Havencrest Capital Management Acquires ThermoTek, Inc.

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Leading designer and manufacturer of temperature management devices represents another platform investment by Havencrest

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The acquisition of ThermoTek represents a great opportunity to partner with a seasoned management team to further establish market leadership and drive efficiencies.

Havencrest Capital Management, a Dallas-based healthcare private equity firm focused on partnering with founder- and entrepreneur-led businesses across the United States, announced today the completion of its acquisition of ThermoTek, Inc. (“ThermoTek” or the “Company”), a leading designer and manufacturer of temperature management devices.

Founded in 1993 and based in Flower Mound, TX, ThermoTek provides a broad range of temperature management solutions to the medical and industrial end markets, specifically cold compression devices used in post-orthopedic surgery rehabilitation and cooling units used in industrial applications. The Company leverages its extensive product portfolio with more than 70 issued patents to supply its network of 280+ medical device dealers and industrial OEMs with a variety of custom- and proprietary-branded thermal management and compression products.

"We are very excited to support ThermoTek on the next step of its journey," commented Christopher W. Kersey, M.D., M.B.A., Founding Managing Partner of Havencrest Capital Management. "The acquisition of ThermoTek represents a great opportunity to partner with a seasoned management team to further establish market leadership and drive efficiencies," according to Dr. Kersey.

Sam McSpadden, CEO of ThermoTek, Inc., added, "We are excited to have found our ideal partner with Havencrest’s extensive industry knowledge and deep bench of experienced operators. Together we can accelerate growth and bring ThermoTek’s long track record of delivering superior precision thermal management solutions and post-operative rehabilitation products to a rapidly-growing market worldwide."

By parlaying its blue-chip network of Operating Partners and Senior Advisors, Havencrest will seek to expand ThermoTek’s product portfolio by launching new product lines, growing into adjacent medical and industrial markets and acquiring complementary private companies.

"As the founder of several global medical device companies, I am excited to assist Havencrest in this acquisition," said Havencrest Operating Partner Robert A. Kline, Founding CEO of temperature management medical device leader Medivance Corporation (acquired by Bard Corporation, NYSE: BCR). "ThermoTek’s market-leading technology innovation --- as well as its unparalleled customer service --- will continue to differentiate the company from its competitors," according to Mr. Kline, who will serve as ThermoTek’s Advisory Board Chairman and help guide the Company through this next exciting phase of growth.

Oxford Finance provided debt financing for the transaction. Sheppard, Mullin, Richter & Hampton LLP served as legal counsel to Havencrest Capital Management. Raymond James served as financial advisor to the Company. Financial terms of the transaction were not disclosed.

About Havencrest Capital Management
Havencrest Capital Management (“Havencrest”) is a committed capital, lower middle-market private equity investment firm focused exclusively on the healthcare industry. Havencrest comprises a leading team of investment professionals, operating partners and senior advisors, including many of the nation’s leading healthcare entrepreneurs, corporate executives and public policy experts.

With its unique approach to partnering with founder-owned healthcare companies with EBITDA between $2M - $10M, the Havencrest team has a successful track record in building leading companies that are changing the way healthcare is delivered in America.

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Thomas Ruane
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