Fort Worth, Texas-based medical device manufacturer IMDS (Innovative Medical Device Solutions) has refinanced its debt obligations and made some new appointments to its board of directors.
“The refinancing of our debt facilities is an important milestone in supporting IMDS growth objectives,” said Brady Shirley, CEO. “As a result of this transaction, IMDS gains access to substantial incremental capital and a reduction in the cost of our debt obligations—with the result of having more liquidity to support our growth.”
The company has appointed James R. (Ron) Lawson as chairman of the board. He has served on the board since 2010. Lawson has more than 35 years of experience in the orthopedic industry, with experience in sales, marketing and general management both in the United States and abroad.
In 1996, Lawson served as senior vice president of worldwide sales and customer service for Pfizer’s orthopedic division, Howmedica. When Stryker Corporation acquired Howmedica in 1998, Lawson went with the company and became senior vice president of sales, marketing and product development. In 2000, he led Stryker’s European business as president of operations for Europe, Middle East and Africa. Shortly afterward, in 2001, he was promoted to international group president and took leadership of all of Stryker’s international distribution businesses. In 2005, Stryker added global responsibility of their orthopedic division to Lawson’s duties with concentration and heavy focus on strengthening the Stryker orthopedic business worldwide. He retired from Stryker at the end of 2007.
IMDS also appointed Donald Deieso, Ph.D. to the board. Deieso is an operating partner at Arsenal Capital Partners Inc. where his areas of focus are healthcare and technology. He has an extensive background in medical device and drug regulatory matters. Prior to joining Arsenal in 2011, he served as CEO and chairman of PeriGen Inc. He has held executive level positions at Metcalf & Eddy Inc., AlphaNet Solutions Inc., EA Engineering, Science and Technology Inc., and Air & Water Technologies Corporation. He was the assistant Commissioner of the New Jersey Department of Environmental Protection and chief chemical engineer of Consolidated Edison of N.Y. He holds a Ph.D. in Environmental Science and an M.S. degree in Environmental Science, both from Rutgers University in New Jersey, and a B.S. degree in Medical Engineering from Manhattan College in New York.
“I look forward to the opportunity to support Brady and the talented team at IMDS in realizing their growth agenda,” said Deieso. “Arsenal is committed to ensuring the realization of this extraordinary business plan.”
IMDS provides contract, full-service medical device development and manufacturing with focus in the orthopedic sector.
Arsenal Capital Partners, which owns IMDS, is a New York, N.Y.-based private equity firm that invests in middle market specialty industrial, healthcare and financial services companies.