CPE News (4/22/2021) – Flexpoint Ford, LLC has acquired Canadian Hospital Specialties (CHS) from Cortec Group.
Founded in 1967, Oakville, Ontario based Canadian Hospital Specialties is a leading manufacturer, marketer and distributor of single-use and other medical products to Canadian healthcare facilities.
CHS will continue operating as an independent company led by CEO Mike Canzoneri and the company’s current management team, who will continue to be owners in the business.
Cortec Group acquired CHS from Hammond, Kennedy, Whitney & Co., Inc. (HKW) in November 2013.
photo credit: Canadian Hospital Specialties
News Release
Canadian Hospital Specialties Welcomes Flexpoint Ford as Strategic Investor
Investment Provides CHS With Resources to Expand Existing Business While Continuing to Provide Customers with Leading Patient Care Solutions
OAKVILLE, ON and CHICAGO, April 22, 2021 /CNW/ — Canadian Hospital Specialties Ltd. (“CHS”), a leading specialty distributor and manufacturer of medical and surgical products, announced today it has received a strategic investment from Flexpoint Ford (“Flexpoint”), a private equity investment firm specializing in the healthcare and financial services industries. Previously majority-owned by affiliates of Cortec Group, CHS will continue operating as an independent company led by CEO Mike Canzoneri and the company’s current management team, who will continue to be owners in the business. The company will remain headquartered in Oakville, Ontario.
Founded in 1967, CHS is one of the most well-respected providers of innovative medical products and customized patient care solutions for customers throughout the healthcare market in Canada and internationally. CHS serves healthcare providers and patients with a wide range of specialty solutions and locally manufactured products and works to introduce the most advanced medical technology in a mission to improve patient care and outcomes.
“We are delighted to welcome Flexpoint Ford as a highly strategic investor to CHS and are excited to leverage their deep expertise across our focus markets,” said Mike Canzoneri, CEO of CHS. “With this new partnership, we remain well positioned for growth and will continue to provide customers and suppliers with the innovative, essential products and value-added solutions they’ve come to expect from our team for over 50 years.”
“We have followed CHS closely for many years and see numerous opportunities to grow the business over the long term,” said Jonathan Oka, Managing Director at Flexpoint Ford. “The company has a leading market position and well-established reputation within the medical device industry, and we are proud to partner with Mike and his team. The addition of CHS to the Flexpoint portfolio underscores our commitment to investing in high quality healthcare companies in partnership with their management teams and employees.”
The Flexpoint team included Jonathan Oka, Dan Grigorescu and Blake Heyde. As part of the transaction, Flexpoint received financial advice from Cain Brothers, a division of KeyBanc Capital Markets. The company’s financial advisors were Harris Williams LLC and TM Capital Corp. Terms of the transaction were not disclosed.
About Canadian Hospital Specialties
Canadian Hospital Specialties (est. 1967) is a privately held company located in Oakville, ON, Canada that serves customers in the acute care and alternate site healthcare sectors throughout Canada and internationally. CHS 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, across categories including Respiratory, Anesthesia, Perfusion, Interventional, Biopsy, Drainage, Diagnostic Imaging, Pharmacy, Medication Delivery, Neonatal Care, OEM and General Medical. CHS also provides specialty contract manufacturing services for medical device and life sciences companies. For more information about CHS, please visit www.chsltd.com.
About Flexpoint Ford
Flexpoint Ford is a private equity investment firm that has raised more than $4.8 billion in capital and specializes in privately negotiated investments in the financial services and healthcare industries. Since the firm’s formation in 2005, Flexpoint Ford has completed investments in more than 30 companies across a broad range of investment sizes, structures and asset classes. Flexpoint Ford is headquartered in Chicago, Illinois, with additional offices in New York, New York. For more information about Flexpoint Ford, please visit www.flexpointford.com.
MEDIA CONTACTS:
Canadian Hospital Specialties:
Glenda Iuliani
905.825.9300
giuliani@chsltd.com
Flexpoint Ford:
Nick Theccanat
Prosek Partners
281.546.0526
pro-flexpointford@prosek.com
SOURCE Flexpoint Ford