Warsaw-based WishBone Medical Inc. says it has secured $10 million in growth capital financing from LKCM Headwater Investments, a Texas-based private equity firm. WishBone, which specializes in orthopedic products and single-use procedure kits for children, says it will use the funding to hire additional people and expedite product development.
The new funding follows a $20 million investment from LKCM Headwater in October 2020 which was used to pay down acquisition related debt.
“The company is in a unique position to meet the intersecting demands for anatomically appropriate devices and single-use, sterile packed solutions, and we look forward to sharing in the success of management’s strategic deployment of this round of growth capital,” said Michael Bornitz of LKCM Headwater Investments.
WishBone says it saw 150% net sales growth over the past year.
“We partly attribute our recent success to the strides that healthcare facilities are taking to combat the spread of infection,” says WishBone founder and Chief Executive Officer Nick Deeter. “In addition to infection control, hospitals are working to equip overwhelmed staff with tools for greater efficiency. It’s becoming increasingly clear that these initiatives can be achieved with the help of single-use, sterile packed kits like ours.”
The Kosciusko County manufacturer is expanding production facilities of its subsidiary, Red Star Contract Manufacturing in Larwill. The company says the capital will allow it to broaden its product portfolio.