The merger expands Sterling’s core capabilities to include energy-based electromechanical devices and manufacturing
Moonachie, NJ and Lenexa, KS, February 17, 2023 – Sterling Medical Devices (“Sterling”), a leading provider of design, development and regulatory services to the medical device industry, announced today its recapitalization and simultaneous merger with RBC Medical Innovations (“RBC”). RBC brings advanced expertise in the design and development of energy-based electromechanical devices and manufacturing, allowing the combined entity to more effectively serve customers and better meet market demands. The transaction was led by Boston-based private equity firm Ampersand Capital Partners.
Med Tech industry veteran David Montecalvo has been appointed Chief Executive Officer of the combined company. Montecalvo joins the management team with over 35 years of experience in the Med Tech industry, including executive level positions at Medtronic and, most recently, West Pharmaceutical Services. Sterling Founder Dan Sterling will remain on the senior leadership team and continue as Board Director. RBC Founder Carl Mayer will join the Board of Directors.
“We partnered with Ampersand to expedite the growth of our current business while also seeking M&A opportunities that would be a strong cultural match and bring capabilities complementary to our own. We couldn’t have hoped for a better fit than RBC,” said Sterling. “Our teams are already collaborating to the benefit of our customers, and we are eager to build a bright future together. We’re also excited to welcome David to the team. His experience will serve us well as we continue to build a company that can service the needs of small innovators and strategic titans alike.”
“Sterling and RBC have developed excellent reputations in the industry based on their respective capabilities and track records of supporting Med Tech innovation,” said Montecalvo. “I am honored to partner with Ampersand and management and look forward to providing a fully integrated service offering to our customers to support the advancement of innovative care for patients.”
“The partnership is a win-win for current and prospective customers and will provide a full outsourced solution for medical device innovation,” said Trevor Wahlbrink, partner at Ampersand. “We are extremely enthusiastic about the company that has been created following the combination of these two outstanding businesses.”
The merger became official on February 1, 2023.
About Sterling Medical Devices
Located in Moonachie, New Jersey, Sterling Medical Devices is a provider of custom electromechanical and software solutions for the medical device industry. For more than 21 years, the Company’s extensive and diverse experience in product development has helped healthcare companies bring their medical device software and hardware, electromechanical equipment, and mobile medical device apps to market. Sterling addresses the entire development process including systems, software, electronics, mechanical, quality, compliance, and regulatory affairs. For more information, visit www.sterlingmedicaldevices.com.
About RBC Medical Innovations
Since 1994, medical device companies have selected RBC Medical Innovations as a partner to design, develop and manufacture innovative medical devices due to our ability to reduce time-to-market while providing customer-focused solutions flexibly and dependably. Our platform-based approach has brought numerous devices to market for both major medical device OEMs as well as the world’s leading innovators. For more information, visit www.rbccorp.com.
About Ampersand Capital Partners
Founded in 1988, Ampersand Capital Partners is a middle market private equity firm with $3 billion of assets under management dedicated to growth-oriented investments in the healthcare sector. With offices in Boston, MA and Amsterdam, Netherlands, Ampersand leverages a unique blend of private equity and operating experience to build value and drive superior long-term performance alongside its portfolio company management teams. Ampersand has helped build numerous market-leading companies across each of the firm’s core healthcare sectors. For additional information, visit www.ampersandcapital.com or follow us on LinkedIn.