ACCUMED INNOVATIVE TECHNOLOGIES RAISES $22 MILLION ROUND
AccuMED raises $22 million in a combination of debt and equity from four leading firms
AccuMED Innovative Technologies, a Buffalo, NY, based developer and manufacturer of performance materials, closed on a $22 million round of financing. Boutique advisory firm Schlossberg:Flynn advised AccuMED on the transaction. The funds were raised in a combination of debt and equity (including senior, mezzanine, and preferred equity) from four leading financial institutions: Citizens Bank, Pine Street Capital, Trillium, and Hamilton Lane.
IN recent years, AccuMED has seen steady revenue growth of 30% per year. The company will use the fundsraised to facilitate a management buy-out, repurchasing the shares held by two of the company’s three founders. In addition, the funds will be used to help capitalize the company to enable AccuMED’s continued growth. Thomas Blaszczykiewicz will remain in the position of CEO after the completion of the transaction. Brian Flynn, from Schlossberg:Flynn, will join the board of directors.
Founded in 1994 AccuMED Innovative Technologies is a registered Small Business and Hub-Zone that hit the $30 million mark in revenues in 2006 up from $23.5 million in 2005 and $13 million in 2004. Breathe-O-Prene®, AccuMED's core product, is an innovative fabric that utilizes a unique open-cell construction that maximizes breathablity and moves moisture away from the skin. Breathe-O-Prene has quickly become the material of choice among leaders in many different industries where performance and comfort are key components to their products, specifically the military. They are pushing the limits of material research to offer the military the best possible products, not only to keep them comfortable, but to protect them in dangerous situations.
Citizens Republic Bancorp, Inc. is a diversified financial services company providing a wide range of commercial, consumer, mortgage banking, trust and financial planning services to a broad client base. Citizens Republic serves communities in Michigan, Ohio and Wisconsin as Citizens Bank and in Iowa as F&M Bank, with 241 offices and 267 ATMs. Citizens Republic is the largest bank holding company headquartered in Michigan with roots dating back to 1871. Citizens Republic is the 41st largest bank holding company headquartered in the United States with $13.3 billion in assets. More information about Citizens Republic Bancorp is available at http://www.citizensbanking.com.
Pine Street Capital Partners provides mezzanine capital to small and medium-sized private companies and micro-cap public companies with annual revenueup to $100 million. PSCP typically seeks a minority interest in its Portfolio Companies. PSCP capital is generally used to support strategic acquisitions, growth capital, management and employee buyouts, and leveraged recapitalizations. Pine Street also provides strategic guidance to its portfolio companies.
Trillium Group is a private equity firm focused on the financing needs of startup, early stage and high growth businesses in New York State. Trillium invests through private equity funds under management, including the University Technology Seed Fund, the Monroe Fund, and the Trillium lakefront Partners III Fund. Depending on business needs, equity investments range from as little as $250,000 to several million dollars. For more information on Trillium, visit www.trilliumgroup.com, or call (585)383-5680.
Founded in 2004, Schlossberg:Flynn finds companies with great potential and helps them grow through business development, strategic marketing, and financing. S:F focuses on building strategic client relationships and value-added partnerships. The company’s core team is a diverse group of seasoned professionals and entrepreneurs who have built and run multi-million dollar businesses. Some of S:F’s previous successes include: sourcing and structuring business development partnerships with Fortune 500 companies, implementing the realignment of clients' business operations and brand identities, and advising on more than $400 million in financing.