Gaining a healthy share of the medical device market.
In 2005, an opportunity arose when Squire Coggswell, a $65 million medical device manufacturer that did contract work for a division of GE Medical, was interested in selling its business. At the same time, the GE Medical Division also came on the market. Squire Coggswell had the right of first refusal to acquire the GE division, so MVC purchased both and became majority owner.
Our first priority was to combine the two businesses, remove inefficiencies and capitalize on the strong margins each had. Using the extra cash flow generated by both companies, we embarked on a vigorous plan to bring new products to market.
Expanding Ohio Medical’s product portfolio.
Ohio Medical’s primary offering at the time was in the manufacture of regulators—gauges that control the amount of oxygen, nitrous oxide and suction administered in a hospital setting. At the time, Ohio Medical offered just a simple model that required two-handed operation. We were quickly able to add a “push-to-set” model that could be operated with one hand and offered more control and safety.
In addition, we helped oversee the purchase of a competitor and expanded the product line to include digital, digital push-to-set, push-to-set and the legacy product.
Entering an exciting new market.
We’ve also overseen the launch of a negative-pressure wound device that aids in the healing of deep wounds such as after heart surgery or with ulcerative conditions in diabetic patients. Plans are in the works to add to this product line as we continue to help Ohio Medical grow.