Health Evolution Partners, San Francisco, California, a healthcare private equity firm, announced that it has acquired a majority interest in Freedom Innovations (Freedom), Irvine, California, Freedom’s senior management team will continue their leadership of the organization, and will remain significant shareholders in the company. Financial terms of the transaction were not disclosed.
“Health Evolution Partners is an ideal partner for Freedom,” said Maynard Carkhuff, CEO of Freedom. “Their extensive background in the medical device industry, combined with their strategic insight, and the firm’s total-systems approach to healthcare investing will be extremely valuable to Freedom as we continue to execute our growth strategy.”
As part of the transaction, and to finance further growth opportunities for Freedom, Health Evolution Partners facilitated the successful completion of new senior credit facilities.
“We are enthusiastic about Freedom Innovations, and look forward to working with them…,” said David J. Brailer, PhD, MD, chairman of Health Evolution Partners. “Freedom adds undisputed value to its patients and to the overall healthcare system. It is led by a strong and proven management team….It is, in short, the kind of company that we want to work with and to have in our portfolio.”