Spectrum Health Ventures is joining as a strategic partner in the acquisition of one of its suppliers, Altus Industries.
Grand Rapids-based private equity firm Auxo Investment Partners said Tuesday that it acquired Altus Industries, a Walker-based designer, manufacturer, assembler and marketer of medical, point-of-care workstations used across the health care industry.
As part of the deal, Spectrum Health Ventures, one of Altus’s larger customers, will join as a strategic partner in the transaction.
Financial terms were not disclosed.
Serving the health care sector, Altus’s product portfolio includes powered and nonpowered mobile technology workstations (also known as workstations on wheels, medical mobile carts or mobility workstations) and wall-mounted workstations, along with related accessories.
The transaction is part of co-founders Craig VanderHeide and Eric Kahkonen’s succession plan for Altus, which they founded in 2001.
“We’ve had a lot of interest in our company over the years, but we got to know the Auxo team and felt confident about what working with them would mean for Altus and our employees,” said VanderHeide, who will remain as CEO of Altus. “We are excited about how this partnership will enhance our market position by expanding our sales and product development infrastructure. Even more importantly, we can count on them to be careful stewards of the business with a genuine commitment to our people and community, because they live and work here, too.”
Jeff Helminski, Auxo co-founder and managing partner, described Altus as a “well-run and growing company.”
“Altus has tremendous growth potential that can be further accelerated through deployment of Auxo’s playbook to enhance the company’s infrastructure and operations,” Helminski said. “Spectrum Health’s involvement will be transformative for Altus as we leverage their experience as an Altus customer and their deep relationships in the health care industry.”
Auxo believes Altus’s track record as a provider of customized, yet cost-efficient product solutions for large customers such as Spectrum Health will allow it to continue to be a leader in a sector facing disruption from telehealth and other trends. In addition, the company has existing relationships with an array of other hospital systems, including Banner Health, Beaumont Health, Health First and Indiana University Health, and its products are used across multiple departments, including patient rooms, emergency departments, surgical centers, continuing care and radiology departments.
“With an established market position among notable health systems, Altus is the corporate standard for top quality and highly customizable point-of-care workstations,” said Scott McLean, executive director of Spectrum Health Ventures. “We believe we can help accelerate the company’s already tremendous growth by leveraging our network of relationships in the health care industry around the country. In addition to the relationships we will facilitate, Spectrum will bring to bear its knowledge as a purchaser and user of mobility workstations to drive user-centric product development innovations.”
Advisers and lenders on the transaction included Miller Johnson, Dickinson Wright, Barnes & Thornburg, BDO USA, BHS Insurance, Strategies Wealth Advisors and Comerica.