EndoChoice Starts 2013 with Merger, German Acquisition
The Alpharetta firm closed on $43 million, merged with Peer Medical Ltd., and then bought a German endoscope manufacturer.
A few days after Alpharetta-based EndoChoice Inc. closed a $43 million fund-raising round, and was part of a merger, it has announced the company has acquired RMS Endoskopie-Technik, an endoscope manufacturer headquartered in Elmshorn, Germany near Hamburg.
EndoChoice is a platform-technology company focused on gastrointestinal (GI) endoscopy. RMS was founded in 1995 and develops, manufactures and repairs video endoscopes.
RMS is aggressively recruiting experienced engineers and technicians to support substantial expansion in the coming months.
"We are very proud and pleased to join with EndoChoice, which is one of the fastest growing medtech companies in the world," said Stephan Wieth, president of RMS, in a release from MarketWire. "EndoChoice shares our commitment to customer satisfaction, and we admire their achievements. RMS brings excellence in precision engineering and manufacturing, and EndoChoice understands executing on commercialization strategies, so this is a perfect match-up of skill and talent."
"German products are known for mechanical and engineering excellence, and RMS exemplifies these qualities," said Mark Gilreath, Founder & CEO of EndoChoice. "This strategic acquisition supports EndoChoice's platform approach and strongly positions EndoChoice for continued success."
EndoChoice Raises Funds, Merges with Peer Medical Ltd.
EndoChoice announced on Jan. 4 that it had closed a $43 million fund-raising round led by Sequoia Capital and its existing investors. It also merged with Peer Medical Ltd., creators of the innovative Full Spectrum Endoscopy™ system. The combined company now operates under the EndoChoice name.
"Stephan and his highly experienced team have created a world-class endoscope manufacturing facility. The Full Spectrum Endoscope™ is the biggest innovation in endoscopy in decades and it will be manufactured at RMS," Gilreath added. "The addition of the RMS team also bolsters our existing endoscope service and repair business by expanding our global reach."
The Full Spectrum Endoscope™ is not yet available for sale, although it has received a CE Mark, ISO 13475 certification and FDA 510(k) clearance.