Chapel Hill, NC —TriVirix International, a full-service contract manufacturer of electronic medical equipment, announced today that Grotech Capital Group, Morgan Stanley Venture Partners, other new funds, and existing investors invested a total of $25 million in private equity.
TriVirix expects revenues this year to grow five fold over 2001 and was recently ranked ninth in the Triangle Fast 50. “It’s a great time to grow aggressively, while many other companies are contracting,” says Richard West, TriVirix CEO. “We plan to expand our geographic reach and our service breadth with this new capital.” TriVirix completed two acquisitions earlier this year with the purchase of a medical electronics assembly plant from Medtronic and a printed circuit board assembly plant from Fujitsu.
Aurora Funds of Durham, NC seed funded the company in 1998 and has participated in each of the four rounds of venture financing that the company has received. Jeff Clark, an Aurora general partner, said, “TriVirix has made remarkable progress in just four years. To go from an idea to a significant, global company in such a short period of time is a great accomplishment. We are pleased that some of the finest private equity firms in the country are joining us to build an even larger, more successful company.” Other repeat investors included Thompson Clive and Partners, Frontier Capital, Enterprise Equity, Crescent Capital, Charlotte Angel Partners, and Tri-State Investment Group. Rachel Selisker, the Triangle area representative for Thompson Clive, said, “Strong management teams are a big part of the investment decision for companies at this stage of development. This team is capable of and enthusiastic about taking the company to the next level; we look forward to their continued success”.
In addition to Grotech Capital Group and Morgan Stanley Venture Partners, new investors in this round included MDS Capital of Toronto, SunTrust Equity Partners, Trelys Venture Partners, and MB Ventures. Dave Bannister, General Partner with Grotech, said, “The company is at an interesting convergence of reducing healthcare cost, improving patient care, and the opportunity to build a large, profitable company.” Fazle Husain, Managing Member of Morgan Stanley Venture Partners added, “There is an accelerating trend toward outsourcing medical manufacturing, and TriVirix, with its unique focus on medical equipment, offers a solid solution and value proposition to its customers.”
Founded in 1998, TriVirix has medical manufacturing facilities in Minnesota and the United Kingdom and is headquartered in North Carolina. TriVirix is attracting customers on the leading edge of the medical device and biotech industries and has relationships with some of the industries’ most prominent companies. It has contracts to manufacture electronic equipment for hemodialysis and blood analysis, hearing screening, cardiac measurement and defibrillation, patient monitoring, and various other medical diagnostic and therapeutic and biotech measurement and analysis applications.
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