LOS ANGELES, Jan. 6, 2011 /PRNewswire/ -- Century Park Capital Partners is pleased to announce that it led the recapitalization of Cirtec Medical Systems, LLC ("Cirtec") along with Charter Oak Equity and the company's founders. Cirtec is a leading provider of client focused, comprehensive medical product design, engineering and manufacturing solutions. Cirtec provides its customers with highly technical solutions, utilizing its expertise in minimally invasive systems, active and passive implants, and medical electronics. Cirtec was formed in 2009 from the merger of Circle Medical Devices and Texcel Medical. The company operates out of locations in Los Gatos, California and East Longmeadow, Massachusetts.
"We chose to partner with Century Park because of their philosophy of collaborating with management and their track record of successfully helping businesses grow," stated Barry Smith, CEO of Cirtec. "Century Park's leadership and access to resources will allow us to maintain our industry leading position in the outsourced medical device design and manufacturing industry as we take our business to the next level."
Larry Derose, one of the founders of the company said, "This partnership with Century Park is the next step in our company's evolution. By coupling our success in the market with Century Park's proven experience helping businesses of our size grow, we have become exceptionally well positioned to capture the tremendous opportunities that exist in our marketplace."
Century Park Capital Partners has experienced success in the medical device arena through prior investments in the medical contract manufacturing sector.
Chip Roellig, a Managing Partner of Century Park, stated, "We are very enthusiastic about our new partnership with Cirtec. Cirtec's reputation as the market leader and its customer relationships with major medical device OEMs in the neurostimulation and cardiovascular markets set the compa