GRAY, Maine and NEW YORK, NY, May 18, 2023 (Newswire.com) - EW Healthcare Partners ("EW") announced today that it has made a platform investment in Enercon Technologies, Inc. ("Enercon" or "the Company"), becoming a majority shareholder in the business. This investment reflects the culmination of months of evaluation on behalf of the Enercon management team and its two co-founders, Walter Hebold and Ronald Marcotte, as they sought a growth-oriented partner with deep industry expertise and a shared vision for Enercon's future direction.
Founded in 1980, Enercon has grown rapidly under the leadership of its founders and CEO, Ryan Marcotte, into one of the leading contract design, engineering, and manufacturing businesses in the U.S. With particular expertise in product development and precision manufacturing for complex electronics, the Company has attracted a high-quality roster of customers across the medical device, life sciences, and industrial/defense end markets. Enercon's revenues have more than doubled since 2019, when the Company's new, state-of-the-art facility came online following $26M of investment by the founders to significantly expand capacity to ~100,000 square feet and support robust demand from customers.
"We are thrilled to partner with the Enercon team to help continue their history of impressive growth while providing additional resources and investment to further expand upon their innovative offerings for existing and future customers," said Brooks Andrews, Managing Director at EW Healthcare Partners. "Feedback from the market was clear in our diligence - Enercon excels when it comes to engineering and manufacturing capabilities, quality, and reliably serving its customers' needs - and we look forward to increasing the awareness of these core strengths in the years ahead."
"Enercon is excited to partner with EW Healthcare for the next stage of our company's growth," said Ryan Marcotte, CEO at Enercon Technologies. "EW enhances Enercon's already strong financial and operational position by providing expertise in Enercon's core end markets of Healthcare and MedTech. EW shares our vision of growing Enercon as a platform and they align with our values and culture that our employees are our most important asset. We are thrilled to have EW as our partner."
Kirkland & Ellis acted as legal advisor, PwC as financial due diligence and tax advisor, and BCG as commercial due diligence advisor for EW. BDO Capital Advisors, LLC served as financial advisor to Enercon and its shareholders.
About Enercon Technologies, Inc.
Enercon Technologies is an award-winning provider of electronic product development and manufacturing services to leading OEMs in the Medical Device, Life Sciences, Industrial and Defense end markets. Enercon builds long-term relationships with its customers through its Design+Build model which aligns goals, results in a faster time-to-market, and optimizes product launches. From its purpose-built state-of-the-art facility, Enercon's intelligent manufacturing services provide efficient and controlled production via automation, robotics and software systems that control and trace materials and processes throughout the factory. Based in Gray, Maine, Enercon is privately owned and financially strong with over 40 years of profitability since its founding in 1980.
About EW Healthcare Partners ("EW")
With over $4 billion raised since inception, EW Healthcare Partners is one of the oldest and most respected private healthcare investment firms and seeks to make growth equity investments in fast growing commercial-stage healthcare companies in the pharmaceutical, medical device, diagnostics, and technology-enabled services sectors in the United States and in Europe. Since its founding in 1985, EW Healthcare Partners has maintained its singular commitment to the healthcare industry and has been a long-term investor in over 150 healthcare companies, ranging across sectors, stages and geographies. The team is comprised of senior investment professionals located in New York, London and Houston. https://www.ewhealthcare.com/Contact Information:
Original Source: EW Healthcare Partners Announces Platform Investment in Enercon Technologies