SUMMER 2014 --- Riding the Wave of Successby Lesley Francis on 06/19/14
Ariel Southeast Angel Partners (ASAP) is in a very buoyant mood as we report our second exit within twelve months. This time, one of our medical device investments, New Wave Surgical (NWS) which is based in Florida, has been acquired by Massachusetts based, international healthcare company, Covidien.
The 50% of our members who chose to invest in New Wave Surgical in 2010 have made a significant return on their investments (the rest of us are kicking ourselves…). ASAP screens and recommends on every deal but investment decisions are a matter for individual members on each occasion.
ASAP met the young but dynamic Alex Gomez four years ago when he told us his story and his big idea. He had worked as a surgical technician at Broward Health Medical Center and had attended Cornell Medical College but in 2006 he decided to pursue the development of his simple but ingenious idea. Alex had seen many laparoscopic surgeries performed over the years and noticed that camera lenses would continually fog and make clarity a significant issue for the surgeons.
With a lot of hard work, dedication and investment from believers in him and his technology, NWS developed a simple device, which keeps surgical instruments warm and prevents the camera from fogging up during minimally invasive surgeries.
While the details of the financial terms of the Covidien deal were not disclosed, it is understood that NWS was acquired for a sum in excess of $115 million. This classic entrepreneurial success story is great news and we are very pleased that after the purchase of an impressive sports car Alex intends to invest some of the fruits of his labor into other start-ups in the medical device arena.
And with the economy appearing to be heading into calmer waters, ASAP is confident of making another exit in the not too distant future so stay tuned.