Ximedica said today that SV Life Sciences picked up a majority interest in the Providence, R.I.-based medical device development company from co-founders Stephen Lane and Aidan Petrie for an undisclosed amount.
Although SV managing partner and COO Paul LaViolette will take over as chairman, president & CEO Randall Barko and his management team will remain in place, according to a press release. Petrie will continue as chief innovation officer, Ximedica said.
“We are excited to partner with SV Life Sciences as we embark upon the next phase of our global growth strategy,” Barko said in prepared remarks. “Their experience in working with entrepreneurs and management teams in the Americas and Europe, deep medtech expertise and industry relationships and their access to growth capital, will be important as we take advantage of opportunities in expanding markets.”
“We look forward to great work ahead with Randy, Aidan and the rest of the team at Ximedica,” added LaViolette. “Ximedica is a unique growth platform in medtech and a great addition to the SV Life Sciences portfolio. It fits very well across our 3 sectors, Biotechnology, Medical Devices and Healthcare Services. The combination of Ximedica’s great team, marquee client list and history of success creates a unique and exciting growth opportunity.”