A Medical Device Daily
GTCR (Chicago), a private equity firm, said it has partnered with Thomas Daulton to form Devicor Medical Products (Pleasant Prairie, Wisconsin), which will focus on acquiring device companies and products. GTCR said it plans to invest up to $250 million of equity capital to support management's strategy. Daulton will serve as CEO of the new company.
"We are delighted to partner with Tom to build an industry-leading medical device company focused on products with clinical preference," said GTCR Principal Dean Mihas. "Our partnership with Tom exemplifies GTCR's strategy of identifying a highly-attractive industry, then forging a partnership with a strong executive to build a market-leading company. It's a strategy we pioneered, and we have implemented it successfully for over 25 years."
Daulton is a former senior executive of Cardinal Health and a previous member of its global leadership team. His senior-level management experience spans two decades and includes a variety of positions at Baxter Healthcare, Allegiance Healthcare and Cardinal in marketing, sales, international, manufacturing, distribution, business development and general management.
Most recently, Daulton served as general manager of Cardinal's Interventional Specialties and MedSystems divisions, both fast-growing interventional product businesses, GTCR noted.
"I am excited about the opportunity to build a significant new global player in the medical device industry," Daulton said. "GTCR has a long history of backing experienced managers and providing them with the resources and support required to build successful companies through both organic growth and acquisitions. GTCR also has a very successful track record in the healthcare sector, making them an ideal partner with whom to form Devicor."
GTCR's investment in Devicor will be made from GTCR Fund IX LP, a private equity fund with $2.75 billion of committed capital, the firm noted.