Freedom Innovations, a provider of high technology prosthetic devices, announced that it recently completed a strategic investment from two prominent health care-focused private equity firms. In partnership with management, Telegraph Hill Partners of San Francisco and Tailwind Capital Partners of New York acquired a significant stake in Freedom Innovations with the goal of funding future growth and acquisitions. Terms of the transaction were not disclosed.
Freedom’s chief executive officer, Maynard Carkhuff, and founder, Roland Christensen, PhD, retain meaningful equity interests in addition to their roles as executives and board members. Before to joining Freedom in 2005, Carkhuff served as chief executive officer of Ossur Prosthetics and Flex-Foot Inc. Under his leadership, Freedom has continued to grow by attracting and motivating a results-oriented team of accomplished professionals with proven track records in the medical device market.
Christensen invented all of Freedom’s carbon fiber prosthetic devices and continues to serve as the company’s chief technology officer. Before founding Freedom, he distinguished himself as the principal provider of the Flex-Foot product line for 17 years.
“This transaction provides our company with the financial flexibility needed to accelerate growth by extending the Freedom brand into new markets. I look forward to continuing to work with Maynard, as well as Telegraph Hill and Tailwind, and our outstanding team of employees to fulfill that promise,” Christensen said in a press release.
In addition to securing capital for strategic expansion, this transaction formally combines the manufacturing and research and development operations of ACT Medical in Utah with the sales, marketing, customer service, research and development, and administrative operations of Freedom in California.
“Freedom Innovations has built a strong reputation for technology, innovation, customer service and quality in the prosthetics market,” said Tom Raffin, MD of Telegraph Hill Partners and Geoffrey Raker of Tailwind Capital Partners. “We are excited to become part of such a wonderful company.”