Veranex, a Raleigh, North Carolina-based med-tech holding company, announced Tuesday it has acquired Worrell.
Worrell is a Minneapolis-based design firm specializing in medical devices. The company's clients include Medtronic, 3M Co. and Boston Scientific Corp.
“Worrell’s integration into Veranex comes at a perfect moment. As medical device and biotech leaders around the world fuel their R&D pipelines, they need world class partners now more than ever," said CEO Kai Worrell. "Adding Worrell’s 46 years of design expertise to the Veranex industry powerhouse will create new opportunities for improving global health outcomes.”
Kai Worrell will now serve as president of Veranex's product development and engineering business unit.
Jersey City, New Jersey-based Technology Holdings served as financial advisers to Worrell for the deal, while Philadelphia-based Saul, Ewing, Arnstein & Lehr served as its legal counsel. Richmond, Virginia-based McGuire Woods served as legal counsel to Veranex. Financial terms of the transaction were not disclosed.
Veranex was founded in June 2021 when private equity firm Summit Partners acquired Boston Healthcare Associates, Ximedica and Quartesian. Experian Group and IMMR Inc. were also added to the company's portfolio in July and October, respectively.
The Worrell deal is the third acquisition Veranex has made with a tie to a Medical Alley Association Member. Providence, Rhode Island-based Ximedica has an office in Plymouth, while IMMR's U.S. CEO, Robert Kieval, is based in the Twin Cities.
