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GTCR-backed Resonetics has completed its acquisition of Tru Tech Systems LLC, a supplier of precision processing services for the medical device market. Tru Tech represents the fourth add-on acquisition since GTCR invested in Resonetics in February 2018. The deal is intended to further the company's strategy to build a market leader in precision micro-manufacturing of complex componentry for interventional medical devices.

GTCR made its initial investment in Resonetics in partnership with medical device industry executive Robert "Chip" Hance in April 2017 to pursue opportunities in the medical device sector. Since GTCR's investment, Hance has partnered with the Resonetics team, including CEO Tom Burns, to approximately triple the company's revenue and EBITDA through strong double-digit organic earnings growth and strategic add-on acquisitions.

"Consistent with our initial investment thesis for Resonetics, the Tru Tech acquisition strategically enhances the company's capabilities, geographic reach and customer portfolio,” Resonetics Executive Chairman Chip Hance said in a statement. “We believe that the acquisitions completed to date, combined with the company's strong organic growth, have further established Resonetics as a leading supplier of specialized componentry for interventional medical device companies."

GTCR Managing Director Sean Cunningham added: "We have great respect for what the Tru Tech team has built, and we look forward to our partnership with them. This represents Resonetics' fourth acquisition of a founder-owned business over the past 18 months, and we expect to continue to aggressively pursue tuck-in acquisitions as well as more transformative opportunities." 

Since its inception, Chicago-based GTCR has invested more than $15 billion in over 200 companies.

Kirkland & Ellis LLP provided legal counsel and PricewaterhouseCoopers served as accounting adviser to GTCR.