform investment. Cortec Fund V had its final closing in 2011 with $620 million in total committed capital.

About YETI Coolers, LLC

Founded in 2006, YETI is the leading designer and marketer of premium, rotationally molded coolers, accessories and related gear sold under the YETI® brand. The Company has experienced rapid growth and holds the #1 market position in the premium cooler category. YETI currently sells to a broad-based “enthusiast” customer group through a broad range of national, regional, and local retailers serving a variety of end markets, including specialty hunting and fishing, outdoor sporting goods, hardware, farm and ranch supply, and oilfield services, among others. The Company’s authentic outdoor lifestyle brand is revered by a passionate base of consumers who appreciate the unmatched performance and toughness of YETI’s rotationally molded premium coolers. For additional information, please visit www.yeticoolers.com.

About Cortec

Founded in 1984, Cortec acquires high value-added, middle-market consumer, healthcare, specialty manufacturing, service, and distribution businesses with leadership positions in their market niches from owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages over $1 billion in its two active funds and targets platform acquisitions with enterprise values of $30 million to $300 million and smaller follow-on acquisitions. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Group Announces the Acquisition of Harmar Mobility, LLC.

July 2012

(New York, NY) — Cortec Group ("Cortec"), a New York based private equity firm which invests in middle-market healthcare, consumer, and specialty products, service, and distribution businesses, announced that on July 20, 2012 its affiliate, Cortec Group Fund V, L.P. (“Cortec Fund V”), acquired Harmar Mobility, LLC (“Harmar” or the “Company”) in partnership with Harmar’s Founder and President, Chad Williams and members of his family. Terms of the transaction were not disclosed.

Based in Sarasota, Florida, Harmar is a leading designer, manufacturer, and marketer of mobility and accessibility solutions focused primarily on the vehicle and residential lift segments. The Company’s core products include vehicle lifts, stair lifts, vertical platform lifts, turning seats, residential elevators, ramps and bath lifts, among others. Harmar’s products are sold across multiple dealer-based distribution channels as well as through Veterans’ Administration hospitals under company-owned brands, such as Harmar®, Summit™, Pinnacle™, Alpine™, Freedom Seat™, and certain customer private labels.

“Through organic growth initiatives and selected acquisitions, Harmar has developed the industry’s most innovative, comprehensive, and high quality product set and paired it with unparalleled service. This combination has enabled the Company to become a value-added partner for a loyal customer base and been a key driver of the Company’s success” said Jeffrey A. Lipsitz, a Managing Partner at Cortec.

“As an industry leader in a growing market, we believe Harmar is well positioned to continue to gain market share across its distribution channels and to capitalize on the favorable demographic trends in its market,” added David L. Schnadig, also a Managing Partner at Cortec. “We look forward to working with Chad and the rest of the Harmar team to achieve their growth objectives.”

Chad Williams, who will continue in his current position and remain a material shareholder, explained, “We were looking for a partner with healthcare investing experience and were impressed with Cortec’s successful track record of growing medical products businesses. Our management team is confident that we have found the right partner to support the Company as we enter our next phase of development.”

The Harmar acquisition represents Cortec Fund V’s second platform investment, following its June investment in YETI® Coolers. Cortec Fund V had its final closing in 2011 with $620 million in total committed capital.

About Harmar Mobility, LLC

Founded in 1998, Harmar is a leading designer, manufacturer, and marketer of mobility and accessibility solutions for individuals who use power wheelchairs/scooters or are otherwise mobility impaired. For additional information, please visit www.harmar.com.

About Cortec

Founded in 1984, Cortec acquires high value-added, middle-market healthcare, consumer, and specialty products, service, and distribution businesses from owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages over $1 billion in its two active funds and targets platform acquisitions with enterprise values of $40 million to $300 million and smaller follow-on acquisitions. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Announces the Sale of 180 Medical Holdings, Inc.

September 2012

(New York, NY) — Cortec Group ("Cortec"), a New York based private equity firm which invests in middle-market healthcare, manufacturing, distribution, and proprietary service businesses, is pleased to announce that on September 28, 2012 its affiliate, Cortec Group Fund IV, L.P. (“Cortec Fund IV”), sold 180 Medical Holdings, Inc. (“180 Medical” or the “Company”) to ConvaTec, Inc. (“ConvaTec”), a developer and marketer of innovative medical technologies.

180 Medical is a leading distributor of disposable, single-use (intermittent) urologic catheters to over 10,000 customers in the home setting. The Company carries a comprehensive inventory of over 500 types of urologic catheters and ships directly to patients to suit the individual needs of its diverse customer base, including those with spinal cord injuries, spina bifida, multiple sclerosis and other conditions causing incontinence. 180 Medical is headquartered in Oklahoma City, OK with an additional corporate office in South Easton, MA. Further information on 180 Medical is available at www.180medical.com.

Cortec Fund IV purchased 180 Medical in September 2009 from its founder Todd Brown and his partner, Brian Warner. Under Cortec’s ownership, 180 Medical delivered outstanding performance and is now a leader in the North American intermittent catheter market. The Company’s success was driven by significant organic growth and the successful acquisition and integration of a small, but highly strategic add-on acquisition.

“We could not be happier with our investment in 180 Medical,” stated Jeffrey A. Lipsitz, a Managing Partner at Cortec. “Todd Brown, Brian Warner and the rest of the management team did an excellent job executing the Company’s organic growth strategy and seamlessly integrating South Shore while continuing to provide outstanding service to its customers and their caregivers. It was truly a privilege to be associated with the 180 team for the last 3 years.” Todd Brown added, “Cortec proved to be the value added partner we were looking for. With Cortec’s help, we were able to grow the Company to the next level, investing appropriately in personnel, facilities and systems. We are excited to embark on the Company’s next phase of growth as a part of the ConvaTec family.”

180 Medical was co-advised on the transaction by Harris Williams & Co. and Cain Brothers & Company LLC with Blank Rome LLP and Arent Fox LLP serving as counsel.

About Cortec Group

Cortec acquires high value-added, middle-market healthcare, specialty manufacturing, service, and distribution businesses with leadership positions in their market niches and the desire to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages over $1 billion in its two active funds and targets platform acquisitions with enterprise values of $30 million to $300 million and smaller follow-on acquisitions. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Group Announces the Acquisition of Barcodes, Inc.

November 2012

(New York, NY) — Cortec Group ("Cortec"), a New York based private equity firm which invests in middle-market distribution, healthcare, consumer, and specialty products and service businesses, announced that on November 2, 2012 its affiliate, Cortec Group Fund V, L.P. (“Cortec Fund V”), acquired BarcodesInc (“Barcodes” or the “Company”) in partnership with management. Terms of the transaction were not disclosed.

Headquartered in Chicago, Illinois, Barcodes is a leading distributor of automatic identification capture (“AIDC”) products, selling primarily to small and medium-sized businesses and select Fortune 500 customers. The Company’s AIDC products, which include barcode scanners, mobile computers, label printers, point-of-sale systems, identification cards, RFID equipment, and other related consumable products, allow customers to improve productivity and profitability in their businesses. Barcodes maintains strong relationships with many of the premier manufacturers in the industry, and effectively couples a strong web-site presence with technical sales capabilities to serve its customers.

“Through its unique business model, online lead generation capabilities and value-added customer service, Barcodes is a leader in its market and continues to gain share versus the competition,” said Scott Schafler, a Managing Partner at Cortec. “The Company’s deep product knowledge and efficient operations have enabled it to build long-term relationships with a diverse group of customers, which has driven the Company’s success,” added Michael Najjar, a Cortec Partner.

“We are gratified that senior management chose to work with Cortec to realize their near and longer-term objectives,” added David Schnadig, also a Managing Partner at Cortec. “We are thrilled to be partnering with a great team and excited to help facilitate and execute multiple growth initiatives.”

Daniel Nettesheim, Barcodes’ CEO, who will continue in his current position and remain a shareholder, added, “We were impressed by Cortec’s approach, including their demonstrated commitment to growth. We are genuinely enthusiastic about this new partnership, both as senior managers of the Company and continuing owners in the business.”

The Barcodes acquisition represents Cortec Fund V’s third platform investment. Cortec Fund V had its final closing in 2011 with $620 million in total committed capital.

About BarcodesInc

Founded in 1994, Barcodes is the leading distributor of automatic identification capture (“AIDC”) products, selling primarily to small and medium-sized businesses. For additional information, please visit www.barcodesinc.com.

About Cortec

Founded in 1984, Cortec acquires high value-added, middle-market distribution, healthcare, consumer, and specialty products and service businesses from owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages over $1 billion in its two active funds and targets platform acquisitions with enterprise values of $40 million to $300 million and smaller follow-on acquisitions. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Group Announces the Acquisition of 101 Mobility, LLC

May 2013

(New York, NY) — Cortec Group ("Cortec"), a New York based private equity firm which invests in middle-market healthcare, consumer, and specialty products, service, and distribution businesses, has announced that on May 22, 2013 its affiliate, Cortec Group Fund V, L.P. (“Cortec Fund V”), has entered into an equity partnership with 101 Mobility, LLC (“101 Mobility” or the “Company”) and its affiliates. Terms of the transaction were not disclosed.

Based in Wilmington, North Carolina, 101 Mobility® is a leading nationwide sales, installation and service provider of mobility and accessibility solutions for both consumer and commercial applications. The Company’s core products include stair lifts, wheelchair ramps, vertical platform lifts, vehicle lifts for mobility devices, pool lifts, turning automotive seats, and residential elevators, among others. 101 Mobility operates over 30 locations, primarily through its franchise program, with a number of locations in development.

CEO Dave Pazgan, who will continue in his current position along with founders Keith Barnhardt and Luke Sampson, said, “After launching our franchise program in 2010, we have experienced a rapid rate of growth. Our partnership with Cortec ensures that we have the resources to properly support our franchisees as we expand throughout the country.”

Cortec has experience in the industry via its ownership of Harmar Mobility, LLC, a leading manufacturer of a versatile line of mobility and accessibility equipment, which they acquired in July of 2012.

“Since teaming up with Cortec last summer, they have proven to be a valuable partner to Harmar. I’m confident that 101 will meet their growth objectives even more quickly with the resources that Cortec will be able to provide. We look forward to the opportunity to expand our relationship as an important supplier to 101 as they continue to grow,” added Chad Williams, CEO of Harmar.

“Given aging demographics and the general desire to stay active late into life and remain in one’s home, we believe the end markets that 101 and Harmar serve are poised for long term growth. We are excited to be partners with both and continue to look for opportunities in the space,” added Jeffrey Lipsitz, a Managing Partner of Cortec.

About 101 Mobility, LLC

Founded in 2008, 101 Mobility is a leading distributor, installer and servicer of residential and commercial solutions for individuals who are mobility impaired and the businesses that serve them. For additional information please visit 101Mobility.com or 101MobilityFranchise.com.

About Harmar Mobility, LLC

Founded in 1998, Harmar is the leading designer, manufacturer, and marketer of mobility and accessibility solutions for individuals who are mobility impaired. For additional information, please visit www.harmar.com.

About Cortec

Founded in 1984, Cortec acquires high value-added, middle-market healthcare, consumer, and specialty products, service, and distribution businesses from owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages over $1 billion in its two active funds and targets platform acquisitions with enterprise values of $40 million to $300 million and smaller follow-on acquisitions. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Group Announces the Acquisition of Canadian Hospital Specialties ULC

November 2013

(New York, NY) — Cortec Group ("Cortec"), a New York private equity firm which invests in middle market healthcare, consumer, and specialty products, service and distribution businesses, announced that on November 12, 2013, a group led by its affiliate, Cortec Group Fund V, L.P. (“Cortec Fund V”), acquired Canadian Hospital Specialties ULC (“CHS” or the “Company”). Investing alongside Cortec Fund V are David, Thomas, Gary and Brian Enns, whose father founded the business in 1967, and other key members of the Company’s senior leadership team. Terms of the transaction were not disclosed.

Based in Oakville, Ontario, CHS manufactures, sells, markets and distributes disposable medical and surgical products primarily to the Canadian hospital market. CHS conducts its business through three key segments: (i) production and sale of its proprietary MED-RX branded products; (ii) exclusive sale and distribution in Canada of products supplied by global medical device manufacturers; and (iii) outsourced manufacturing of disposable medical products for OEM healthcare companies. The Company’s product portfolio is comprised of more than 5,000 highly clinical, “outcome-driven” products that are differentiated based on safety, quality, and customization for ease of use and include nursing and anesthesia procedure kits/trays, stents, enteral safe feeding systems, tracheal suction products, chest drains, gastrostomy tubes, needles, catheters, vascular grafts, among many others.

“The Company’s comprehensive and innovative portfolio of branded products and excellent customer service makes CHS a value-added partner for its customers, which has enabled it to secure leading market positions in a number of key Canadian hospital call points,” said Jeffrey A. Lipsitz, a Managing Partner at Cortec.

“As a result of the Company’s highly regarded reputation with hospital purchasing decision makers, we believe CHS is well positioned to continue to penetrate the Canadian hospital market and capitalize on favorable demographic and end market trends,” added Michael E. Najjar, a Partner at Cortec. “We look forward to working with David and the rest of the CHS team to achieve their growth objectives.”

David Enns, President and CEO, who will continue in his current position along with the rest of the Enns family, each of whom will remain a material shareholder, explained, “We were looking for a partner with healthcare investing experience and were impressed with Cortec’s successful track record of working with management teams to grow medical products and distribution businesses. We are confident that we have found a great partner with the capital, expertise and experience to support the Company’s plans to grow organically and through acquisition.”

TM Asante Healthcare Partners, the healthcare investment banking practice of TM Capital Corp., served as financial advisor to CHS.

The CHS acquisition represents Cortec Fund V’s fourth platform investment.

About Canadian Hospital Specialties ULC

Founded in 1967, CHS is a leading manufacturer, marketer, and distributor of disposable medical products to the Canadian hospital market. For additional information, please visit www.chsltd.com.

About Cortec

Founded in 1984, Cortec acquires high value-added, middle-market healthcare, consumer, and specialty products, service, and distribution businesses from owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages over $1 billion in its two active funds and targets platform acquisitions with enterprise values of $40 million to $300 million and smaller follow-on acquisitions. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Group Announces the Acquisition of Weiman Products, LLC

November 2013

(New York, NY) — Cortec Group ("Cortec"), a New York private equity firm which invests in middle market consumer, healthcare, and specialty products, service and distribution businesses, announced that on November 22, 2013, a group led by its affiliate, Cortec Group Fund V, L.P. (“Cortec Fund V”), acquired Weiman Products, LLC (“Weiman” or the “Company”). Terms of the transaction were not disclosed.

Based in Gurnee, Illinois, Weiman is a leading provider of premium branded specialty cleaning products for the consumer market and specialty cleaning, sterilization and disinfectant products for the healthcare market. Weiman’s consumer division produces, markets and distributes over 50 formulations of branded specialty household cleaning products, all sold under the Weiman® or Wright’s® brand names, that address distinct cleaning needs within home, appliance, furniture and other specialty categories. The Company’s consumer products are sold through a broad base of blue chip retailers in the global mass, food, drug, specialty and e-Commerce channels, covering over 50,000 retail doors. The Company’s healthcare division develops and manufactures over 60 healthcare formulas, consisting of detergents, instrument care solutions, high level disinfectants for processing surgical instruments, and general surface disinfection products. The Company’s healthcare products are used in the acute, physician, dental and veterinary healthcare markets and are sold to the channel’s leading OEMs and distributors.

Carl DeMasi, Weiman’s long-time President and CEO, stated, “The entire team at Weiman is thrilled to be teaming with Cortec as we enter our next phase of growth. They bring to the table a unique blend of consumer and healthcare investing experience that will undoubtedly allow us to hit the ground running.” Mr. DeMasi and the rest of the senior management team will continue in their current roles and as shareholders in the Company.

“Weiman has built an outstanding long-term track record under Carl’s leadership, evidenced by 32 consecutive years of sales growth. The Company’s consistent strong performance is directly attributable to the Weiman® brand’s reputation for quality, efficacy and value among a broad range of consumers ,” said David L. Schnadig, a Managing Partner at Cortec. “Weiman’s historical growth has been impressive, but Cortec is even more excited about the Company’s future prospects. Through development of innovative products, expansion into adjacent channels and acquisitions, we believe the Company is poised for accelerated growth and are looking forward to partnering with the Weiman team,” added Jeffrey R. Shannon, a Managing Director at Cortec.

Duff & Phelps Securities, LLC served as financial advisor to Weiman.

The Weiman acquisition represents Cortec Fund V’s fifth platform investment.

About Weiman Products, LLC

Founded in 1963, Weiman is a leading provider of premium branded specialty cleaning products for the consumer market and specialty cleaning, sterilization and disinfectant products for the healthcare market. For additional information, please visit www.weiman.com.

About Cortec

Founded in 1984, Cortec acquires high value-added, middle-market consumer, healthcare, and specialty products, service, and distribution businesses from owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages over $1 billion in its two active funds and targets platform acquisitions with enterprise values of $40 million to $300 million and smaller follow-on acquisitions. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Group Announces the Acquisition of IOP Ophthalmics

December 2013

(New York, NY) — Cortec Group ("Cortec"), a New York private equity firm which invests in middle market healthcare, consumer, and specialty products, service and distribution businesses, announced that on December 12, 2013, Katena Holdings, Inc. (“Katena”), a portfolio company of Cortec Group Fund IV, L.P., (“Cortec IV”) acquired Arxa5 Corporation d/b/a IOP Ophthalmics (“IOP”). Terms of the transaction were not disclosed.

IOP is an innovation-driven, medical technology company, providing specialty ophthalmic surgical products. IOP develops, commercializes and distributes a wide range of tissue-based and device solutions used in the cornea, glaucoma and oculoplastic subspecialty markets. Its products are sold to hospitals, surgery centers and ophthalmic surgeons.

Bill Friedberg, CEO of Katena, commented “The acquisition of IOP is a logical extension of Katena’s position in the ophthalmic surgical market. As we serve a very similar customer base, this combination of two highly respected and successful companies not only creates greater critical mass in the ophthalmology marketplace, but enhances our ability to provide more clinical solutions and be of greater value to our customers.”

Jonathan Stein, a Partner at Cortec, added “Cortec is excited about the combination of Katena and IOP. This complementary acquisition provides both companies with exciting opportunities for growth in the U.S. and abroad. We look forward to the IOP team joining the Katena organization and Cortec IV portfolio, including IOP’s founders, Jason Malecka and Erich Ziegler, who are now shareholders of Katena.”

About Katena

Katena is a leading designer and marketer of surgical instruments for ophthalmic surgery. Katena’s products are sold globally to hospitals, ambulatory surgery centers and individual ophthalmic surgeons. Katena offers a comprehensive, proprietary line of precision-manufactured, reusable microsurgical instruments sold primarily under the Katena® brand name. Katena also exclusively distributes certain single patient use corneal transplant devices. Additional information about Katena can be found at www.katena.com.

About IOP

IOP specializes in providing preserved human tissue used to treat damaged corneas as well as in connection with certain kinds of glaucoma surgery. IOP also markets several related specialty surgical products used in glaucoma and oculoplastic surgery. IOP’s products are sold under the Ambio5®, Ambio2TM,AmbioDiskTM, Molteno®, and Tutoplast® brands to hospitals, surgery centers and ophthalmic surgeons. Additional information about IOP can be found at www.iopinc.com.

About Cortec

Founded in 1984, Cortec acquires high value-added, middle-market healthcare, consumer, and specialty products, service, and distribution businesses from owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages over $1 billion in its two active funds and targets platform acquisitions with enterprise values of $40 million to $300 million and smaller follow-on acquisitions. Additional information about Cortec can be found at www.cortecgroup.com.

Weiman Acquires Specialty Cleaning Division from Homax

January 2014

(New York, NY) — Cortec Group ("Cortec"), a New York private equity firm which invests in middle market consumer, healthcare, and specialty products, service and distribution businesses, is pleased to announce that Weiman Products, LLC (“Weiman” or the “Company”), a recently acquired portfolio company of Cortec Group Fund V, L.P. (“Cortec Fund V”), has acquired all of the specialty cleaning brands of The Homax Group, Inc. (“Homax”). Homax’s specialty cleaning brands include Goo Gone®, Magic®, Stone Care International®, Natural Magic®, OOPS!® Paint Remover, and Gonzo.

“Adding Homax’s specialty cleaning brands to Weiman solidifies the Company’s position as the leading specialty cleaning products provider in the market,” said Carl DeMasi, Weiman’s President and CEO. “We fully expect our customers, suppliers, and employees to benefit from this acquisition.”

“This acquisition made perfect sense for Weiman,” added David Schnadig, a Managing Partner at Cortec. “Homax’s specialty cleaning product line is highly complementary to Weiman’s and supplements already strong brand equity and awareness, particularly with the well known Goo Gone® and Magic® brands.”

“We share the Weiman management team’s enthusiasm. This acquisition adds scale, introduces new product categories and provides immediate access to additional served markets,” said Jeffrey Shannon, a Managing Director at Cortec.

The Homax acquisition represents Cortec Fund V’s seventh acquisition.

About Weiman Products, LLC

Based in Gurnee, Illinois, Weiman is a leading provider of premium branded specialty cleaning products for the consumer market and specialty cleaning, sterilization and disinfectant products for the healthcare market. Weiman’s consumer division produces, markets and distributes over 50 formulations of branded specialty household cleaning products, sold under the Weiman® and Wright’s® brand names, that address distinct cleaning needs within home, appliance, furniture and other specialty categories. The Company’s consumer products are sold through a broad base of blue chip retailers in the global mass, food, drug, specialty and e-Commerce channels, covering over 50,000 retail doors. Weiman’s healthcare division develops and manufactures over 60 healthcare formulas, consisting of detergents, instrument care solutions, high level disinfectants for processing surgical instruments, and general surface disinfection products. The Company’s healthcare products are used in the acute, physician, dental and veterinary healthcare markets and are sold to many of the channel’s leading OEMs and distributors.

About Cortec

Founded in 1984, Cortec acquires high value-added, middle-market consumer, healthcare, and specialty products, service, and distribution businesses from owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages over $1 billion in its two active funds and targets platform acquisitions with enterprise values of $40 million to $300 million and smaller follow-on acquisitions. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Group Announces the Acquisition of Inter V Medical by Canadian Hospital Specialties

September 2014

(New York, NY) — Cortec Group ("Cortec"), a New York private equity firm which invests in middle market healthcare, consumer, and specialty products, service and distribution businesses, announced that on September 3, 2014, CHSL Holdco, Inc. (“CHS”), a portfolio company of Cortec Group Fund V, L.P. (“Cortec V”), acquired Inter V Medical Inc. (“IVM”), a portfolio company of Entrepreneur Capital Inc. (“Entrepreneur Capital”), a Montreal-based private equity firm. Terms of the transaction were not disclosed.

Based in Montreal, Quebec, IVM markets and distributes medical products provided by global device manufacturers to the Canadian hospital market. The Company maintains long-standing, exclusive distribution relationships with leading manufacturers of products used primarily in the biopsy, cardiology and endovascular surgical end markets.

David Enns, CEO of CHS, commented, “The acquisition of IVM will allow CHS to expand our interventional sales division into adjacent hospital segments with a highly complementary product portfolio. As CHS and IVM serve a very similar hospital customer base, the combination of these two highly-respected and successful companies further enhances CHS’ leading presence in Canada, and allows us to provide more comprehensive solutions, and thereby greater value, to our customers.”

“We share the CHS management team’s enthusiasm for the acquisition,” added Jeffrey Lipsitz, a Managing Partner at Cortec. “This highly strategic acquisition provides both companies with compelling opportunities for future growth. We look forward to working with the IVM team to create a leader in the Canadian acute care market.”

The IVM acquisition represents Cortec V’s eighth acquisition.

About CHS

Based in Oakville, Ontario, CHS manufactures, sells, markets and distributes disposable medical and surgical products primarily to the Canadian hospital market. CHS conducts its business through three key segments: (i) production and sale of its proprietary MED-RX branded products; (ii) exclusive sale and distribution in Canada of products supplied by global medical device manufacturers; and (iii) outsourced manufacturing of disposable medical products for OEM healthcare companies. For additional information, please visit www.chsltd.com.

About IVM

Founded in 1992, IVM is a leading provider of medical products developed by global device manufacturers to the Canadian hospital market. For additional information, please visit www.intervmedical.com.

About Cortec

Founded in 1984, Cortec acquires high value-added, middle-market healthcare, consumer, and specialty products, service, and distribution businesses from owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages over $1 billion in its two active funds and targets platform acquisitions with enterprise values of $40 million to $300 million and smaller follow-on acquisitions. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Group Announces The Sale of CGI Windows and Doors Holdings, Inc.

September 2014

(New York, NY) — Cortec Group ("Cortec"), a New York based private equity firm which invests in middle-market building, consumer, healthcare and specialty products, service, and distribution businesses, is pleased to announce that its affiliate, Cortec Group Fund IV, L.P. (“Cortec Fund IV”), sold CGI Windows and Doors Holdings, Inc. (“CGI” or the “Company”) to PGT, Inc., a leading manufacturer and supplier of residential impact-resistant windows and doors based in North Venice, FL.

CGI is a leading producer of high quality impact-resistant aluminum and vinyl framed windows and doors sold under the Estate™, Sentinel™, and Targa™ brand names for single- and multi-family residential construction, as well as hotels and light commercial projects in Florida and the Caribbean. The Company’s comprehensive product offering is compliant with the rigorous Miami-Dade and Florida Building Code certifications and products are 100% made-to-order in CGI’s facility in Miami, FL. Additional information on CGI is available at www.cgiwindows.com.

“Over the course of our involvement with CGI, we built on a legacy of success; assembling a world-class team and enabling them to invest through the downturn launching new products and expanding distribution,” stated Jeffrey A. Lipsitz, a Managing Partner at Cortec. Michael E. Najjar, a Partner at Cortec, added, “A lot of hard work resulted in a great outcome for management, for Cortec and its investors and for PGT who bought a great company poised for continued growth. It was a pleasure to work with this team and we wish them well in the future.”

CGI was co-advised on the transaction by KeyBanc Capital Markets Inc. and Piper Jaffray & Co., with DLA Piper LLP serving as counsel.

About Cortec Group

Cortec acquires high value-added, middle market building, consumer, healthcare and specialty products, service, and distribution businesses with leadership positions in their market niches and the desire to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages over $1 billion in its two active funds and targets platform acquisitions with enterprise values of $30 million to $300 million and smaller follow-on acquisitions. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Group Portfolio Company Barcodes Group, Inc. Announces The Acquisition of OCR Canada, LTD.

December 2014

(New York, NY) — Cortec Group ("Cortec"), a New York private equity firm which invests in middle market distribution, healthcare, consumer, and specialty products and service businesses, announced that on December 9, 2014, Barcodes, Inc. (“Barcodes”), a portfolio company of Cortec Group Fund V, L.P. (“Cortec V”), acquired OCR Canada, Ltd. (“OCR”). Terms of the transaction were not disclosed.

Based in Markham, Ontario, OCR is a leader in the delivery of automated identification and data capture (“AIDC”) solutions to companies throughout Canada. OCR provides data capture, mobile computing, and wireless infrastructure products along with custom software applications and onsite integration and support services to over 8,000 customers.

Dan Nettesheim, CEO of Barcodes, commented, “Our goal is to make capturing and managing enterprise data easier than ever before for our customers. With OCR’s leadership position in enterprise mobility, RFID, and barcode solutions in Canada, we will combine our strengths to provide a greater product, software and professional services offering to our customers across North America.”

“Being a part of Barcodes will allow us to do even more for our customers than we could have on our own,” added Jack Art, President of OCR. “In addition to improving our digital service capabilities for our customers, we will increase our technical and service capabilities and further strengthen our relationships with premier OEM partners across the industry.”

“We share the Barcodes management team’s excitement for such a highly strategic acquisition,” said Dave Schnadig, a Cortec Managing Partner. Cortec Partner Mike Najjar added, “The combined product lines and software and professional services capabilities of these two companies provide meaningful opportunities for future growth throughout North America. We look forward to working with the OCR team to continue to expand on its leadership position in the Canadian AIDC market.”

The OCR acquisition represents Cortec V’s ninth acquisition.

About Barcodes

Founded in 1994, Barcodes is a recognized leader in the delivery of AIDC products and solutions in North America, providing barcoding, RFID, and enterprise mobility capabilities to small- and medium-sized businesses, as well as to two-thirds of the Fortune 500. For additional information, please visit www.barcodesinc.com.

About OCR

Founded in 1972, OCR is a leader in the delivery of AIDC solutions to companies throughout Canada, providing data capture, mobile computing, and custom software solutions along with onsite integration and support services. For additional information, please visit www.ocr.ca.

About Cortec

Founded in 1984, Cortec acquires high value-added, middle-market distribution, healthcare, consumer, and specialty products and service businesses from owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages over $1 billion in its two active funds and targets platform acquisitions with enterprise values of $40 million to $300 million and smaller follow-on acquisitions. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Group Announces the Acquisition of Vidaris and LPI

March 2015

(New York, NY) — Cortec Group ("Cortec"), a New York private equity firm which invests in middle market specialty service, healthcare, consumer, and distribution businesses, announced that on March 16, 2015, a group led by its affiliate, Cortec Group Fund V, L.P. (“Cortec Fund V”), and management acquired IBA Holdings, LLC d/b/a Vidaris and LPI (“Vidaris”, “LPI”, or the “Company”). Terms of the transaction were not disclosed.

Founded nearly 90 years ago and headquartered in New York, NY, Vidaris and LPI are leading specialty architectural and engineering consulting firms, respectively, providing highly technical, value-added advisory, inspection and testing services. The Company employs over 200 professionals in eight offices worldwide and serves as an independent third-party advisor for leading developers, property owners, industrial operators, utilities, architects and engineers. The Company’s multidisciplinary, integrated service offering includes three major segments: (i) Building Envelope: wall, window, roof and restoration consulting; (ii) Engineering: fitness-for-service and failure analysis; and (iii) Energy: building sustainability /energy efficiency consulting.

Marc Weissbach, Vidaris CEO, stated, “The investment from Cortec presents extraordinary opportunities for our employees and will provide the capital and additional experience to enable us to rapidly grow our practice. I am fortunate to have had the opportunity to work closely with Cortec’s team throughout the process, and I am confident they will make a meaningful contribution while maintaining our culture and values.” Mr. Weissbach and the firm’s partners, including founding partner Israel Berger, will continue as shareholders and employees following closing. Jeffrey Somerlot, Robert Vecchio, and Adrian Tuluca lead the Envelope, Engineering, and Energy practices, respectively. Former NYC Buildings Commissioner, Robert LiMandri, has recently established its Code Advisory practice.

“Vidaris and LPI have an outstanding reputation with their customers as leaders in their technical service offerings. We were attracted to the company based on the success they have achieved in the market and the opportunities to expand their business in the future.” said Scott Schafler, a Managing Partner at Cortec. “We look forward to supporting Marc Weissbach and the management team to continue to grow their core business and to expand their services and geographic footprint.” added Jeffrey Lipsitz, a Managing Partner at Cortec. Jonathan Stein, a Partner at Cortec, concluded “Vidaris and LPI align well with Cortec’s strategy of partnering with management teams of high value-added businesses to accelerate their organic and acquisition driven growth.” The Vidaris acquisition represents Cortec Fund V’s sixth platform investment.

About Vidaris

Vidaris is a provider of niche consulting services within the architecture, engineering and construction industries focusing on high-performance buildings and specialty structures. Using an integrated approach, its professionals provide solutions for building envelope, energy efficiency and sustainability projects. Through its Lucius Pitkin, Inc. subsidiary, a firm which has roots in New York going back to 1885, Vidaris provides complex engineering services relatd to failure analyses and fitness for service, including metallurgy, stress analysis, and fracture mechanics. For additional information, please visit www.vidaris.com and www.lpiny.com.

About Cortec

Founded in 1984, Cortec acquires high value-added, middle-market consumer, healthcare, and specialty products, service, and distribution businesses from owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages over $1 billion in its two active funds and targets platform acquisitions with enterprise values of $40 million to $300 million and smaller follow-on acquisitions. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Group Announces the Acquisition of Urnex Brands, LLC

April 2015

(New York, NY) — Cortec Group ("Cortec"), a New York private equity firm which invests in middle market consumer, specialty service, healthcare, and distribution businesses, announced that on April 16, 2015, a group led by its affiliate, Cortec Group Fund V, L.P. (“Cortec Fund V”), and Urnex management acquired Urnex Brands, LLC (“Urnex” or the “Company”). Terms of the transaction were not disclosed.

Founded in 1936 and headquartered in Elmsford, NY, Urnex manufactures a comprehensive portfolio of coffee machine cleaning products for commercial and household use. The Company’s products are critical to ensuring better tasting coffee, keeping brewing equipment clean and driving greater machine functionality and durability. A variety of brand names, including Urnex®, Puro®, and Full Circle® are familiar to customers around the world. Urnex maintains a loyal, long-standing and diverse customer base of leading coffee roasters, food service providers, equipment manufacturers and retailers.

Joshua Dick, Urnex’s President and CEO, who will continue in his current role and retain a significant ownership interest in Urnex, stated “We were seeking a partner who would help drive Urnex’s expansion plans and support the Company in its next phase of growth.” He further stated that “Cortec’s relevant experience and track record of successfully investing in entrepreneur-led, high-growth businesses, as well as deep specialty consumer products experience was extremely important to me.”

Urnex has built an outstanding long-term track record of growth under Josh’s leadership, and has become the market leader in the coffee machine cleaning products industry. “The Company’s success is directly attributable to the Urnex® brand and its reputation for quality, efficacy and value among a broad range of commercial and household consumers”, said David Schnadig, a Managing Partner at Cortec. “We are gratified Josh chose to work with Cortec to support Urnex’s near and longer-term growth objectives,” added Mike Najjar, also a Managing Partner at Cortec. “We are thrilled to be partnering with a great team and look forward to building on the Company’s outstanding track record of success.” The Urnex acquisition represents Cortec Fund V’s seventh platform investment.

Robert W. Baird & Co. served as financial advisor to Urnex.

About Urnex

Urnex manufactures and markets coffee machine cleaning products to a variety of end markets in more than 70 countries. The Company offers a comprehensive portfolio of coffee machine cleaning, descaling and sanitizing products in a variety of forms (e.g., liquid, tablet, powder, etc.) which are sold under the Urnex®, Puro®, and Full Circle® brand names, among others. These products are sold to leading coffee chains, foodservice providers, machine manufacturers, and retailers. Urnex operates from a headquarters and manufacturing facility in Elmsford, New York. For additional information, please visit www.urnex.com.

About Cortec

Founded in 1984, Cortec acquires high value-added, middle-market consumer, healthcare, and specialty products, service, and distribution businesses from owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Completes Raise Of Cortec Fund VI

May 2015

(New York, NY) — Cortec Group www.cortecgroup.com ("Cortec"), a New York-based private equity firm which invests in U.S. and Canadian middle-market specialty healthcare, consumer and engineered products, and value-added distribution and service businesses, announced that on May 21, 2015, Cortec Group Fund VI, L.P. and its affiliated funds (“Cortec Fund VI”) held a final closing on $1.1 billion.

“We are very pleased to announce that after approximately two months of fundraising-related meetings we completed the Cortec Fund VI raise, hitting our hard cap,” said Dave Schnadig, a Managing Partner at Cortec. “We are appreciative of the support from our existing investors and enthusiastic about the addition of several well-respected new institutions to our latest limited partnership,” added Jeff Lipsitz, a Cortec Managing Partner. “To experience the firm’s evolution from its first institutional capital pool of $27 million in 1990 to our current level is extremely gratifying,” said Scott Schafler, a Cortec founder and Managing Partner. The senior Cortec team, which includes Partners Jon Stein, Gene Nesbeda and Jeff Shannon, has worked together for many years and remains intact for Cortec Fund VI.

Cortec focuses on investing in three types of opportunities:

  • Entrepreneurs leading high growth companies who are looking for an experienced teammate to help them implement systems, processes and controls, and hire personnel to build the foundation for sustainable future expansion;
  • Business owners seeking to transition out of their companies who want a value-added partner to manage the process while maintaining the culture and goodwill of the business with employees, customers and suppliers; and
  • Carve-outs of corporate divisions which lack a complete leadership team, cohesive business strategy and/or face other challenges requiring change or improvement.

“Based on various third-party indices, under the leadership of its current Managing Partners, Cortec has delivered consistently attractive returns to its investors,” noted Mike Najjar, who was promoted to Managing Partner coincident with the final closing of Cortec Fund VI.

“We believe our success in working with business owners who want a partner that brings a combination of real-world business experience and private equity knowledge is unrivaled in the middle market,” said Jeff Lipsitz. Dave Schnadig added, “In fact, a number of our former and current portfolio company CEOs and senior executives believe so strongly in our strategy that they invested nearly $20 million in Cortec Fund VI.”

As with its prior three funds, Cortec Fund VI will focus on platform investments with revenues of more than $25 million and $5-30 million in trailing EBITDA.

Cortec Group Announces the Sale of Katena Holdings, Inc.

June 2015

(New York, NY) — Cortec Group ("Cortec"), a New York based private equity firm which invests in middle-market healthcare, consumer and specialty products, service, and distribution businesses, is pleased to announce that its affiliate, Cortec Group Fund IV, L.P. (“Cortec Fund IV”), has sold Katena Holdings, Inc. (“Katena” or the “Company”) to affiliates of Audax Private Equity.

Katena is a leading specialty surgical and consumable ophthalmic products company providing instruments, biologics and devices under the Katena® and IOP® brand names. Katena’s proprietary products are sold globally in more than 110 countries to hospitals, ambulatory surgery centers, individual ophthalmic surgeons, and optometrists. Additional information on Katena is available at www.katena.com.

Cortec acquired Katena from its founders who retired from the Company at closing. “During our ownership we transitioned Katena from a successful founder-managed instruments business into a diversified specialty ophthalmic products growth company led by a seasoned management team” stated Scott Schafler, a Managing Partner at Cortec. Jonathan Stein, a Partner at Cortec, added, “Through the creation of a national direct salesforce, as well as the execution of a highly strategic add-on acquisition, we doubled Katena’s size and profitability.” Schafler concluded: “We are extremely pleased with the outcome for Katena’s shareholders and management and believe that Audax will be an excellent partner for management going forward.”

About Cortec Group

Cortec acquires high value-added, middle market healthcare, consumer and specialty products, service, and distribution businesses with leadership positions in their market niches and the desire to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages over $2 billion in its three active funds and targets platform acquisitions with enterprise values of $30 million to $300 million and smaller follow-on acquisitions. In May 2015 Cortec raised its sixth institutional fund with $1.1 billion in commitments. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Group Announces Promotions and New Hires

August 2015

(New York, NY) — Cortec Group ("Cortec" or the "Firm"), a New York based private equity firm which invests in middle-market healthcare, consumer and specialty products, service, and distribution businesses, is pleased to announce a number of key promotions and new hires during the past few months.

Coincident with the May 22, 2015 final closing of Cortec Group Fund VI, L.P. (“Cortec VI”) at its hard cap of $1.1 billion, Mike Najjar was promoted to Managing Partner, joining Dave Schnadig, Jeff Lipsitz and Scott Schafler. At the same time, Jeff Shannon became a Partner of the Firm and Bill Tucker was elevated to Managing Director.

On May 11, 2015, Cortec hired Michael Neuberger as its Chief Financial Officer. Michael came to the Firm after leading the Fund Accounting Group at Cerberus Capital Management and with sixteen years prior experience as a Controller at Goldman Sachs. Jessica Palfrey joined the Firm on July 20 as an Associate after two years at BlackArch Partners, a leading middle-market investment bank based in Charlotte, NC. On August 3 Doug Kruep arrived at Cortec as a Managing Director. Doug was previously Vice President and General Manager U.S. Sports & Entertainment at The Topps Company, with relevant prior leadership experience at Jarden Corporation and Newell Rubbermaid. Doug brings deep and broad knowledge of consumer and business-to-business products strategy and markets to the Firm.

Cortec is excited by the continued expansion of its team, both through internal progression and hiring of top-level talent. In Cortec VI we look forward to continuing our proven formula of: i) helping entrepreneurs build the infrastructure necessary to facilitate long-term company growth and ii) managing senior leadership transitions in businesses where an owner wishes to retire or step back from daily operations.

Cortec acquires high value-added, middle market healthcare, consumer and specialty products, service, and distribution businesses with leadership positions in their market niches and the desire to work with Cortec to drive growth and improve business fundamentals. The Firm currently manages over $2.1 billion in its three active funds and targets platform acquisitions with enterprise values of $30 million to $300 million and smaller follow-on acquisitions. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Group Announces The Acquisition of Community Veterinary Partners

October 2015

(New York, NY) — Cortec Group ("Cortec"), a New York private equity firm which invests in middle market healthcare, specialty service, consumer, and distribution businesses, announced that on October 30, 2015, a group led by its affiliate, Cortec Group Fund V, L.P. (“Cortec Fund V”), in partnership with management, recapitalized Community Veterinary Partners, LLC (“CVP” or the “Company”). Terms of the transaction were not disclosed.

Headquartered in Philadelphia, PA, CVP manages a network of veterinary hospitals located predominantly in the northeastern U.S. CVP was founded in 2009 with the goal of supporting veterinarians who provide great clinical medicine and benefit from general business tools to manage and grow their hospitals. To enhance their operations, CVP hospitals are provided access to various resources in the areas of marketing, leadership development, finance, and human resources. Importantly, local medical leaders retain all clinical decision-making authority. CVP’s mission is to provide operational support to its hospitals, enabling veterinarians to focus on practicing medicine and providing high quality pet and animal care.

“We believe CVP’s model of partnering with veterinarians and focus on the delivery of high quality medical services has proven to be a key differentiator in the market. CVP’s successful track record of attracting leading regional veterinarians to its network speaks for itself.” said Jeffrey Lipsitz, a Managing Partner at Cortec. “We are excited about the path forward. In partnership with Cortec, CVP will now have the resources needed to support management’s ambitious plans to expand the network’s footprint throughout the Eastern U.S.”, added Jeffrey Shannon, a Cortec Partner.

Daniel Eisenstadt, CVP’s co-founder and Chairman, who together with co-founder Michael Raphael will continue to drive the growth of CVP while retaining significant ownership, commented that, “Cortec is an ideal partner for CVP, given their investment experience in healthcare and multi-site businesses and strong track record of helping founder-owned businesses achieve their next level of growth.” Raphael further stated that, “Cortec also shares CVP’s commitment to supporting veterinarians and maintaining the culture and standard of care of our growing group of practices.” Fali Sidhva, CVP’s President and Chief Operating Officer, added, “We look forward to building on the growth our company has enjoyed. Our entire management team is enthusiastic about the capabilities that Cortec brings to CVP to continue that expansion trend while providing added support to our partner hospitals.”

The CVP acquisition represents Cortec Fund V’s eighth and final platform investment. Cortec is now making new platform investments out of Cortec Fund VI, a $1.1 billion fund that closed in May 2015.

Piper Jaffray served as financial advisor to CVP.

About CVP

CVP manages 17 veterinary hospitals located throughout the northeastern United States. The Company owns hospitals in Pennsylvania (12), New York (2), New Jersey (1), Maryland (1) and Connecticut (1). CVP hospitals have the benefit of accessing various business tools to manage their hospital, while keeping local control of clinical medicine. Please visit www.cvpco.com to learn more.

About Cortec

Founded in 1984, Cortec acquires high value-added, middle-market healthcare, specialty service, consumer, and distribution businesses from owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Group Announces The Acquisition of Center for Vein Restoration

January 2016

(New York, NY) — Cortec Group ("Cortec"), a New York private equity firm which invests in middle market healthcare, specialty service, consumer, and distribution businesses, announced that on January 4, 2016, a group led by its affiliate, Cortec Group Fund VI, L.P. (“Cortec Fund VI”), in partnership with management, acquired CVR Management, LLC (“Center for Vein Restoration”, “CVR” or the “Company”). Terms of the transaction were not disclosed.

Headquartered in Greenbelt, MD, CVR provides management services to a network of 43 clinics that provide medical treatment for various grades of chronic venous insufficiency (commonly known as varicose and/or spider veins). The clinics, located through the Mid-Atlantic and Northeastern United States, offer diagnostic and treatment services primarily utilizing ultrasound, sclerotherapy and laser and radiofrequency ablations.

“CVR’s industry-leading reputation was built by its exceptional medical staff, expertise in the treatment of venous disease, and commitment to realizing positive clinical outcomes for each patient the Company treats. This reputation has allowed the Company to expand geographically and generate impressive growth and strong financial performance,” stated Jeffrey A. Lipsitz, a Managing Partner at Cortec. Jeffrey Shannon, a Partner at Cortec added, “We are looking forward to working with CVR’s outstanding management team and network of physicians to build upon the Company’s successful track record of clinic expansion in CVR’s existing markets and strategically entering new geographies.”

Dr. Sanjiv Lakhanpal, CVR’s founder, President and CEO, who will continue to lead CVR while retaining a significant ownership stake, commented that, “Cortec’s experience with multi-site healthcare businesses and sales and marketing organizations makes them an excellent partner in our next phase of growth.” Dr. Lakhanpal explained, “Cortec also understands CVR’s commitment to provide physicians with the highest levels of support, which allows them to maintain high-quality service and excellent patient outcomes, which is extremely important as we expand our footprint.”

The CVR acquisition represents the first platform investment in Cortec Fund VI, a $1.1 billion fund that closed in May 2015.

Piper Jaffray served as financial advisor to CVR.

About Center for Vein Restoration

CVR is a nationally recognized leader in the treatment of varicose and spider veins. The Company provides management services to 43 vein treatment clinics throughout the Mid-Atlantic and Northeastern United States with clinics in Maryland, Virginia, New Jersey, New York, Washington DC, Michigan and Pennsylvania. Please visit www.centerforvein.com to learn more.

About Cortec

Founded in 1984, Cortec acquires high value-added, middle-market healthcare, specialty service, consumer, and distribution businesses from owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Group Announces Investment in Chauvet Lighting

April 2016

(New York, NY) — Cortec Group ("Cortec"), a private equity firm which invests in consumer, healthcare, and specialty products, service and distribution businesses, announced that on March 29, 2016, a group led by its affiliate, Cortec Group Fund VI, L.P. ("Cortec Fund VI"), in partnership with management, made a substantial investment in Chauvet and Sons, LLC ("Chauvet" or the "Company"). Terms of the transaction were not disclosed.

Founded in 1990 by Albert Chauvet and headquartered in Sunrise, Florida, Chauvet is a leading developer and marketer of branded entertainment and architectural lighting products, trussing, controllers and related equipment used in applications ranging from DJ, club, corporate events, hospitality venues, and houses of worship, to more demanding settings including concert tours, theaters, television and “architainment.” The Chauvet family remains significant investors in the company.

Chauvet serves customers throughout the world from its facilities in the U.S. (Florida and California), United Kingdom, Belgium and Mexico as well as via a global network of approximately 2,000 authorized dealers and distributors. Albert Chauvet, who will continue to lead the business, stated: “Finding the right partner to help our team continue its rapid pace of new product introductions, global expansion and growth was critical. Cortec understood our business and brought relevant experience to the table. They did everything they said they would, and closed the transaction on schedule and as promised.”

“We have been very impressed by Chauvet’s strong position in the DJ market and how, through their focus on product innovation and superior value proposition, they have established themselves as a leading player in the Professional market” said Scott Schafler, a Managing Partner at Cortec. “We look forward to supporting Albert and the Chauvet management team as they continue to grow their business and market presence globally” added David Schnadig, a Managing Partner at Cortec. Jonathan Stein, a Partner at Cortec, concluded “Chauvet is a great fit for Cortec; we are confident that our experience successfully partnering with and providing expansion capital for entrepreneur-owned businesses can bring value to Chauvet.”

The Chauvet transaction is the second platform investment in Cortec Fund VI, a $1.1 billion fund that closed in May 2015.

About Chauvet

Chauvet is a leading developer of luminaires, trussing, controllers, atmospherics and related equipment marketed globally under four main brands: CHAUVET® DJ, CHAUVET® Professional, ILUMINARC® and TRUSST®. Each Chauvet brand serves a different customer need, but shares the Company’s focus on positively impacting every market segment with a competitive advantage in terms of value, innovation and performance. Founded in 1990 by Albert and Berenice Chauvet, the Company is widely recognized for its leadership in bringing successful concepts to market, including pioneering the development of affordable LED color mixing fixtures. To find out more about Chauvet, its mission, vision, career opportunities and corporate charitable and community activities, please visit www.chauvetlighting.com.

About Cortec

Founded in 1984, Cortec acquires high value-added, middle-market consumer, healthcare, and specialty products, service and distribution businesses from owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Group Announces New Hires & Promotion

October 2016

(New York, NY) — Cortec Group (“Cortec” or the “Firm”), a New York based private equity firm which invests in middle-market specialty healthcare, consumer and niche products, service, and distribution businesses, is pleased to announce two new hires and a promotion.

On October 1, Robert Whipple, most recently a Principal at Apax Partners, joined Cortec as a Managing Director. Jack Miner, an Associate with Cortec since 2011, was promoted to Vice President effective on August 1. On July 18, Cortec hired Nick Cooper as an Associate from Piper Jaffray & Co., where he was an Analyst.

Rob Whipple comes to Cortec with more than a decade of private equity experience from Apax and Aurora Capital Group, and with prior experience in investment banking at Morgan Stanley. Managing Partner Dave Schnadig stated, “we are excited to have a Managing Director of Rob’s caliber join the Cortec team. He will immediately enhance our ability to process multiple transactions simultaneously, while helping us build the next generation of Firm leadership.” Managing Partner Jeff Lipsitz said of Jack Miner, “his promotion evidences Jack’s demonstrated success both analytically and from relationship-building standpoints. He is a proven asset to Cortec.” Cortec Managing Partner Mike Najjar added, “Nick Cooper was a top-ranked Analyst at Piper, we expect him to contribute meaningfully over the coming years.”

In the past fifteen months Cortec has hired five new team members, while promoting four executives to more senior roles. Cortec is excited by the expansion of its team, both through the hiring of top-level talent and internal progression. “Having founded Cortec more than 30 years ago, it is gratifying to see the firm continue to grow and add talent at all levels”, said Managing Partner Scott Schafler.

Cortec is investing from Cortec Group Fund VI, L.P., a $1.1 billion fund focused primarily on: i) helping entrepreneurs build the infrastructure necessary to facilitate long-term company growth and ii) managing senior leadership transitions in businesses where an owner wishes to retire or step back from daily operations.

Cortec acquires high value-added, middle market healthcare, consumer and specialty products, service, and distribution businesses with leadership positions in their market niches and the desire to work with Cortec to drive growth and improve business fundamentals.

The Firm currently manages over $2.1 billion in its three active funds and targets platform acquisitions with enterprise values of $40 million to $300 million and smaller follow-on acquisitions. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Group Announces the Sale of Franklin Energy Holdings, LLC

November 2016

(New York, NY) — Cortec Group ("Cortec"), a New York based private equity firm which invests in middle-market healthcare, consumer and specialty products and service businesses, is pleased to announce that its affiliate, Cortec Group Fund IV, L.P. (“Cortec Fund IV”), has merged Franklin Energy Holdings, LLC (“Franklin” or the “Company”) with AM Conservation Group (“AMCG”), a portfolio company of private equity firm Kohlberg & Company, LLC, in exchange for cash consideration.

Based in Port Washington, WI, Franklin is one of the leading energy efficiency (“EE”) program management companies in the United States. The Company designs and implements customized ratepayer-funded EE programs that enable electric and natural gas utilities to (i) comply with legislative and regulatory mandates to reduce energy consumption, (ii) avoid the cost of adding generating capacity by managing demand growth, and (iii) promote “green” environmental conservation measures. Additional information on Franklin is available at www.franklinenergy.com.

Under Cortec’s ownership Franklin expanded from a Midwest regional player into one of the largest national providers of EE program management services, increasing its headcount from about 200 to nearly 600. Scott Schafler, a Managing Partner at Cortec, stated: “By investing in the business over the last six years to expand Franklin’s leadership team, improve systems, and complete the strategic acquisition of Resource Action Programs, LLC, management, together with Cortec, significantly grew the Company’s revenues and earnings. We also meaningfully diversified Franklin’s service offerings, customer base, and geographic presence.” Jonathan Stein, a Partner at Cortec, added, “We are very pleased with the results of our partnership with Franklin’s management. All the stakeholders in Franklin were highly rewarded for their efforts and we share management’s enthusiasm for their next phase of growth in affiliation with AMCG.”

About Cortec Group

Cortec acquires high value-added, middle market healthcare, consumer and specialty service businesses with leadership positions in their market niches and the desire to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages over $2 billion in its three active funds and targets platform acquisitions with enterprise values of $40 million to $300 million and smaller follow-on acquisitions. In May 2015 Cortec raised its sixth institutional fund with $1.1 billion in commitments. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Group Announces the Recapitalization of ICON Eyecare

December 2016

(New York, NY) — Cortec Group ("Cortec"), a New York private equity firm which invests in middle market healthcare, consumer and specialty products and service businesses, announced that on December 14, 2016, a group led by its affiliate, Cortec Group Fund VI, L.P. (“Cortec Fund VI”), in partnership with management, recapitalized The Eye Academy of America Ltd. (“ICON Eyecare” or the “Company”) in support of its merger with Kleiman Evangelista Eye Center (“K&E”). Terms of the transaction were not disclosed.

Headquartered in Denver, CO, ICON Eyecare (including the operations of K&E) operates 11 ophthalmology clinics and five ambulatory surgery centers that are exclusively focused on the treatment of ophthalmic conditions. Founded in 1999, ICON Eyecare has built a leading regional provider of eye care services through an expert team of physician specialists, advanced surgical and treatment technology, and a culture of high quality patient care. ICON Eyecare’s facilities are located in the Denver, CO metro area, Grand Junction, CO and greater Dallas, TX regions and provide a range of eye care procedures and services, including cataract surgery, laser vision correction, corneal surgery, and a variety of treatments for glaucoma and retina conditions.

“ICON Eyecare has demonstrated the ability to become a leader in each of its markets by partnering with leading ophthalmology practices and realizing positive clinical outcomes for its patients. Based on the Company’s strong track record, we are confident in our ability to expand to new regions and strengthen ICON Eyecare’s leadership position.” stated Jeffrey Lipsitz, a Managing Partner at Cortec. “ICON Eyecare has demonstrated exceptional historical financial performance and partnering with Cortec will provide ICON Eyecare with access to substantial additional capital and other resources to accelerate growth and broaden the Company’s footprint, both organically and through the acquisition of other ophthalmology practices,” said Jonathan Stein, a Cortec Partner.

Ryan Heckman, ICON Eyecare’s CEO, who will lead ICON Eyecare while retaining a significant ownership stake, commented that “Cortec is an ideal partner for ICON Eyecare given its track record of successfully investing in multi-site healthcare businesses that provide practitioners with strong platforms to grow while delivering excellent patient care.” Mr. Heckman further noted that “Cortec also shares ICON Eyecare’s commitment to service, quality and patient outcomes, which is extremely important as we expand to new locations. We are excited to partner with Cortec as we enter our next phase of growth.”

The ICON Eyecare recapitalization represents Cortec Fund VI’s third platform investment.

About ICON

Headquartered in Denver, CO, ICON Eyecare operates clinics and ambulatory surgery centers exclusively focused on the treatment of ophthalmic conditions. The Company’s network includes locations in Denver, CO, Grand Junction, CO and Dallas, TX under ICON Eyecare and Kleiman Evangelista Eye Center. Please visit www.iconeyecare.com to learn more. Additional information on Kleiman Evangelista Eye Center can be found at www.lasiksurgery.com.

About Cortec

Founded in 1984, Cortec invests in high value-added, middle-market healthcare, consumer and specialty products, and service businesses with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Portfolio Company Chauvet & Sons LLC Announces the Acquisition of ChamSys Ltd.

March 2017

(New York, NY) — Cortec Group ("Cortec"), a New York private equity firm which invests in middle market specialty business-to-business and consumer products, healthcare, and service businesses, announced that Chauvet & Sons LLC (“Chauvet”), a portfolio company of Cortec Group Fund VI, L.P., acquired ChamSys Ltd. (“ChamSys”), a Southampton, UK-based designer and manufacturer of lighting controllers. Terms of the transaction were not disclosed.

Chauvet is a leading provider of branded entertainment lighting products, trussing, controllers and related equipment used in applications ranging from DJ, club, corporate events, hospitality venues, and houses of worship, to more demanding settings including concert tours, theaters, television and “architainment.” ChamSys provides Chauvet a strong presence in the controller market that complements its Chauvet Professional lighting fixtures and LED video panels.

“We are very excited about the opportunity to join forces with ChamSys,” said Albert Chauvet, CEO of Chauvet. “ChamSys has a well-deserved reputation for innovation, quality and value, the same principles that are at the heart of our own Chauvet brands. We’re looking forward to building ChamSys in the USA and making this outstanding line of controllers available to an even larger market. Together ChamSys and Chauvet are now in a position to better cover and serve markets worldwide.”

ChamSys will continue to operate as an independent business unit from its facility in Southampton, UK. ChamSys founders Chris Kennedy and George McDuff will remain as Managing Directors of the company and, together with Sales Director Tony Cameron, will continue to lead its current staff of software and hardware engineers, and its sales and support teams.

Chris Kennedy added “Chauvet and ChamSys share similar cultures, a strong sense of respect for our customers, an appreciation of our staffs and a powerful drive to be the best in our markets. This partnership is clearly a logical step for both companies. We deeply appreciate that Chauvet is committed to building on our 14-year heritage so that ChamSys becomes even stronger in the future.”

Jonathan Stein, a Partner at Cortec, commented “Chauvet has continued to perform very well since our investment last year, and we are pleased to support management in the acquisition of ChamSys. The strategic benefits to both companies were apparent from the first meeting, and we share each team’s enthusiasm to realize their common vision.” He concluded “this investment is consistent with Cortec’s longstanding approach of partnering with entrepreneur owners to grow their companies via organic and acquisition initiatives.”

About Chauvet

Chauvet, headquartered in the U.S. with offices in the U.K., Belgium and Mexico, is a leading global provider of professional luminaires, trusses, controllers and related equipment. The company has a diverse portfolio of brands and award winning products that meet the needs of customers across all sectors of the lighting market, ranging from concert touring to festivals, theater, broadcast, corporate and architectural applications. All brands under the Chauvet umbrella share a commitment to innovation, value and performance. For more information, visit www.chauvetlighting.com

About ChamSys

Based in the U.K., ChamSys was founded in 2003 by a group of designers and product developers seeking to create a lighting console that offered greater user flexibility. The company’s MagicQ controllers have set an industry standard used in some of the most prominent concert, theater, broadcast and club applications around the world. ChamSys has recently launched its new top of the range MagicQ MQ500 Stadium console and will be showing further additions to the Stadium offering at PLS Frankfurt. For more information, visit www.chamsys.co.uk

About Cortec

Founded in 1984, Cortec invests in high value-added, middle-market specialty business-to-business and consumer products, healthcare, and service companies with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. For more information, visit www.cortecgroup.com.

Cortec Group Announces the Sale of Cranial Technologies Holdings, Inc. – Represents the Final Platform Liquidity Event for Cortec Fund IV

May 2017

(New York, NY) — Cortec Group ("Cortec"), a New York based private equity firm which invests in middle-market healthcare, consumer and business-to-business products and service businesses, is pleased to announce that its affiliate, Cortec Group Fund IV, L.P. (“Cortec Fund IV”), has sold Cranial Technologies Holdings, Inc. (“Cranial” or the “Company”) to affiliates of Beecken Petty O’Keefe & Company. Terms of the transaction were not disclosed.

Based in Tempe, AZ, Cranial is the U.S. leader in the treatment of plagiocephaly, or flat head syndrome, which typically manifests itself in infants 3 to 18 months of age. The Company’s skilled clinicians provide superior patient outcomes through a network of 37 treatment centers using a proprietary FDA-cleared cranial orthotic helmet, which is custom manufactured in-house. Additional information on Cranial is available at www.cranialtech.com.

Cortec acquired Cranial in December 2011 from its founder. “During our ownership we successfully transitioned from legacy entrepreneur leadership and implemented a robust clinic expansion strategy, opening 20 new treatment centers since 2012,” stated Jeffrey Lipsitz, a Managing Partner at Cortec. Jeffrey Shannon, a Partner at Cortec, added, “With targeted investments in key sales and marketing initiatives, the Company successfully drove meaningful same store and new clinic revenue and earnings growth.” Lipsitz concluded, “We are very pleased with the outcome for Cranial’s shareholders and management and believe that Beecken Petty will be an excellent partner for management going forward.”

Carol Erickson, CEO of Cranial, added: “Cortec was a great partner for me and my team over the last five plus years. Their insights and experience growing multi-site healthcare businesses through strategic and tactical insights proved invaluable as we expanded our footprint and created a foundation for continued future growth.”

The Cortec team included Jeffrey Lipsitz, Jeffrey Shannon, Bill Tucker and Jack Miner. Cranial was co-advised in the transaction by Cain Brothers & Company, LLC and Raymond James & Associates, Inc., with Paul Hastings LLP and Arent Fox LLP serving as legal counsel.

About Cortec Group

Cortec acquires high value-added, middle-market healthcare, specialty products and service businesses with leadership positions in their market niches and the desire to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages more than $2 billion in its three active funds and targets platform acquisitions with enterprise values of $40 million to $300 million and smaller follow-on acquisitions. In May 2015 Cortec raised its sixth institutional fund with $1.1 billion in commitments. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Portfolio Company Eyeconic Vision Partners Announces the Acquisition of Swagel-Wootton Hiatt Eye Center

July 2017

(New York, NY) – Cortec Group (“Cortec”), a New York-based private equity firm which invests in middle-market specialty healthcare, business-to-business and consumer products, and services businesses, announced that on July 6, 2017, Eye Academy Holdings, Inc. (“Eyeconic Vision Partners” or “EVP”), a portfolio company of Cortec Group Fund VI, L.P. (“Cortec Fund VI”), acquired Swagel-Wootton Hiatt Eye Center, Ltd. (“SWH”). Terms of the transaction were not disclosed.

Based in the Phoenix, AZ metropolitan area, SWH operates two clinics and one ambulatory surgery center that are exclusively focused on the treatment of ophthalmic conditions. SWH has built a reputation as one of the leading ophthalmology service providers in the greater Phoenix market through its expert team of physician specialists, advanced surgical and treatment technology, culture of high quality patient care, and comprehensive eye care treatments, with a focus on refractive cataract surgery and other advanced surgical care.

Ryan Heckman, CEO of EVP, commented, “SWH has a 55-year reputation for excellent service to the community, quality treatment outcomes and inspired doctors that care deeply for their patients and family members – we could not be more honored to grow with this amazing team.”

“Being a part of Eyeconic Vision Partners and its other leading practices in Colorado and Texas will allow us to focus more intensely on providing excellent patient care while offering growth opportunities to our entire team,” added Dr. Drew Hiatt, M.D., CEO of SWH. “I am looking forward to working with Ryan and the team at EVP who share our values for quality, integrity and devoted service to our community.”

“We share the EVP management team’s excitement for such a highly strategic acquisition,” said Jeffrey Lipsitz, a Cortec Managing Partner. Cortec Partner Jonathan Stein added, “We are pleased to be able to support our management team as they continue to expand the scale of the EVP organization.”

The SWH acquisition represents EVP’s first acquisition since completing a recapitalization with Cortec Fund VI in December 2016.

About Eyeconic Vision Partners

Headquartered in Denver, CO, EVP operates 13 clinics and 6 ambulatory surgery centers exclusively focused on the treatment of ophthalmic conditions. Eyeconic Vision Partners’ network includes locations in Colorado, Texas and Arizona.

About Cortec

Founded in 1984, Cortec invests in middle-market specialty healthcare, business-to-business and consumer products, and services businesses with owners and management teams who want to work with us to drive growth and improve business fundamentals.  Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Portfolio Company Vidaris Announces the Acquisitions of CBI Consulting, Inc. and C2G International, LLC

January 2018

(New York, NY) — Cortec Group ("Cortec"), a New York-based private equity firm that specializes in investing with entrepreneur owners of middle market specialty services, consumer, healthcare, and distribution businesses, announced that IBA Holdings, LLC d/b/a Vidaris (“Vidaris” or the “Company”), a portfolio company of Cortec Group Fund V, L.P., acquired CBI Consulting, Inc. (“CBI”) on November 30, 2017 and C2G International, LLC (“C2G”) on January 5, 2018. Terms of the transactions were not disclosed.

Based in Boston, MA, CBI is a leading architectural design and structural engineering firm that provides consulting services for repair, restoration and renovation projects on existing structures as well as new buildings. Over its 33-year history, CBI has served clients in various end markets, including corporate, government, institutional, education, housing and real estate development. CBI has earned the loyalty and respect of its clients by providing attention to detail, commitment to client needs and focused problem solving.

C2G, with principal offices in Southern California and Atlanta, GA, is a consulting firm providing claims dispute, litigation support and project advisory services to the construction industry. C2G’s experts support dispute resolution though design and construction defects assessments, delay and scheduling cost analysis and construction project management. End markets served include corporate, government, institutional, healthcare, residential, industrial and energy throughout the U.S. and Canada.

Marc Weissbach, CEO of Vidaris, commented “The acquisitions of CBI and C2G are both highly strategic and complementary to Vidaris. The service lines and geographies covered are natural extensions of our current business.” Regarding the CBI transaction, Mr. Weissbach stated “CBI’s decision to partner with Vidaris immediately expands the services that CBI can provide to its clients, while also strengthening Vidaris’ presence in New England with an office that has expertise in existing structures and new construction.” With respect to C2G, Mr. Weissbach continued “The partnership with C2G, a recognized leader in supporting construction-related disputes and litigation, construction advisory, and project controls, is a perfect fit for Vidaris’ client base. Further, we expect that C2G will benefit from the technical services that Vidaris is able to offer in forensic engineering, root cause and failure analysis, and building envelope investigation.”

Jonathan Stein, a Partner at Cortec, commented “We are pleased to support management in the strategic acquisitions of CBI and C2G. These businesses broaden Vidaris’ geographic reach to a national scale and extend the breadth of construction-related services that Vidaris can provide to clients managing existing properties and in connection with new construction.” Mr. Stein concluded, “We look forward to continuing to partner with Vidaris’ leadership to drive organic and acquisition-related growth.”

About Vidaris

Vidaris, together with its affiliates, assists real estate owners, institutions, governments and other project stakeholders realize their goals and objectives in the areas of building envelope, energy efficiency, project management, code compliance and specialty engineering. The group employs more than 275 professionals in fifteen offices. Additional information about Vidaris can be found at www.vidaris.com.

About Cortec

Founded in 1984, Cortec invests in high value-added, middle-market consumer, healthcare, and specialty products, service, and distribution businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Announces The Recapitalization of Groome Holdings, LLC

January 2018

(New York, NY) — Cortec Group ("Cortec"), a New York-based private equity firm that specializes in investing with entrepreneur owners of middle market specialty services, consumer, healthcare, and distribution businesses, announced that on January 8, 2018, a group led by its affiliate, Cortec Group Fund VI, L.P. (“Cortec Fund VI”), in partnership with management, recapitalized Groome Holdings, LLC (“Groome” or the “Company”). Terms of the transaction were not disclosed.

Headquartered in Richmond, Virginia, Groome is a leading specialty ground transportation provider operating across 12 states and in two segments: Airport Shuttle, which offers medium- to long-haul scheduled van service between major airports and distant regional markets; and Contract, which provides contracted closed-loop campus shuttle services to academic and institutional clients.

“Groome was a very attractive investment opportunity for Cortec for several key reasons: (i) the Groome family has built a well-respected brand recognized for consistent excellence across its markets and service offerings, (ii) the management team, and most importantly CEO Vince Groome, viewed Cortec’s business acumen and successful history partnering with entrepreneurs to continue growing their companies as favorable differentiators, and (iii) management and Cortec had a shared vision of Groome’s future”, said David Schnadig, a Managing Partner at Cortec. “We look forward to supporting Vince Groome and the management team in their efforts to continue driving future growth through new market expansion via greenfield facilities and acquisition, and securing new long-term contracts with leading universities and healthcare campuses”, added Jonathan Stein, a Cortec Partner.

The Groome family, which has owned the Company for three generations, will remain significant investors and Vince Groome will continue to lead the business as CEO. Mr. Groome stated, “From our first meeting, it was evident that Cortec was different than the other private equity firms that pursued us. They did a lot of work up front, so they were knowledgeable of our business. At the same time, they were curious to learn more and really respectful of what my family, my management team and I have built. Even better, their track record of successfully building family-owned businesses was unmatched. Hands down they were easily our top choice.”

The Groome partnership represents Cortec Fund VI’s fourth platform investment. Harris Williams & Co. served as financial advisor and Williams Mullen served as legal advisor to Groome. Paul Hastings LLP served as legal advisor to Cortec. Senior debt to support the recapitalization was provided by TwinBrook Capital Partners, Capital One N.A. Sponsor Finance, and NewStar Financial.

About Groome

Groome is a leading provider of specialty transportation services, operating in both the airport shuttle and closed-loop campus shuttle markets. The Company provides safe, reliable and comfortable transportation to over one million airport shuttle passengers annually and partners with many leading universities and hospitals across the U.S. to manage their campus transportation programs. The Company was founded by the Groome family in 1934 in Richmond, Virginia where it remains headquartered today. To learn more about Groome, please visit www.groometransportation.com.

About Cortec

Founded in 1984, Cortec invests in high value-added, middle-market consumer, healthcare, and specialty products, service, and distribution businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Announces the Recapitalization of Window Nation, Inc.

January 2018

(New York, NY) — Cortec Group ("Cortec"), a New York-based private equity firm that specializes in investing with entrepreneur owners of middle market consumer, healthcare, and specialty products, services, and distribution businesses, announced that on January 16, 2018, a group led by its affiliate, Cortec Group Fund VI, L.P. (“Cortec Fund VI”), in partnership with management, recapitalized Window Nation, Inc. (“Window Nation” or the “Company”). Terms of the transaction were not disclosed.

Headquartered in Fulton, Maryland, Window Nation is an industry-leading, value-added distributor of replacement windows, doors, roofing, and siding products, exclusively serving the residential repair and remodeling market, currently across the Mid-Atlantic and Midwest regions of the U.S. The Company sells directly to homeowners and offers a broad range of products, as well as installation services, that are essential for maximizing window energy efficiency.

Window Nation has built an outstanding track record of providing exceptional service and unparalleled growth under the guidance of co-founders, current business leaders, and brothers, Harley and Aaron Magden. “The Company’s rapid expansion, current momentum, and future prospects are incredibly exciting. We look forward to building on Window Nation’s success and expanding into new markets,” said Michael Najjar, a Managing Partner at Cortec. Jeffrey Lipsitz, also a Managing Partner at Cortec, added, “We are enthusiastic about partnering with Harley and Aaron to expand the organization and support Window Nation’s growth.”

Harley Magden, Window Nation’s Co-Founder and CEO, who will continue to lead the business with his brother Aaron and maintain a significant ownership stake, added, “We wanted to partner with a firm that had relevant knowledge about direct-to-consumer marketing, as well as expertise in the building products and window industry, specifically. We were also looking for a partner that would provide both operational and financial resources to support growth and address challenges that are inherent in any fast-growing business. Cortec brought all of these to the table.” Aaron Magden added, “As owners and operators of Window Nation, Cortec’s successful track record of partnering with entrepreneur-led, high-growth businesses was also important to me and Harley.” Aaron further stated, “During the transaction process, the Cortec team delivered on their promised terms and time-frame, allowing us to close the recapitalization quickly and get back to managing our business.”

The Window Nation partnership represents Cortec Fund VI’s fifth platform investment. Houlihan Lokey served as financial advisor and Squire Patton Boggs LLP served as legal advisor to Window Nation. Paul Hastings, LLP served as legal advisor to Cortec. Senior debt to support the recapitalization was provided by TwinBrook Capital Partners and Adams Street Partners Private Credit.

About Window Nation

Window Nation is a value-added distributor of replacement windows, doors, roofing and siding products, exclusively for the residential repair and remodeling markets, currently serving the Mid-Atlantic and Midwest regions of the U.S. The Company sells directly to homeowners and offers a broad range of products, as well as installation services. Since founding the Company in 2006, co-founders and brothers Harley and Aaron Magden have successfully scaled the business, establishing a leading presence across Maryland, Virginia, Ohio, and Pennsylvania, with plans to enter additional markets.

About Cortec

Founded in 1984, Cortec invests in high value-added, middle-market consumer, healthcare, and specialty products, service, and distribution businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Group Announces the Sale of BC Group Holdings, Inc.

January 2019

(New York, NY) — Cortec Group ("Cortec"), a New York-based private equity firm which invests in middle-market distribution, consumer, healthcare, and specialty products and services businesses, is pleased to announce that its affiliate, Cortec Group Fund V, L.P. (“Cortec Fund V”), has sold BC Group Holdings, Inc. (“Barcodes” or the “Company”) to affiliates of Odyssey Investment Partners, LLC (“Odyssey”). Terms of the transaction were not disclosed.

Based in Chicago, IL, Barcodes is a leading distributor of automatic identification and data capture (“AIDC”) products and services (e.g., barcode scanners, mobile computers, label printers, point-of-sale systems, and related consumable products, software, and integration services) and identification card and access control (“ID”) products and systems. The Company primarily serves small and medium-sized businesses and select Fortune 500 customers throughout the U.S., Canada, and U.K. Additional information on Barcodes is available at www.barcodesinc.com.

Cortec acquired Barcodes in November 2012. Through an aggressive growth strategy executed during Cortec’s ownership, Barcodes meaningfully expanded its product and service offerings, customer base, and geographic presence, becoming a leader in the AIDC and ID card markets in North America and the U.K. David Schnadig, a Managing Partner at Cortec, stated, “Our investment in the business over the last six years to expand Barcodes’ leadership team, build the sales organization, enhance its eCommerce capabilities, improve systems, and complete several strategic acquisitions has enabled management to significantly grow the Company’s revenue and earnings.” Michael Najjar, also a Managing Partner at Cortec, added, “We are very pleased with the outcome for Barcodes’ shareholders and believe that Odyssey will be a terrific partner for the management team going forward.”

Daniel Nettesheim, CEO of Barcodes, added, “Cortec has been there for us every step of the way over the past six years. Their understanding of our business and commitment to investing in our long-term success has proven invaluable as we have built Barcodes both organically and through acquisition and created a strong platform for future growth.”

The Cortec team included David Schnadig, Michael Najjar, Bill Tucker, and Jacob Grossetti. Barcodes was co-advised in the transaction by BlackArch Partners, LLC and Houlihan Lokey, Inc., with Paul Hastings LLP serving as legal counsel.

About Cortec

Founded in 1984, Cortec invests in high value-added, middle-market consumer, healthcare, and specialty products, service, and distribution businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Group Announces the Sale of Weiman Products

March 2019

(New York, NY) — Cortec Group ("Cortec"), a New York-based private equity firm which invests in middle-market consumer, healthcare, and specialty products and services businesses, is pleased to announce that its affiliate, Cortec Group Fund V, L.P. (“Cortec Fund V”), has sold WU Holdco, Inc. (“Weiman Products”, “Weiman” or the “Company”) to affiliates of The Carlyle Group (“Carlyle”) and TA Associates (“TA”). Terms of the transaction were not disclosed.

Weiman is a leading provider of premium branded specialty cleaning products to consumer and commercial markets. The Company’s products are well-recognized across their global markets for quality, product efficacy and an attractive value proposition. Weiman operates from its Gurnee, IL headquarters, with additional facilities in Elmsford, NY and Denver, CO. Additional information on Weiman is available at www.weiman.com.

Since Cortec acquired Weiman Products in November 2013, the Company has grown meaningfully, both organically and through various strategic acquisitions. Weiman has expanded its product offerings, customer base and served markets, while maintaining leadership positions in key specialty cleaning categories and building a significant eCommerce presence. David Schnadig, a Managing Partner at Cortec, stated, “Our investments to expand the Company’s leadership team, develop and launch new products, improve systems and infrastructure, build dedicated commercial and eCommerce teams, and complete several strategic acquisitions enabled management to triple the size of the business during our ownership. We are proud to have teamed with management during the past five plus years.” Jeffrey Shannon, a Cortec Partner, added, “We are very pleased with the results of our partnership with Weiman’s management, and share management’s enthusiasm for their next phase of growth with Carlyle and TA.”

Chris Bauder, CEO of Weiman, added, “Cortec was a superb partner for me and my team. Their understanding of the business and support of key initiatives have positioned us for continued growth and innovation. We have enjoyed working with the Cortec team and are eager to continue our success with our new partners at Carlyle and TA.”

The Cortec team included David Schnadig, Jeffrey Shannon, Gene Nesbeda, Doug Kruep, Jack Miner and Jacob Grossetti. Weiman was co-advised in the transaction by Baird and Duff & Phelps Securities, LLC, with Jones Day serving as legal counsel.

About Cortec

Founded in 1984, Cortec invests in high value-added, middle-market consumer, healthcare, and specialty products, service, and distribution businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Announces New Hires and Promotion

May 2019

(New York, NY) — Cortec Group ("Cortec"), a New York-based private equity firm which invests in middle-market distribution, consumer, healthcare, and specialty products and services businesses, is pleased to announce three recent team additions and one promotion.

In September 2017, Ajay Chokshi, most recently Group President with Surgical Care Affiliates (an Optum Company), joined Cortec as a Managing Director. In October 2018, William Keesler, formerly a Principal at Paine Schwartz Partners, joined Cortec as a Vice President. In March 2018, Cortec hired Matt Rothstein as an Associate from Cain Brothers, where he was an Analyst. Allison Klazkin, who joined Cortec in 2009, was promoted to Managing Director in March 2019. Ajay comes to Cortec with over twenty years of healthcare experience as a general manager and a management consultant. Managing Partner Jeffrey Lipsitz stated, “Ajay’s extensive leadership managing substantial multi-site healthcare businesses is of great value to Cortec and its portfolio companies. Given our commitment to the healthcare industry, we are excited for him to contribute to the growth of new and existing portfolio investments.”

Will has more than a decade of experience in private equity and investment banking, having worked previously at private equity firms Paine Schwartz Partners and Sun Capital Partners, after beginning his career at Macquarie Capital. During Matt’s tenure at Cain Brothers, he completed numerous healthcare investment banking assignments. Partner Jonathan Stein said, “As Cortec continues to scale, we are fortunate to have added these talented teammates. Both Will and Matt have significant experience in an array of middle-market transactions and a genuine interest in building their business knowledge over time.”

On Allison’s promotion, Managing Partner David Schnadig stated “Allie has been a highly valuable member of Cortec since joining the firm as an Associate over a decade ago. Her promotion to Managing Director recognizes her many contributions to our deal teams and portfolio companies.” He concluded: “Our firm’s leadership is excited by the continuing evolution of our team through the recruitment of top-level talent as well as internal development.”

Cortec is investing from Cortec Group Fund VI, L.P., a $1.1 billion fund focused primarily on: (i) helping entrepreneurs build the infrastructure necessary to facilitate long-term company growth and (ii) managing senior leadership transitions in businesses where an owner wishes to retire or step back from daily operations.

About Cortec Group

Founded in 1984, Cortec invests in high value-added, middle-market consumer, healthcare, distribution, and specialty products and services businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Announces the Acquisition of Rotating Machinery Services, Inc.

June 2019

(New York, NY) — Cortec Group ("Cortec"), a New York-based private equity firm which invests in middle-market distribution, consumer, healthcare, and specialty products and services businesses, announced that on June 10, 2019, a group led by its affiliate, Cortec Group Fund VI, L.P. (“Cortec Fund VI”), in partnership with management, acquired Rotating Machinery Services, Inc. (“RMS” or the “Company”). Terms of the transaction were not disclosed.

Headquartered in Bethlehem, Pennsylvania, RMS is a leading provider of specialty aftermarket repair, maintenance and overhaul services for large, highly engineered rotating machinery. The Company’s solutions improve performance and extend the useful life of complex machinery used in customers’ critical industrial processes. RMS serves a diverse global customer base and addresses a wide range of equipment types, including centrifugal compressors, axial air compressors, oil free screw compressors, expanders and steam turbines. The Company has approximately 200 employees, four primary operating locations, and a staff that travels globally to serve RMS’s base of over 500 customers.

RMS has built a highly differentiated engineering services platform with an outstanding track record of growth under the guidance of Chief Executive Officer John Bartos. “RMS’s reputation reflects its exceptional management team, engineering staff and dedicated employees. The Company has generated impressive growth by broadening its client base, improving the performance of the equipment it services and expanding geographically” said Michael Najjar, a Managing Partner at Cortec. Scott Schafler, also a Managing Partner at Cortec, added, “We are excited to support John and the RMS management team as they continue to grow their business and market presence globally through both organic and acquisition initiatives.”

John Bartos commented, “Cortec is an ideal partner for RMS given its track record of successfully investing in high growth specialty services businesses. During the transaction process, Cortec demonstrated that it understood our business model, embraced our culture and brought relevant experience to the table. They did everything they said they would and closed the transaction on schedule and as promised.” John further stated, “Our entire team is enthusiastic about the capabilities, shared values and resources that Cortec brings to RMS.”

The RMS acquisition represents Cortec Fund VI’s seventh platform investment. Piper Jaffray & Co. and Lincoln International LLC served as financial advisors and Cohen & Grigsby, P.C. served as legal advisor to RMS. Paul Hastings LLP served as legal advisor to Cortec. Senior debt to support the acquisition was provided by Twin Brook Capital Partners and Antares Capital.

About RMS

RMS is a leading provider of specialty aftermarket repair, maintenance and overhaul services for large, highly engineered rotating machinery. The Company serves a diverse, global customer base across a wide range of end markets. Founded in 1998, RMS is headquartered in Bethlehem, Pennsylvania and also operates a repair and service center in Houston, Texas. To learn more about RMS, please visit www.rotatingmachinery.com.

About Cortec Group

Founded in 1984, Cortec invests in high value-added, middle-market consumer, healthcare, distribution, and specialty products and services businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Announces the Recapitilization of Aspen Medical Products, LLC

June 2019

(New York, NY) — Cortec Group ("Cortec"), a New York-based private equity firm which invests in middle-market distribution, consumer, healthcare, and specialty products and services businesses, announced that on June 10, 2019, a group led by its affiliate, Cortec Group Fund VI, L.P. (“Cortec Fund VI”), in partnership with management, recapitalized Aspen Medical Products, LLC (“Aspen” or the “Company”). Terms of the transaction were not disclosed.

Headquartered in Irvine, California, Aspen is a leading designer, developer, manufacturer and marketer of upper and lower spinal orthopedic bracing products. The Company’s products address patient needs across a wide range of end uses and care settings. Aspen primarily sells its products into the acute care market, as they offer a high level of motion restriction and are used by patients in need of short-term treatment from severe injuries, have urgent medical conditions, and/or are recovering from surgery. Outside of the acute setting, the Company’s products are also broadly used for stabilization, pain therapy and to support daily living activities.

Aspen has established a market-leading reputation for developing products with innovative designs, high quality production, and superior patient comfort. “Aspen is a great fit for Cortec based on our significant experience investing in medical products companies and teaming with entrepreneurs. The Company’s strong reputation among healthcare providers as an industry-leading spinal bracing brand and impressive growth are the clear results of a longstanding focus on product innovation and dedication to patient care,” said Jeffrey A. Lipsitz, a Managing Partner at Cortec. Jeff R. Shannon, a Partner at Cortec, added, “Dan and Geof have built a great company over the last 25 years. We are excited to partner with the entire Aspen team to support the continued expansion of the Company’s product offering, further penetration of U.S., European and Asian markets, and the pursuit of new market segments, including pain management as an alternative to surgery and prescription drugs.”

Dan Williamson, Aspen’s Founder and CEO, who will continue to lead the business, added, “We sought an engaged partner, capable of helping Aspen with strategic planning, infrastructure development, and growth initiatives including expanded product adoption, international expansion, and acquisitions. From our first meeting together, the Cortec team impressed us with their appreciation for our business, industry knowledge, success working with many other entrepreneur- and family-owned businesses, and highly relevant operational expertise, which led us to select them as our teammate going forward.”

Aspen represents Cortec Fund VI’s sixth platform investment. Capstone Headwaters served as financial advisor and Rutan & Tucker, LLP served as legal advisor to Aspen. Paul Hastings, LLP served as legal advisor to Cortec. Debt financing to support the recapitalization was provided by Antares, NXT Capital, Golub Capital, and First Eagle Private Credit.

About Aspen

Aspen is a leader in the design, development and marketing of upper and lower spinal orthotics. For over 25 years, the company has introduced a continuous flow of pioneering spinal bracing products and services to the healthcare marketplace. Headquartered in Irvine, California, the Company has local sales representation throughout the U.S. as well as internationally.

About Cortec Group

Founded in 1984, Cortec invests in high value-added, middle-market consumer, healthcare, distribution, and specialty products and services businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Group Announces the Initial Public Offering and First Follow-On Offering of YETI

July 2019

(New York, NY) — Cortec Group ("Cortec"), a New York-based private equity firm which invests in middle-market distribution, consumer, healthcare, and specialty products and services businesses, is pleased to announce that YETI Holdings, Inc. (“YETI” or the “Company”), a designer, marketer, retailer, and distributor of innovative, branded, premium outdoor products and a portfolio company of its affiliate, Cortec Group Fund V, L.P. (“Cortec Fund V”), successfully completed an initial public offering (“IPO”) on October 29, 2018 and first follow-on offering of additional shares on May 13, 2019. YETI’s shares are listed on the New York Stock Exchange under the ticker symbol “YETI”.

Under the terms of the IPO, YETI issued 2,500,000 primary shares of common stock, and certain selling shareholders (including Cortec Fund V and its affiliates) sold an additional 13,500,000 secondary shares. The offering price was $18.00 per share. As part of the offering, the underwriters partially exercised their overallotment option. Total gross proceeds from the transaction, including overallotment, were $304.5 million. Proceeds (net of offering costs) to YETI from the sale of primary shares totaled $36.8 million and were used to reduce borrowings outstanding under the Company’s credit facility. Net proceeds (after all offering-related fees and expenses) from the sale of secondary shares, including the overallotment, were $244.6 million and were allocated among the selling shareholders.

In the follow-on offering, certain selling shareholders (including Cortec Fund V and its affiliates), sold an additional 9,500,000 secondary shares. The follow-on offering did not include any primary shares and, therefore, YETI did not receive any proceeds from this offering. The follow-on offering price was $28.50 per share. As part of the offering, the underwriters exercised their overallotment option. Total gross proceeds from the transaction, including the overallotment, were $311.4 million and net proceeds, after all offering-related fees and expenses, were $298.1 million.

Additional details on the IPO and follow-on offering can be found in YETI’s filings at www.sec.gov.

Since Cortec’s acquisition of YETI in June 2012, the Company has grown meaningfully by building its team and infrastructure, broadening its product offering, expanding its served markets and sales channels, and strengthening its brand. David Schnadig, a Managing Partner at Cortec and YETI’s Board Chair, stated, “our investments in YETI’s leadership team, developing new and innovative products that stay true to YETI’s growing brand, and improving systems, processes and controls, have driven YETI’s substantial growth during our ownership, for many years as a privately held business and, more recently, as a publicly traded company. We are excited about the Company’s future prospects.”

Matt Reintjes, CEO of YETI, added, “Cortec’s support of YETI over the past seven plus years has helped transform our Company into what it is today and has positioned us well for success going forward. We look forward to building on this momentum as we continue to expand our customer base, drive product innovation, grow our direct-to-consumer business, and expand internationally.”

Cortec Managing Partners David Schnadig, Jeffrey Lipsitz, and Michael Najjar currently serve on YETI’s eight-person Board of Directors.

About Cortec Group

Founded in 1984, Cortec invests in high value-added, middle-market consumer, healthcare, distribution, and specialty products and services businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Announces the Sale of Vidaris

September 2019

(New York, NY) – Cortec Group (“Cortec”), a New York-based private equity firm which invests in middle-market specialty services, consumer, and healthcare businesses, is pleased to announce that its affiliate, Cortec Group Fund V, L.P. (“Cortec Fund V”), has sold ArchEng Holding Company d/b/a Vidaris (“Vidaris” or the “Company”) to SOCOTEC Group (“SOCOTEC”), a global provider of inspection services to the construction sector headquartered in France, which is controlled by affiliates of Cobepa, a European private investment company. Terms of the transaction were not disclosed.

Vidaris is a leading multi-disciplinary specialty consultancy focused on highly technical, value added assurance and advisory services related to existing and new buildings, civil infrastructure, industrial/energy facilities, transportation equipment and other high value assets. Vidaris’ integrated portfolio of services helps clients optimize performance, mitigate risk, ensure compliance, determine fitness-for-service and/or root cause of failure, as well as resolve disputes. Headquartered in New York, NY, Vidaris employs approximately 300 professionals in sixteen offices. Additional information on Vidaris is available at www.vidaris.com.

Since Cortec’s investment in March 2015, Vidaris has grown significantly, both organically and through highly strategic acquisitions, which meaningfully diversified its service lines, end markets, client base and geographic footprint. Scott Schafler, a Managing Partner at Cortec, commented, “During our ownership we invested to expand the Company’s leadership team, completed several transformative acquisitions, and implemented key business systems to improve project management and profitability. These investments allowed us to more than double the business in just over four years.” Jonathan Stein, a Cortec Partner, added, “We are proud to have successfully partnered with Vidaris’ management to realize our collective vision for the business, resulting in an excellent return for all of the Company’s stakeholders. With best-in-class teams operating in each of Vidaris’ services lines, we look forward to the continued success of the Company as part of SOCOTEC.”

Marc Weissbach, CEO of Vidaris, said, “Cortec was the right partner for Vidaris to help us significantly broaden our business. Their vision for growth, continued investments in our business, support for the management team, and experience executing strategic acquisitions were invaluable.” Mr. Weissbach concluded, “We are extremely excited to partner with SOCOTEC to build on the strong Vidaris foundation.”

The Cortec team included Scott Schafler, Jonathan Stein, Doug Kruep, Allison Klazkin, Jack Miner and Nick Cooper. Vidaris was co-advised in the transaction by Lincoln International and Houlihan Lokey, with Jones Day serving as legal counsel.

About Cortec Group

Founded in 1984, Cortec invests in high value-added, middle-market specialty services, consumer, and healthcare businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Group Announces the Sale of Community Veterinary Partners to OMERS Private Equity

October 2019

(New York, NY) – Cortec Group (“Cortec”), a New York-based private equity firm which invests in middle-market consumer, healthcare, distribution, and specialty products and services businesses, is pleased to announce that its affiliate, Cortec Group Fund V, L.P. (“Cortec Fund V”), has sold CVP Holdco, Inc. d/b/a Community Veterinary Partners (“CVP” or the “Company”) to affiliates of OMERS Private Equity (“OMERS”), the private equity investment arm of one of Canada’s largest defined benefit pension plans. Terms of the transaction were not disclosed.

Based in Philadelphia, PA, CVP manages a network of 64 veterinary hospitals that are primarily focused on treating companion animals and located throughout Pennsylvania, New York, Virginia, North Carolina, New Jersey, Connecticut, Massachusetts, Indiana, Maryland, and Florida. Each hospital offers a range of preventative and wellness services and some hospitals also provide services for specific animal types and/or provide specialized services (e.g., oncology, internal medicine, cardiology, etc.). Additional information on CVP is available at www.cvpco.com.

Cortec acquired CVP in October 2015. Since that time, CVP has significantly diversified its geographic reach and expanded its service offerings, increasing the hospital count from 17 to 64 and driving organic same-store sales growth through a number of targeted initiatives. Jeff Lipsitz, a Managing Partner at Cortec, stated, “During our ownership, we invested to expand the Company’s leadership team, develop corporate infrastructure and systems, built an in-house business development and integration team, and implement digital marketing initiatives which enabled management to significantly grow the business.” Jeff Shannon, a Partner at Cortec, added, “We have enjoyed our partnership with CVP’s management and veterinarians, and share the Company’s enthusiasm for its continued growth with OMERS.”

Kevin Ruffe, CEO of CVP, added, “Cortec has been an excellent partner for us over the last four years. Their understanding of our business and insights into growing a multi-site operator were invaluable as we have expanded our footprint and created a strong platform for future growth.”

The Cortec team included Jeff Lipsitz, Jeff Shannon, Ajay Chokshi, Will Keesler, Nick Cooper, Jacob Grossetti, and Catherine Horelick. CVP was advised in the transaction by Piper Jaffray & Co., with Paul Hastings LLP and Kleinbard LLC serving as legal counsel.

About Cortec Group

Founded in 1984, Cortec invests in market-leading, middle-market specialty consumer, distribution, healthcare and specialty services and products businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. More information about Cortec can be found at www.cortecgroup.com.

Cortec Announces “One and Done” Closing of Cortec Group Fund VII

November 2019

(New York, NY) — Cortec Group Management Services, LLC (“Cortec” or the “Firm”) is pleased to announce that on November 14, 2019 it held a first and final closing on its seventh institutional private equity fund, Cortec Group Fund VII, L.P. (“Cortec VII”) at its hard cap of $2.0 billion. Cortec placed Cortec VII fund with a combination of its existing limited partners and a select group of new investors. For the third consecutive fundraise, Cortec did not retain a placement agent. The members of the general partner of Cortec VII will commit approximately $90 million alongside of the limited partners’ $2.0 billion.

Cortec Group began raising Cortec VII in August 2019 with a $1.9 billion target and after slightly more than one month of investor due diligence meetings had received written commitments in excess of its hard cap. The vast majority of its prior limited partners returned to Cortec VII, while new investors included U.S. and international insurance companies, pension plans, high net worth families and endowments. It is noteworthy that nearly thirty current and former Cortec Group portfolio company senior executives committed nearly $35 million to Cortec VII and no single limited partner accounted for more than 5% of Cortec VII’s committed capital. “We are extremely gratified by the strong response we had to Cortec VII from both existing and new investors. We believe our talented and long-tenured leadership team, differentiated and difficult-to-replicate business model and consistent top quartile performance over the past 20 years helped drive the rapid close of Cortec Fund VII”, said Co-President Dave Schnadig.

Coincident with the first capital call of Cortec VII, the Firm promoted several executives to more senior positions. Jon Stein and Jeff Shannon, who have been with Cortec for nearly 20 years each, will join Mike Najjar as Managing Partners, while Bill Tucker, Doug Kruep, Rob Whipple and Ajay Chokshi will all be elevated to Partner from Managing Director. Earlier in 2019 Allie Klazkin, a ten-year Cortec team member, was promoted to Managing Director. Co-President Jeff Lipsitz said of these promotions, “We’re very proud of the continuing growth and evolution of our leadership team. We now have ten senior leaders plus our founder, Scott Schafler, who remains committed to Cortec VII, helping to add value to and grow entrepreneur-led, family-owned and other companies.”

Despite its larger size, Cortec VII will continue Cortec’s historically successful strategy of targeting platform acquisitions with $7-$35 million of LTM EBITDA, which it capitalizes with prudent leverage levels in order to fund growth, development and add-on acquisitions initiatives.

Cortec was assisted in the placement of Cortec VII by Kirkland & Ellis LLP.

About Cortec Group

Founded in 1984, Cortec invests in high value-added, middle-market specialty services, B2C and B2B products and healthcare businesses in partnership with owners and management teams who want to work with the Firm to drive growth and improve business fundamentals. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Announces the Acquisition of Enthusiast Auto Holdings, LLC

December 2019

(New York, NY) – Cortec Group (“Cortec”), a New York-based private equity firm that focuses on investing in and growing middle market specialty consumer, business-to-business, distribution and healthcare products and services businesses, announced that on December 19, 2019, a group led by its affiliate, Cortec Group Fund VII, L.P. (“Cortec Fund VII”), in partnership with management, acquired Enthusiast Auto Holdings, LLC (“EAH” or the “Company”). Terms of the transaction were not disclosed. EAH is a direct-to-enthusiast, digitally native platform that invests in and helps operate several of the most innovative brands in the performance automotive industry. Built by enthusiasts for enthusiasts, EAH has grown from a family-owned Volkswagen repair shop into one of largest specialty eCommerce companies in the automotive aftermarket industry. Headquartered in Wadsworth, Ohio, EAH designs, produces and sells proprietary parts and kits for a rapidly growing number of automotive makes and models, and partners with hundreds of other performance brands to bring the enthusiast community an unparalleled customer experience. Over one million enthusiasts follow EAH’s banners on social media.

With its expansive and informative website content, breadth of specialty products and strong customer service, EAH has delivered an outstanding track record of both organic and acquisition-driven growth. Imran Jooma, Chief Executive Officer of EAH, commented, “Cortec is an ideal partner for EAH, given its track record of successfully growing eCommerce and consumer businesses serving enthusiast customers. During the transaction process, the Cortec team demonstrated its clear understanding of our go-to-market strategy and customers, embraced our culture and brought relevant experience to the table.” Mr. Jooma concluded, “Our entire team is excited about the shared values, knowledge and resources that Cortec brings to our company.”

David Schnadig, Co-President of Cortec stated, “We feel fortunate to be able to work with EAH’s management team and employees to continue building leading eCommerce destinations for automotive enthusiasts. Imran and his team have demonstrated that putting the customer first while innovating with unique products, often to create specific customer solutions, is a winning formula.” Jonathan Stein, a Managing Partner at Cortec, added, “In addition to fostering organic growth, Cortec looks forward to supporting EAH’s management as they continue to make acquisitions of specialty automotive aftermarket, eCommerce-focused businesses.”

The EAH acquisition represents the first platform investment in Cortec Fund VII, a $2.1 billion fund which closed in November 2019. Jones Day served as legal advisor to Cortec Fund VII. Senior debt to support the acquisition was provided by Antares Capital, NXT Capital and First Eagle Investment Management. BB&T Capital Markets served as financial advisor and Perkins Coie LLP served as legal advisor to EAH.

About EAH

EAH is a leading online provider of specialty automotive aftermarket parts, offering more than two million active SKUs of performance and repair and maintenance parts, both direct-to-consumer and to professional installers. Founded in 2001, EAH is headquartered in Wadsworth, OH.

About Cortec Group

Founded in 1984, Cortec invests in market-leading, middle-market specialty consumer, business-to-business, distribution and healthcare products and services businesses in partnership with owners and management teams who want to work with the Cortec team to drive growth and improve business fundamentals. Additional information about Cortec can be found at www.cortecgroup.com.

Cortec Announces Growth Capital Partnership with Groundworks

January 2020

(New York, NY) – Cortec Group (“Cortec”), a New York-based private equity firm that focuses on investing in and growing entrepreneur-led middle market specialty consumer, business-to-business, distribution and healthcare services and products companies, announced that on January 17, 2020, a group led by its affiliate, Cortec Group Fund VII, L.P. (“Cortec Fund VII”), in partnership with Matt Malone and his management team, completed the growth recapitalization of Groundworks, LLC (“Groundworks” or the “Company”). Terms of the transaction were not disclosed.

Headquartered in Virginia Beach, VA, Groundworks is the nation’s leading vertically integrated foundation services company. The Company serves primarily the single-family residential market, providing a critical suite of services to homeowners which preserve home value, integrity and safety, including foundation repair, basement waterproofing, crawl space repair and encapsulation, and concrete lifting. Groundworks currently operates under 13 distinct locally operated brand names which serve customers across 22 states, predominantly in the Mid-Atlantic, Southeast, Midwest, and Mountain West regions of the U.S.

Under the leadership of Matt Malone, Chief Executive Officer and Founder of Groundworks, the Company has transformed the foundation services industry, scaling rapidly and successfully through organic growth and acquisitions to become a unique national platform built on the power of locally respected brands and over 1,450 dedicated employees. Matt Malone commented: “In late 2019, we began a search for the best partner to assist me in accelerating our mission of evolving the foundation services industry. We wanted a partner who had a proven track record of helping entrepreneurial management teams build their high-growth companies and felt that Cortec was best equipped to help us further realize our vision of building a national foundation services business. Beyond their very successful investment record, they brought relevant operational and financial resources as well as a deep appreciation for our business model and company culture.” Malone concluded: “Our entire management team, including the former owners of many of the businesses we have acquired, remain significant equity holders of Groundworks and are very enthusiastic about the future.”

David Schnadig, Co-President of Cortec, stated: “Since their first acquisition in 2016, Matt Malone and his team have successfully executed their laser-focused strategy to lead the foundation services industry by delivering consistent excellence to the customer. Our meaningful experience working with entrepreneurs, particularly in the consumer services space, helped us quickly understand the uniqueness of Groundworks’ transformational business model and drove our excitement to partner with Matt and his team.” Michael Najjar, a Managing Partner at Cortec, added, “In addition to fostering organic growth, Cortec looks forward to supporting Groundworks as it continues to consolidate the industry by executing on its robust pipeline of acquisitions of regional and local foundation services providers.”

The Groundworks investment represents the second growth-focused platform in Cortec Fund VII, a $2.1 billion fund which closed in November 2019. Paul Hastings LLP served as legal advisor to Cortec. Senior debt to support the investment was provided by Twin Brook Capital Partners, Golub Capital, Adams Street Partners, Capital One N.A. and First Eagle Investment Management. Harris Williams served as financial advisor and Moore & Van Allen PLLC served as legal advisor to Groundworks.

About Groundworks

Groundworks is the nation’s largest privately held foundation services company and is comprised of leading brands, including Complete Basement Systems®, Florida Foundation Authority™, Foundation Recovery Systems™, Foundation Repair of Western Colorado®, Indiana Foundation Service™, Innovative Basement Authority™, JES Foundation Repair™, Mount Valley Foundation Services®, Ohio Basement Authority™, Ohio Basement Systems™, Tar Heel Basement Systems®, A-1 Sewer & Drain™, Independence Materials Group™, and Bizwiz Software™. Since 1986, the combined companies have helped more than 250,000 homeowners protect and repair their most valuable asset, their home. Groundworks operates across twenty offices that serve Arkansas, Colorado, Florida, Georgia, Indiana, Illinois, Iowa, Kansas, Maryland, Minneapolis, Missouri, Montana, Nebraska, North Carolina, North Dakota, Ohio, South Carolina, Virginia, West Virginia, and Wisconsin. The Company has been named to the Inc. 5000 Fastest Growing Companies and Best Places to Work numerous times. Additional information about Groundworks can be found at www.groundworkscompanies.com.

About Cortec Group

Founded in 1984, Cortec invests in market-leading, middle-market specialty consumer, distribution, healthcare and specialty services and products businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. More information about Cortec can be found at www.cortecgroup.com.

Cortec Announces Partnership with Lap of Love Veterinary Hospice

January 2020

(New York, NY) – Cortec Group (“Cortec”), a New York-based private equity firm that focuses on investing in and growing entrepreneur-led middle market healthcare, consumer, distribution, and specialty services and products companies, announced that on January 24, 2020, a group led by its affiliate, Cortec Group Fund VI, L.P. (“Cortec Fund VI”), in partnership with Co-Founders Dr. Dani McVety and Dr. Mary Gardner, completed the growth recapitalization of Lap of Love Veterinary Hospice (“Lap of Love” or the “Company”). Terms of the transaction were not disclosed.

Founded in 2009 and headquartered in Tampa, FL, Lap of Love is the leading national provider of in-home end-of-life care for companion animals, offering hospice consultations and care, euthanasia procedures, and related aftercare services. The Company does not operate clinics or medical facilities and exclusively provides these services in customers’ homes, where they and their pets tend to be most comfortable. Lap of Love manages a network of more than 135 veterinarians practicing in over 30 states across the U.S. The Company’s veterinarians and customers are assisted by a support center team of veterinary nurses, veterinary technicians, and care coordinators operating seven days a week.

Under the leadership of Dr. McVety and Dr. Gardner, who will continue to lead the business, Lap of Love has become well-recognized as a thought leader in end-of-life care within the veterinary industry. Jeff Lipsitz, Co-President at Cortec, stated: “Our success working with entrepreneur- and family-owned businesses in healthcare and veterinary services provided Cortec with a unique appreciation for Lap of Love’s compelling value proposition to companion animals, their families, and other veterinarians. The Company’s strong reputation in the veterinary industry and impressive historical growth are the clear results of its longstanding dedication to providing exceptional end-of-life care.” Jeff Shannon, a Managing Partner at Cortec, added, “We are enthusiastic about the opportunity to support Dani and Mary as they continue to drive increased awareness of their industry-leading services, enter new geographies, increase their ability to service existing markets, and expand their service offering to companion animals and their families.”

Dr. McVety commented, “After more than ten years of helping families and expanding our team of dedicated veterinarians, we began a search for an engaged partner to accelerate the growth of our business and assist in our ongoing mission to improve end-of-life care for companion animals and their families. From our first meeting, Cortec impressed us with their passion for, and understanding of, our purpose and experience in growing companies like ours.” Dr. Gardner added: “We were convinced that Cortec was the right choice because of their track record of successfully partnering with the founders of high growth businesses and genuine appreciation for our values and vision.”

Lap of Love represents Cortec Fund VI’s ninth platform investment. Piper Sandler Companies served as financial advisor and Polsinelli PC served as legal advisor to Lap of Love. Paul Hastings LLP served as legal advisor to Cortec.

About Lap of Love

Lap of Love is the nation's largest service provider solely dedicated to end-of-life veterinary care, providing in-home euthanasia, hospice, and consultation services. The Company’s purpose is to serve the veterinary end-of-life space by creating a peaceful and personal experience for pets and the people that love them. Lap of Love’s veterinarians and veterinary care coordinators offer compassionate, open-minded guidance and grief support to pet parents who are deciding why, when, and how to either euthanize or continue medical management for their pet. The Company’s philosophy centers around recognizing and upholding the human-animal bond during the difficult end-of-life transition. As one of the first services of its kind, Lap of Love has quickly grown since 2009, from just one veterinarian in Florida to more than 135 today. Additional information about Lap of Love can be found at www.lapoflove.com.

About Cortec Group

Founded in 1984, Cortec invests in market-leading, middle-market specialty consumer, distribution, healthcare and specialty services and products businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. More information about Cortec can be found at www.cortecgroup.com.

Cortec Announces New Hire

April 2020

(New York, NY) – Cortec Group ("Cortec"), a New York-based private equity firm which invests in entrepreneur-led and family-owned middle market specialty consumer, business-to-business, distribution and healthcare services and products companies, is pleased to announce that Aaron Hildebrand has joined Cortec as a Managing Director.

Aaron brings more than 25 years of operations experience to Cortec, with expertise in global supply chain, logistics and lean manufacturing. He has held leadership roles across a variety of industries, including life sciences, industrial and automotive, among others. Aaron most recently served as Senior Vice President of Global Operations for Pall Corporation (a Danaher Corporation operating company). Prior to Pall, Aaron served as a General Manager and Manufacturing Director at The Goodyear Tire & Rubber Company.

Co-President David Schnadig stated, “Aaron brings to Cortec a track record of consistent success at some of the world’s most respected companies. His broad-based operations experience will make him an invaluable partner to Cortec’s management teams as they navigate increasingly complex supply chains and manufacturing processes.” Co-President Jeffrey Lipsitz added, “We are excited for Aaron to contribute to the growth of Cortec’s current and future portfolio companies and to offer fresh perspectives on new investments.”

About Cortec Group

Founded in 1984, Cortec invests in market-leading, middle-market specialty consumer, distribution, healthcare and specialty services and products businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. More information about Cortec can be found at www.cortecgroup.com.

Cortec is currently investing from Cortec Group Fund VII, L.P., which closed in November 2019 at its hard cap of $2.1 billion.

Cortec Announces the Successful Exit of Virtually All of Its Ownership in YETI

June 2020

(New York, NY) – Cortec Group (“Cortec”), a New York-based private equity firm which specializes in investing in middle-market consumer products and services, healthcare products and services and specialty distribution businesses in partnership with families and entrepreneurs, is pleased to announce that its affiliate, Cortec Group Fund V, L.P. (“Cortec V”), has sold substantially all of its ownership in YETI Holdings, Inc. (“YETI”) via a series of public market transactions. YETI, based in Austin, TX, is a global designer, retailer, and distributor of a wide variety of innovative outdoor products. YETI’s shares are listed on the New York Stock Exchange under the ticker symbol “YETI”. Additional details on YETI can be found at www.yeti.com and in the company’s public filings at www.sec.gov.

Cortec Co-President and YETI Board of Directors Chair David Schnadig said, “Today is bittersweet for me and for Cortec, as we wind down a partnership that began nearly eight years ago with Roy and Ryan Seiders and a company with around $40 million in revenue and 20 employees. Virtually everything about YETI in 2020 is meaningfully different than when we started and all of it for the better!” Schnadig added, “Driven by our beliefs in the team and the YETI brand, we would have preferred to retain our YETI ownership for many more years. However, we are in the business of returning money to our investors in a reasonable timeframe. In this case, we’re proud of the fact that we generated greater than 25 times invested capital on a gross basis for our limited partners and returned them more than 20 times their original investment on a net basis.”

Matt Reintjes shared the following thoughts, “Working with Cortec since Dave recruited me in September of 2015 has been a true partnership. Cortec provided us with mentorship, guidance, capital and other resources, with the objective of a building a bigger, better business that would stand the test of time. We’re genuinely appreciative of all that the Cortec team has brought to the company over the past eight years and wish them continued success with their other portfolio companies.”

YETI completed its IPO and subsequent follow on offerings with capital markets assistance from Solebury Capital, a number of leading investment banks, as well as legal counsel from Jones Day and O’Melveny & Myers, LLP.

About Cortec Group

Founded in 1984, Cortec invests in market-leading, middle-market specialty consumer, distribution, healthcare and specialty services and products businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. More information about Cortec can be found at www.cortecgroup.com.

Groundworks Announces Acquisition of AFS Foundation and Waterproofing Specialists

June 2020

(New York, NY) – Cortec Group ("Cortec"), a New York-based private equity firm which invests in entrepreneur-led and family-owned middle market specialty consumer, business-to-business, distribution and healthcare services and products companies, announced that Groundworks, LLC (“Groundworks”), in which Cortec Group Fund VII, L.P. (“Cortec Fund VII”) made a significant growth capital investment on January 17, 2020, acquired AFS Foundation and Waterproofing Specialists (“AFS”) on June 4, 2020. Terms of the transaction were not disclosed.

Headquartered in Huntsville, AL, AFS is a leading provider of foundation repair and related services in the Southeast U.S. Founded in 2000 by Ben Bayless, Jr., AFS has leading market positions in Alabama and Tennessee and also services parts of Georgia and Mississippi. Operating across seven branch offices in the region with more than 300 employees, AFS serves the single-family residential market with a suite of services similar to Groundworks’, including foundation repair, crawlspace encapsulation, basement waterproofing and concrete lifting.

Virginia Beach, VA-based Groundworks is the nation’s leading vertically integrated foundation services company, with a footprint of 30 locations servicing 23 states under 14 locally operated brand names and employing more than 1,800 associates. AFS represents Groundworks’ fifteenth acquisition since its inception in 2016 and strengthens Groundworks’ existing presence in the Southeast while providing a platform for additional expansion in the region.

“The AFS acquisition is transformational for Groundworks and the foundation services industry,” said Matt Malone, CEO of Groundworks. “AFS is a market-leading and rapidly expanding company with a geographic presence that is highly strategic and complementary to Groundworks’ existing brands in North Carolina, South Carolina and Florida. Under Ben Bayless’ leadership, AFS has developed a culture of performance excellence which is consistent with Groundworks’ approach to delivering world-class customer service and solutions, while providing expansive professional growth and development opportunities for employees.” Mr. Malone added, “We have achieved another important milestone toward our long-term growth objectives through this acquisition and are thrilled that AFS is now part of the Groundworks platform.”

Mr. Bayless, Founder and CEO of AFS, stated: “AFS and Groundworks share a strong sense of respect for our customers and employees. Joining Groundworks enables us to continue our rapid expansion, provide our team with new opportunities for professional development and continue doing business with the same values and culture we have embraced for two decades. This is an ideal partnership and we are excited for AFS to become even stronger as part of Groundworks.”

David Schnadig, Co-President of Cortec, said “Matt and the entire Groundworks team have been tireless in their efforts to continue driving the company’s growth during the incredibly challenging COVID-19 pandemic. Simultaneously, Matt, Ben and the senior leadership teams of both Groundworks and AFS worked collaboratively to make this transaction happen.” Mr. Schnadig concluded, “We are incredibly excited to be a part of the growing Groundworks family of companies and to team with Groundworks senior leaders to continue building the company.”

About Groundworks

Groundworks is the nation’s largest privately held foundation services company and is comprised of leading local brands, including AFS®, Complete Basement Systems®, Florida Foundation Authority™, Foundation Recovery Systems™, Foundation Repair of Western Colorado®, Indiana Foundation Service™, Innovative Basement Authority™, JES Foundation Repair™, Mount Valley Foundation Services®, Ohio Basement Authority™, Ohio Basement Systems™, Tar Heel Basement Systems®, A-1 Sewer & Drain™, Independence Materials Group™, and Bizwiz Software™. Groundworks has been named to the Inc. 5000 Fastest Growing Companies and Best Places to Work numerous times. More information about Groundworks can be found at www.groundworks.com.

About AFS

Founded in 2000 and headquartered in Huntsville, AL, AFS is a leading provider of foundation repair and related services in the Southeast U.S. AFS services the single-family residential market across multiple locations in its region, providing a critical suite of services to homeowners which preserve home value, integrity and safety.  More information about AFS can be found at www.afsrepair.com.

About Cortec Group

Founded in 1984, Cortec invests in market-leading, middle-market specialty consumer, distribution, healthcare and specialty services and products businesses in partnership with entrepreneurs, families and management teams who want to work with Cortec to drive growth and improve business fundamentals.  More information about Cortec can be found at www.cortecgroup.com.

Groundworks Announces Acquisition of Foundation Systems of Michigan

July 2020

(New York, NY) – Cortec Group ("Cortec"), a New York-based private equity firm which invests in entrepreneur-led and family-owned middle market specialty consumer, business-to-business, distribution and healthcare services and products companies, announced that Groundworks, LLC (“Groundworks”), in which Cortec Group Fund VII, L.P. (“Cortec Fund VII”) made a significant growth capital investment on January 17, 2020, acquired Foundation Systems of Michigan (“FSM”) on July 9, 2020. FSM is the second acquisition completed by Groundworks since Cortec’s investment earlier this year. Terms of the transaction were not disclosed.

Headquartered in Livonia, MI, FSM is the leading provider of foundation repair, basement waterproofing, and crawl space repair services in Michigan. Founded in 2007 by Bob Genord, FSM operates three branch offices across the state with more than 200 employees. FSM serves primarily the single-family residential market with a suite of services including basement waterproofing, crawlspace encapsulation, foundation repair, gutter repair, and concrete lifting.

Virginia Beach, VA-based Groundworks is the nation’s leading vertically integrated foundation services company, with a footprint of 33 locations servicing 24 states under 15 locally operated brand names and employing more than 2,000 associates. FSM represents Groundworks’ sixteenth acquisition since its inception in 2016 and strengthens Groundworks’ existing presence in the Midwest while providing a platform for additional expansion in the region.

“We are thrilled for FSM to join the Groundworks platform,” said Matt Malone, CEO of Groundworks. “FSM is one of the preeminent foundation services providers in the Midwest with a geographic presence that is highly strategic and complementary to Groundworks’ existing branches in Ohio, Indiana and Minnesota. Bob has built an exceptionally skilled and talented team of home services professionals and a reputation of performance excellence throughout Michigan.” Mr. Malone added, “We are looking forward to strengthening our brands by sharing learnings between our teams, while providing FSM’s employees with additional opportunities for growth, development, and advancement.”

Mr. Genord, Founder and CEO of FSM stated: “We decided to partner with the Groundworks team because they share our values, in particular the commitment to delivering customers world-class service and superior solutions. We are very excited for this partnership with Groundworks and to take FSM to the next level through the vast resources that Groundworks can provide.”

David Schnadig, Co-President of Cortec, said “We are incredibly excited to be adding another highly-respected brand to the growing Groundworks platform and to continue supporting Groundworks’ senior leaders in building the company.” Mr. Schnadig added, “Matt and the entire Groundworks team have continued to deliver impressive growth during very challenging times. Further, to be able to complete the FSM acquisition on the heels of last month’s combination with AFS is a testament not only to the team’s tenacity, but also to the future opportunities foundation services industry leaders see in being part of the Groundworks family of brands.”

About Groundworks

Groundworks is the nation’s largest privately held foundation services company and is comprised of leading local brands, including AFS®, Complete Basement Systems®, Florida Foundation Authority™, Foundation Recovery Systems™, Foundation Repair of Western Colorado®, Indiana Foundation Service™, Innovative Basement Authority™, JES Foundation Repair™, Mount Valley Foundation Services®, Ohio Basement Authority™, Ohio Basement Systems™, Tar Heel Basement Systems®, A-1 Sewer & Drain™, Independence Materials Group™, and Bizwiz Software™. Groundworks has been named to the Inc. 5000 Fastest Growing Companies and Best Places to Work numerous times. More information about Groundworks can be found at www.groundworks.com.

About FSM

Founded in 2007 and headquartered in Livonia, MI, FSM is a leading provider of foundation repair, basement waterproofing, and crawl space repair services throughout Michigan. FSM services the single-family residential market across multiple locations in its region, providing a critical suite of services to homeowners which preserve home value, integrity and safety.  More information about FSM can be found at www.drymich.com.

About Cortec Group

Founded in 1984, Cortec invests in market-leading, middle-market specialty consumer, distribution, healthcare and specialty services and products businesses in partnership with entrepreneurs, families and management teams who want to work with Cortec to drive growth and improve business fundamentals.  More information about Cortec can be found at www.cortecgroup.com.

Cortec Announces Three New Hires

August 2020

(New York, NY) – Cortec Group ("Cortec"), a New York-based private equity firm which invests in entrepreneur-led and family-owned middle market specialty consumer, business-to-business, distribution and healthcare services and products companies, is pleased to announce three recent additions to its team.

Matt Baker joined Cortec in June 2020 as a Senior Associate following his completion of an M.B.A. from The Wharton School at the University of Pennsylvania. Prior to attending business school, Matt was an Associate at Apax Partners and an Analyst in Citigroup’s Healthcare Investment Banking group. Matt graduated with a B.A. in Economics from Brown University.

Kelley Weibezahl joined Cortec in August 2020 as an Associate. Prior to joining Cortec, Kelley was an Analyst in Piper Sandler’s Healthcare Investment Banking group and an Associate in PriceWaterhouseCoopers’ acquisition due diligence group. Kelley graduated with a B.S. in Accounting and Finance from Lehigh University.

Sarah Whitney joined Cortec in August 2020 as an Associate. Prior to joining Cortec, Sarah was an Analyst at Harris Williams & Co. Sarah graduated with a B.A. in Mathematics from Vanderbilt University.

Co-President David Schnadig stated, “Matt, Kelley and Sarah bring to Cortec strong middle-market transaction fundamentals, which will support Cortec’s continuing growth. Their skill sets will enable us to more efficiently evaluate investment opportunities and serve as analytical resources for our portfolio companies.” Co-President Jeffrey Lipsitz added, “We are excited to have Matt, Kelley and Sarah join the growing Cortec family, and we look forward to their contributions to our current and future portfolio companies.”

About Cortec Group

Founded in 1984, Cortec invests in market-leading, middle-market specialty consumer, distribution, healthcare and specialty services and products businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. More information about Cortec can be found at www.cortecgroup.com.

Cortec is currently investing from Cortec Group Fund VII, L.P., which closed in November 2019 at its hard cap of $2.1 billion.

Groundworks Announces Acquisition of AquaGuard Foundation Solutions

December 2020

(New York, NY) – Cortec Group ("Cortec"), a New York-based private equity firm which invests in entrepreneur-led and family-owned middle market specialty consumer, business-to-business, distribution and healthcare services and products companies, announced that Groundworks, LLC (“Groundworks”), in which Cortec Group Fund VII, L.P. (“Cortec Fund VII”) made a significant growth capital investment on January 17, 2020, acquired AquaGuard Foundation Solutions (“AquaGuard”) on December 10, 2020. AquaGuard is the third acquisition completed by Groundworks since Cortec’s investment earlier this year. Terms of the transaction were not disclosed.

Founded in 1995 and headquartered in Atlanta, GA, AquaGuard has over 200 employees and serves the single-family residential market with a suite of services including basement waterproofing, foundation repair, concrete support, gutter repair and other related services.

Virginia Beach, VA-based Groundworks is the nation’s leading vertically integrated foundation services company, with a footprint of 35 locations servicing 24 states under 16 locally operated brand names and employing more than 2,800 associates. AquaGuard represents Groundworks’ seventeenth acquisition since its inception in 2016 and strengthens Groundworks’ existing presence in the Southeast while providing a platform for additional expansion in the region.

“AquaGuard is the strongest foundation repair company in the state of Georgia and we are honored to have this very fine business join Groundworks. Under Tom DiGregorio and Joe Rusk’s leadership, AquaGuard has built an exceptionally skilled team of professionals and a brand known for its quality service and experience protecting consumers’ homes,” said Matt Malone, Founder and CEO of Groundworks. “It is our mission to offer our industry-leading water management systems to every customer in the nation, while also building a unique company that provides our skilled tradesmen and women a career platform for advancement, and not just a job. AquaGuard’s leadership in Georgia solidifies our coverage in the state as well as the Southeast.”

Tom DiGregorio, Founder and CEO of AquaGuard, stated: “Joining the Groundworks platform will provide AquaGuard with resources to foster continued expansion in the Greater Atlanta area and beyond. We chose to partner with Groundworks because we share core values and a have a shared vision for the future of the industry.” Joe Rusk, COO of AquaGuard, added, “We are thrilled about this partnership with Groundworks and excited to accelerate AquaGuard’s growth as part of the Groundworks platform.”

Bill Tucker, a Cortec Partner, said “throughout this unusual year, Matt and Groundworks’ leadership team have continued to meaningfully grow the core business while adding a number of leading brands to the platform. We’re deeply appreciative of their hard work and collaboration.” Cortec Co-President Dave Schnadig added, “We are excited to welcome AquaGuard to Groundworks, we look forward to building our presence in Georgia, and we continue to be enthusiastic supporters of Groundworks’ senior leaders in building the company.”

About Groundworks

Groundworks is the nation’s largest privately held foundation services company and is comprised of leading local brands, including AFS®, Complete Basement Systems®, Florida Foundation Authority™, Foundation Recovery Systems™, Foundation Repair of Western Colorado®, Indiana Foundation Service™, Innovative Basement Authority™, JES Foundation Repair™, Mount Valley Foundation Services®, Ohio Basement Authority™, Ohio Basement Systems™, Tar Heel Basement Systems®, A-1 Sewer & Drain™, Independence Materials Group™, and Bizwiz Software™. Groundworks has been named to the Inc. 5000 Fastest Growing Companies and Best Places to Work numerous times. More information about Groundworks can be found at www.groundworks.com.

About AquaGuard

Founded in 1995 and headquartered in Atlanta, Georgia, AquaGuard is a leading provider of waterproofing, foundation repair, concrete support, and gutter repair services throughout greater Atlanta and Northern Georgia. AquaGuard services the single-family residential market, providing a critical suite of services to homeowners which preserve home value, integrity and safety.  More information about AquaGuard can be found at www.aquaguard.net.

About Cortec Group

Founded in 1984, Cortec invests in market-leading, middle-market specialty consumer, distribution, healthcare and specialty services and products businesses in partnership with entrepreneurs, families and management teams who want to work with Cortec to drive growth and improve business fundamentals.  More information about Cortec can be found at www.cortecgroup.com.

Groundworks Announces Acquisition of Dry Pro Foundation & Crawlspace Specialists

December 2020

(New York, NY) – Cortec Group ("Cortec"), a New York-based private equity firm which invests in entrepreneur-led and family-owned middle market specialty consumer, business-to-business, distribution and healthcare services and products companies, announced that Groundworks, LLC (“Groundworks”), in which Cortec Group Fund VII, L.P. (“Cortec Fund VII”) made a significant growth capital investment on January 17, 2020, acquired Dry Pro Foundation & Crawlspace Specialists (“Dry Pro”) on December 31, 2020. Dry Pro is the fourth acquisition completed by Groundworks since Cortec’s investment. Terms of the transaction were not disclosed.

Founded in 1998 and headquartered in Charlotte, NC, Dry Pro has more than 150 employees and serves the single-family residential market with a suite of services including basement waterproofing, foundation repair, concrete support, gutter repair and other related services.

Virginia Beach, VA-based Groundworks is the nation’s leading vertically integrated foundation services company, with a footprint of 36 locations servicing 24 states under 16 locally operated brand names and employing more than 3,000 associates. Dry Pro represents Groundworks’ eighteenth acquisition since its inception in 2016 and strengthens the company’s existing presence in North and South Carolina while providing a platform for additional expansion in the region.

“We are thrilled about the addition of the Dry Pro team to Groundworks. I have known Ron and Holly Weatherly for many years and during that time have witnessed the development of the world-class operation and team they have built,” stated Matt Malone, Founder and CEO of Groundworks. “Forging this partnership is another important step in our effort to continue building our national platform, which provides industry-leading water management services along with career advancement opportunities for our dedicated team of employees. Dry Pro’s presence in the greater Charlotte area solidifies our coverage throughout the Carolinas.”

Ron Weatherly, Founder and CEO of Dry Pro, stated: “The partnership with Groundworks offers the Dry Pro family new opportunities that we have never imagined. In the past 21 years, we have seen record growth and have come to realize that we are more than just a foundation, waterproofing, and structural repair company. We have formed a relationship with our customers by building a family of inspired employees. We see this in all 3,000 Groundworks employees as well. I am proud of the future this will create for Dry Pro for many years to come.”

Bill Tucker, a Cortec Partner, said “Groundworks had an incredible year of growth in 2020, both within the core business and through the four brands we acquired. Matt and the Groundworks team have consistently over-delivered, and we are grateful for their hard work and highly collaborative approach.” Cortec Co-President Dave Schnadig added, “We’re excited to welcome Dry Pro to Groundworks and to end the year strongly with another acquisition of a leading brand. We are eager to continue supporting Groundworks’ senior leadership in building the company in 2021 and beyond.”

About Groundworks

Groundworks is the nation’s largest privately held foundation services company and is comprised of leading local brands, including AFS®, Complete Basement Systems®, Florida Foundation Authority™, Foundation Recovery Systems™, Foundation Repair of Western Colorado®, Indiana Foundation Service™, Innovative Basement Authority™, JES Foundation Repair™, Mount Valley Foundation Services®, Ohio Basement Authority™, Ohio Basement Systems™, Tar Heel Basement Systems®, A-1 Sewer & Drain™, Independence Materials Group™, and Bizwiz Software™. Groundworks has been named to the Inc. 5000 Fastest Growing Companies and Best Places to Work numerous times. More information about Groundworks can be found at www.groundworks.com.

About Dry Pro

Founded in 1998 and headquartered in Charlotte, North Carolina, Dry Pro is a leading provider of waterproofing, foundation repair, concrete support, and gutter repair services throughout the greater Charlotte area. Dry Pro services the single-family residential market, providing a critical suite of services to homeowners which preserve home value, integrity and safety.  More information about Dry Pro can be found at www.dryprosystems.com.

About Cortec Group

Founded in 1984, Cortec invests in market-leading, middle-market specialty consumer, distribution, healthcare and specialty services and products businesses in partnership with entrepreneurs, families and management teams who want to work with Cortec to drive growth and improve business fundamentals.  More information about Cortec can be found at www.cortecgroup.com.

EVP Announces the Acquisitions of Rottman Eye Care, P.C., Ashley R. Ford, O.D., PLLC and May Eye Care, Inc.

December 2020

(New York, NY) – Cortec Group ("Cortec"), a New York-based private equity firm which invests in entrepreneur-led and family-owned middle market specialty consumer, business-to-business, distribution and healthcare services and products companies, announced that an affiliate of Eye Academy Holdings, Inc. dba EVP Eyecare (“EVP” or the “Company”), a portfolio company of Cortec Group Fund VI, L.P., (“Cortec Fund VI”) acquired Rottman Eye Care, P.C. (“REC”) and Ashley R. Ford, O.D., PLLC (“ARF”) on November 20, 2020 and May Eye Care, Inc. (“MEC”) on December 31, 2020. Terms of the transactions were not disclosed.

REC and ARF, based in Grand Junction, CO and operating as a consolidated practice, and MEC, based in Westminster, CO, operate leading, full-service ophthalmology clinics. Through their dedicated physician specialists and advanced facilities and medical technology, the three clinics offer comprehensive eye care treatments and services to patients in the greater Grand Junction and Denver markets. Each has developed a reputation for personalized, effective care and is an important member of its respective community. REC, ARF and MEC were founded by Dr. Randy Rottman, Dr. Ashley Ford and Dr. Kevin May, respectively, who will continue to lead their clinics.

Christian Ellison, CEO of EVP, commented, “We are thrilled to welcome Dr. Rottman, Dr. Ford, Dr. May and their teams to the EVP family. Our broader organization will benefit from their knowledge and expertise, as they together have over 70 years of combined experience in the field. In addition, each clinic is highly complementary to our existing presence in the region and will expand EVP’s ability to deliver the highest quality eye care to our patients.”

“Despite the challenges presented by the pandemic this past year, Christian and EVP’s leadership team have managed the business admirably while adding these highly strategic practices to the platform. We thank them for their hard work and look forward to our continued partnership,” said Bill Tucker, Cortec Partner. Cortec Co-President Jeffrey Lipsitz added, “We are excited to support the EVP management team as they continue to expand the company. As we enter 2021, we are pleased with the momentum behind the core business, which will accelerate with these acquisitions. We expect to complete additional acquisitions throughout the year.”

The REC / ARF and MEC acquisitions represent EVP’s second and third acquisitions, respectively, since completing a recapitalization with Cortec Fund VI in December 2016.

About EVP

Headquartered in Denver, CO, EVP operates 15 ophthalmology clinics and six ambulatory surgery centers that are exclusively focused on the treatment of ophthalmic conditions. EVP has built a leading regional provider of eye care services through an expert team of physician specialists, advanced surgical and treatment technology, and a culture of high-quality patient care. EVP’s facilities are located in Colorado, Texas, and Arizona and provide a range of eye care procedures and services, including cataract surgery, laser vision correction, corneal surgery, and a variety of treatments for glaucoma and retina conditions. More information about EVP can be found at www.evpeyecare.com.

About Cortec Group

Founded in 1984, Cortec invests in market-leading, middle-market specialty consumer, distribution, healthcare and specialty services and products businesses in partnership with entrepreneurs, families and management teams who want to work with Cortec to drive growth and improve business fundamentals.  More information about Cortec can be found at www.cortecgroup.com.

EAH Announces Acquisition of Z1 Motorsports

February 2021

Wadsworth, Ohio – Enthusiast Auto Holdings, LLC ("EAH"), a direct-to-enthusiast, digitally native platform that invests in and helps operate some of the most innovative e-commerce retailers in the performance automotive industry, announced that on November 3, 2020, it acquired a majority of Z1 Motorsports, LLC ("Z1" or the "Company") in partnership with management. Terms of the transaction were not disclosed.

Founded and managed by a team of Nissan Z-car enthusiasts, Z1 is the leading online destination for Nissan and Infiniti performance parts. Over two decades, Z1 has built a loyal customer base by offering the Nissan and Infiniti community a deep catalog of proprietary branded products complemented by aftermarket and OEM parts for both performance and repair/maintenance applications.

Z1 has built a highly differentiated, robust e-commerce platform with an outstanding track record of growth under the leadership of Founder and President Russell Floyd, who will continue to lead the Company. "EAH is an ideal partner for Z1 as they recognized our strengths, but also brought functional expertise in areas such as digital marketing, technology, and operations that will be critical to our success as we continue to scale," said Mr. Floyd.

Imran Jooma, CEO of EAH, stated, "Z1's strong reputation among enthusiast customers reflects its authentic brand, innovative product portfolio and commitment to customer service. We are excited to work with Russell and the exceptional Z1 management team to support their strong growth trajectory." Z1 is EAH's fifth acquisition of specialty automotive aftermarket websites targeting specific enthusiast communities.

Cortec Group, through its affiliate Cortec Group Fund VII, L.P., acquired EAH in December 2019 in partnership with its management team. Cortec is a New York-based private equity firm that focuses on investing in and growing middle market specialty consumer, business-to-business, distribution and healthcare products and services businesses. Additional information about Cortec can be found at www.cortecgroup.com.

About Z1

Founded in 2000 and headquartered in Carrollton, GA, Z1 is a leading direct-to-consumer e-commerce retailer of automotive aftermarket parts, components and kits for Nissan and Infiniti vehicles, primarily serving owners of performance-oriented Nissan Z and Infiniti G models and their Infiniti variants. Additional information about Z1 can be found at: www.z1motorsports.com.

About EAH

EAH is a leading e-commerce retailer of specialty automotive aftermarket parts, offering more than two million active SKUs of performance, repair and maintenance parts, selling direct-to-consumer and to professional installers. Founded in 2001, EAH is headquartered in Wadsworth, OH. EAH's websites include: www.ecstuning.com, www.turnermotorsport.com, www.pelicanparts.com, www.rennline.com, www.texas-speed.com and www.z1motorsports.comwww.z1motorsports.com{:target="new"}.

Cortec Group Announces the Sale of Canadian Hospital Specialties

April 2021

(New York, NY) – Cortec Group ("Cortec"), a New York-based private equity firm which invests in middle-market healthcare, distribution, consumer, and specialty products and services businesses, is pleased to announce that its affiliate, Cortec Group Fund V, L.P. (“Cortec Fund V”), has sold CHSL Holdco, Inc. d/b/a Canadian Hospital Specialties (“CHS” or the “Company”) to affiliates of Flexpoint Ford, LLC (“Flexpoint Ford”). Terms of the transaction were not disclosed.

Based in Oakville, Ontario, CHS is a leading specialty distributor and manufacturer of medical and surgical products that serves Canadian healthcare facilities. The Company’s offering includes more than 8,000 products used in a wide array of clinical applications. The Company provides single-use and other medical products supplied by global medical device manufacturers as well as its own manufactured products, which are marketed under the proprietary MED-RX® brand. Additional information on CHS is available at www.chsltd.com.

Since Cortec acquired CHS in November 2013, the Company has grown organically and through six highly strategic acquisitions, meaningfully expanding and diversifying its product portfolio and vendor base while adding scale to CHS’ clinical sales organization. Michael Najjar, a Managing Partner at Cortec, stated, “Our investments to expand the Company’s leadership team, complete several transformative acquisitions and develop the sales and marketing teams and processes resulted in significant growth at CHS. During the time of our investment, we worked closely with management, and the business more than doubled in size.” Jeffrey Lipsitz, a Co-President at Cortec, added, “We are very pleased with the outcome for CHS’ shareholders and believe that Flexpoint Ford will be a terrific partner for CHS’ management team as they continue to execute on the Company’s growth initiatives.”

Mike Canzoneri, CEO of CHS, added, “Cortec has been an outstanding teammate for CHS and our management team over the last seven years. Their commitment to our long-term success has proven invaluable and enabled us to build a strong platform positioned for success.”

The Cortec team included Jeffrey Lipsitz, Michael Najjar, Allison Klazkin, Matthew Baker, and Sarah Whitney. CHS was advised in the transaction by Harris Williams LLC and TM Capital Corp., with Paul Hastings LLP and Gowling WLG serving as legal counsel.

About Cortec Group

Founded in 1984, Cortec invests in high value-added, middle-market healthcare, specialty products and services, and consumer businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Additional information about Cortec can be found at www.cortecgroup.com.

Groundworks Announces Acquisition of Baker's Waterproofing

April 2021

(New York, NY) – Cortec Group ("Cortec"), a New York-based private equity firm that focuses on investing in and growing entrepreneur-led and family-owned middle market specialty consumer, business-to-business, distribution and healthcare services and products companies, announced that Groundworks, LLC (“Groundworks”), in which Cortec Group Fund VII, L.P. (“Cortec Fund VII”) made a significant growth capital investment on January 17, 2020, acquired Baker’s Waterproofing (“Baker’s”) on May 14, 2021. Baker’s is the fifth acquisition completed by Groundworks since Cortec Fund VII’s investment. Terms of the transaction were not disclosed.

Founded in 1975 and headquartered in Pittsburgh, PA, Baker’s has more than 85 employees and serves the single-family residential market with a suite of services including basement waterproofing, foundation repair, concrete lifting, and other related services.

Virginia Beach, VA-based Groundworks is the nation’s leading vertically integrated foundation services company, with a footprint of 40 offices servicing 27 states under 17 locally operated brand names and employing more than 3,200 associates. Baker’s represents Groundworks’ nineteenth acquisition since its inception in 2016 and expands the company’s presence into Pennsylvania and West Virginia.

“We are excited about the addition of Baker’s Waterproofing to Groundworks. Brian and his team have shown that the quality of service they provide is superior to that of all other brands in their region and that customer satisfaction is essential to their company beliefs. This aligns perfectly with the culture of Groundworks,” stated Matt Malone, Founder and CEO of Groundworks. “It is no coincidence we selected Baker’s as our first partner to expand into the Northeast. As we solidify our reach across the nation, this region is one in which we see the opportunity for continued growth. We will continue to grow our national platform to provide industry-leading foundation repair and water management services, along with career advancement opportunities and world-class training for our dedicated team of employees.”

“I’m so proud of the business my family and team has built over the last 46 years at Baker’s,” said Brian Baker. “This partnership will ensure the legacy of serving our customers past and future will continue at the standard of excellence we are known to deliver, while our employees will now have new opportunities for their careers. I know that the next 50 years will prove to be even more exciting for our company as we are now part of Groundworks.”

Bill Tucker, a Cortec Partner, said, “Groundworks continues to deliver strong organic growth while meaningfully expanding through acquisition. Matt and the Groundworks team have consistently been successful in finding and integrating new brands to the platform.” Cortec Co-President Dave Schnadig added, “We’re excited to welcome Baker’s to Groundworks and to continue expanding into new markets. We are continually impressed by the Groundworks senior leadership team’s hard work and collaboration and look forward to further building the company in 2021 and beyond.”

About Groundworks

Groundworks® is the nation’s largest privately held foundation services company. Headquartered in Virginia Beach, VA, the company provides foundation repair, basement waterproofing, crawl space repair and encapsulation, and concrete lifting. Groundworks is comprised of AFS Foundation & Waterproofing Specialists™, AquaGuard Foundation Solutions™, Baker’s Waterproofing™, Complete Basement Systems®, Dry Pro Foundation & Crawlspace Specialists™, Florida Foundation Authority™, Foundation Recovery Systems™, Foundation Repair of Western Colorado™, Foundation Systems of Michigan™, Indiana Foundation Service™, Innovative Basement Authority™, JES Foundation Repair™, Mount Valley Foundation Services®, Ohio Basement Authority™, Ohio Basement Systems™, Tar Heel Basement Systems®, A-1 Sewer & Drain™, Independence Materials Group™, and Bizwiz Software™. Since 1986, the combined companies have helped nearly one million homeowners protect and repair their most valuable asset, their home. Groundworks has been named numerous times to the Inc. 5000 fastest growing companies, BBB® integrity award, and Best Places to Work™ lists. For more information, visit www.groundworkscompanies.com.

About Baker’s Waterproofing

Founded in 1975 and headquartered in Pittsburgh, PA, Baker’s Waterproofing is a leading provider of basement waterproofing, foundation repair and concrete lifting services throughout Pennsylvania, West Virginia, and Ohio. Baker’s services the single-family residential market, providing a critical suite of services to homeowners which preserve home value, integrity, and safety. More information about Baker’s can be found at www.bakerswaterproofing.com.

About Cortec Group

Founded in 1984, Cortec invests in market-leading, middle-market specialty consumer, distribution, healthcare and specialty services and products businesses in partnership with entrepreneurs, families and management teams who want to work with Cortec to drive growth and improve business fundamentals. More information about Cortec can be found at www.cortecgroup.com.

Groundworks Announces Acquisition of I'm the Guy Basements

July 2021

(New York, NY) – Cortec Group ("Cortec"), a New York-based private equity firm that focuses on investing in and growing entrepreneur-led and family-owned middle market specialty consumer, business-to-business, distribution and healthcare services and products companies, announced that Groundworks, LLC (“Groundworks”), in which Cortec Group Fund VII, L.P. (“Cortec Fund VII”) made a significant growth capital investment on January 17, 2020, acquired I’m The Guy Basements (“ITG”) on July 16, 2021. ITG is the sixth acquisition completed by Groundworks since Cortec Fund VII’s investment. Terms of the transaction were not disclosed.

Founded in 2009 and headquartered in Northumberland, PA, ITG has more than 65 employees and serves the single-family residential market with a suite of services including basement waterproofing, crawlspace repair, foundation repair, and other related services. As part of the acquisition, ITG will unite with western Pennsylvania-based Baker’s Waterproofing, a Groundworks brand acquired in May 2021. These two leading companies in Pennsylvania will now be united under one brand, Baker’s Waterproofing. The combined organization will form the largest and most reputable foundation services and waterproofing company in Pennsylvania.

Virginia Beach, VA-based Groundworks is the nation’s leading vertically integrated foundation services company, with a footprint of 40 offices servicing 27 states under 17 locally operated brand names and employing more than 3,200 associates. ITG represents Groundworks’ twentieth acquisition since its inception in 2016.

“ITG has demonstrated strong performance over the last few years and the business continues to grow. Partnering with Jake Waltz and his team allows us to further expand our footprint in Pennsylvania as we move deeper into the Mid-Atlantic and Northeast regions,” stated Matt Malone, Founder and CEO of Groundworks. “Groundworks’ commitment to the ITG team is to invest in the business – with a new building, new technology, new fleet assets and unlimited personal and professional growth for the employees. With aggressive expansion plans, employees will not only have more opportunities in Pennsylvania, including ownership, 401K and profit-sharing programs, but will also have opportunities for growth at our other 40 locations across the country.”

“ITG’s partnership with Groundworks and Baker’s Waterproofing means my company, and the employees who built it with me, will have an exponential number of opportunities in front of them,” said Founder Jake Waltz. “Baker’s Waterproofing and ITG have been the two largest contractors in the state that do what we do, and now we can do it together.”

Bill Tucker, a Cortec Partner, said, “We are excited for Groundworks’ partnership with ITG and to add a strong Pennsylvania foundation services and waterproofing company to the Baker’s Waterproofing brand.” Cortec Co-President Dave Schnadig added, “Matt and the Groundworks team have continued to execute strategic acquisitions in 2021 while successfully driving organic growth in the business. We are very proud of Groundworks’ leadership and their demonstrated ability to consistently grow the company.”

About Groundworks

Groundworks® is the nation’s largest privately held foundation services company. Headquartered in Virginia Beach, VA, the company provides foundation repair, basement waterproofing, crawl space repair and encapsulation, and concrete lifting. Groundworks is comprised of AFS Foundation & Waterproofing Specialists™, AquaGuard Foundation Solutions™, Baker’s Waterproofing™, Complete Basement Systems®, Dry Pro Foundation & Crawlspace Specialists™, Florida Foundation Authority™, Foundation Recovery Systems™, Foundation Repair of Western Colorado™, Foundation Systems of Michigan™, Indiana Foundation Service™, Innovative Basement Authority™, JES Foundation Repair™, Mount Valley Foundation Services®, Ohio Basement Authority™, Ohio Basement Systems™, Tar Heel Basement Systems®, A-1 Sewer & Drain™, Independence Materials Group™, and Bizwiz Software™. Since 1986, the combined companies have helped nearly 1.5 million homeowners protect and repair their most valuable asset, their home. Groundworks has been named numerous times to the Inc. 5000 fastest growing companies, BBB® integrity award, and Best Places to Work™ lists. For more information, visit www.groundworks.com.

About ITG

Founded in 2009 and headquartered in Northumberland, PA, ITG is a leading provider of basement waterproofing, crawlspace repair, foundation repair, and other related services throughout eastern and central Pennsylvania. ITG services the single-family residential market, providing a critical suite of services to homeowners which preserve home value, integrity, and safety. More information about ITG can be found at www.itgbasementsystems.com.

About Cortec Group

Founded in 1984, Cortec invests in market-leading, middle-market specialty consumer, distribution, healthcare and specialty services and products businesses in partnership with entrepreneurs, families and management teams who want to work with Cortec to drive growth and improve business fundamentals. More information about Cortec can be found at www.cortecgroup.com.

Cortec Group Announces the Sale of Window Nation

July 2021

(New York, NY) – Cortec Group ("Cortec"), a New York-based private equity firm which invests in entrepreneur-led and family-owned, middle-market specialty consumer, distribution and healthcare services and products companies is pleased to announce that its affiliate, Cortec Group Fund VI, L.P. has sold Window Nation Intermediate Holding, LLC (“Window Nation” or the “Company”). Terms of the transaction were not disclosed.

Window Nation is one of the leading direct-to-consumer providers of replacement windows and exterior doors serving the residential repair and remodeling markets. The Company generates sales leads through a proprietary direct-to-consumer, multi-channel advertising strategy and converts leads into sales through its direct salesforce. Window Nation operates in 15 markets across the Mid-Atlantic, Midwest, Northeast, and Southeast regions of the U.S. Additional information on Window Nation is available at www.windownation.com.

Since Cortec acquired Window Nation in January 2018, the Company has expanded into 10 new markets, while optimizing lead generation through enhanced marketing, growing its direct salesforce and introducing new sales strategies. Michael Najjar, a Managing Partner at Cortec, stated, “We made early investments in personnel, systems and processes which drove significant growth at Window Nation in both existing and new markets. Under our ownership, Window Nation nearly tripled in size and established itself as the clear leader in the U.S. window replacement market.” Doug Kruep, a Partner at Cortec, added, “We are very pleased with the results of our partnership with Harley and Aaron Magden and the entire Window Nation management team and share management’s enthusiasm for their next phase of growth.”

Harley Magden, Window Nation’s Co-Founder and CEO, who will continue to lead the business with his brother Aaron and maintain a significant ownership stake, remarked, “Cortec has been an invaluable resource for my brother Aaron and me. From the beginning of our partnership, the Cortec team has been committed to our long-term success, encouraging us to invest in the business to build a strong platform positioned for growth well into the future.” Aaron Magden, Co-Founder and President of Window Nation, added, “We have enjoyed working with the Cortec team and are eager to continue our success with our new partners.”

Window Nation was advised in the transaction by Houlihan Lokey Capital, Inc. and Lincoln International, LLC, with Paul Hastings LLP serving as legal counsel.

About Cortec Group

Founded in 1984, Cortec invests in market-leading, middle-market specialty consumer, distribution, healthcare and specialty services and products businesses in partnership with entrepreneurs, families and management teams who want to work with Cortec to drive growth and improve business fundamentals. More information about Cortec can be found at www.cortecgroup.com.

Cortec Announces Growth Capital Partnership with Little Sleepies

November 2021

(New York, NY) – Cortec Group (“Cortec”), a New York-based private equity firm which focuses on investing in and growing founder/entrepreneur-owned and led middle-market direct-to-consumer ("DTC"), business-to-business, distribution, and healthcare services and products companies, announced that on October 29, 2021, an affiliated investment group led by Cortec Group Fund VII, L.P. ("Cortec Fund VII"), in partnership with Maradith Frenkel (Little Sleepies' CEO and Founder), completed the growth recapitalization of Little Sleepies, LLC ("Little Sleepies" or the "Company"). Terms of the transaction were not disclosed.

Founded in 2018, Little Sleepies is a high-growth, digitally-native, DTC branded sleepwear and accessories business. While the Company was founded as a designer and marketer of children's pajamas and "zippies" (the Company's one-piece pajama designed with several baby-friendly features), in response to overwhelming demand from its rapidly growing customer base, it has steadily expanded its product offering to include adult sleepwear and a growing collection of complementary products, such as blankets, crib sheets, bibs and underwear. Little Sleepies' sleepwear and accessories are made with high-quality, bamboo viscose fabric that is designed to be gentle on sensitive skin and comes in a variety of creative prints and styles.

Under Maradith Frenkel's leadership, Little Sleepies has developed an innovative product offering and a loyal customer base, which has enabled the Company to scale at a rapid pace. Maradith Frenkel commented: "I was looking for an engaged partner with a proven track record of working with entrepreneurial management teams to build high-growth companies, including with real capabilities in digital marketing, new product introduction and global supply chain management. Cortec's prior experience in these areas, particularly with consumer branded products and eCommerce businesses, convinced me that they were best able to help me and my team realize our vision for Little Sleepies." Frenkel concluded: "Beyond their significant knowledge base and senior-level partner involvement, our entire team appreciated the values that Cortec and Little Sleepies share as we drive the Company toward sustainable, long-term growth."

Dave Schnadig, Co-President of Cortec, stated: "We feel fortunate that Maradith and the rest of the Little Sleepies team chose Cortec as their partner to continue their success building a unique branded sleepwear and accessories company. Our meaningful experience working with entrepreneurs in the consumer products space helped us quickly understand the nature of Little Sleepies' authentic brand, original products and engaged customers and drove our excitement for the opportunity." Rob Whipple, a Partner at Cortec, added, "We look forward to supporting Little Sleepies as it pursues a variety of meaningful growth initiatives, including further increasing brand awareness and entering new complementary product categories."

The Little Sleepies investment represents the third growth-focused platform in Cortec Fund VII, a $2.1 billion fund which closed in November 2019. Jones Day served as legal advisor to Cortec. Intrepid Investment Bankers LLC served as financial advisor and Jeffer Mangels Butler & Mitchell LLP served as legal advisor to Little Sleepies.

About Little Sleepies

Little Sleepies is a fast-growing direct-to-consumer sleepwear and accessories brand. The Company offers a cohesive portfolio of high-quality, bamboo viscose children's pajamas and accessories in a variety of modern and creative prints, as well as matching adult pajamas and a collection of complementary blankets and crib sheets. Additional information about Little Sleepies can be found at www.littlesleepies.com.

About Cortec Group

Founded in 1984, Cortec invests in middle-market specialty direct-to-consumer products and services, distribution, and healthcare products and services companies in partnership with founders, owners and management teams who want to work with Cortec to drive growth and improve business fundamentals.  More information about Cortec can be found at www.cortecgroup.com.

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