Irvine-based Aspen Medical Products, a maker of braces for those with back, neck and spine issues, has a new owner.
The orthotic company recently received an undisclosed investment from New York-based private equity firm Cortec Group Management Services LLC.
Founded in 1984 by R. Scott Schafler, Cortec invests in middle-market distribution, consumer, healthcare, specialty products, and services businesses. Its investments are typically in companies with revenue of $40 million to $300 million and EBITDA of $7 million to $35 million, according to its website.
“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” Aspen Chief Executive and founder Dan Williamson said in a statement. He will remain in charge of the business following the change in ownership.
“Aspen is a great fit for Cortec based on our significant experience investing in medical products companies and teaming with entrepreneurs,” Cortec Managing Partner Jeffrey A. Lipsitz said.
Cortec said it will help Aspen expand into new markets outside the U.S.
50+ Products
Aspen was founded in 2003 after Williamson acquired patents, inventory, and manufacturing IP for the original Aspen Collar, a cervical collar that changed the bracing industry due to its ability to support the cervical spine while diminishing skin breakdown. Aspen has made the Business Journal’s Best Places to Work list several times over the past decade; in 2018 it ranked No. 27 in midsize firms with 143 OC employees.
Aspen’s website said the company is debt-free now.
Aspen offers more than 50 spinal braces ranging from $25 to $1,300 in unit price. Its orthotic systems aim at providing controlled restriction, pain therapy, or active influence.
Aspen’s senior vice president of product development, Geof Garth, holds 30 patents in a variety of fields, including medical devices and board games.
“Aspen has established a market-leading reputation for developing products with innovative designs, high-quality production and superior patient comfort,” Cortec said in a statement.
Williamson was the 2017 Orange County winner in the healthcare and community category of Ernst & Young LLP’s Entrepreneur of the Year Award.
