Precision Wire Components Sold

An Ohio private equity firm has purchased Precision Wire Components for undisclosed terms.

Riverside Company confirmed Thursday that it bought the Tualatin medical wire manufacturer from Precision Wire’s founder and senior management team.

Precision Wire Components has roughly $11.2 million in annual revenue, according to Dun & Bradstreet Inc.

Founded in 1996, the company makes wire components used in cardiovascular, neurovascular and other precise procedures. Its wires are also used in medical devices. It is Riverside’s third health care-related investment in roughly a month.

“Chuck Trover, Todd Hill, and the rest of the PWC management team have instilled a culture that’s highly focused on the customer,” Riverside partner Steve Dyke said in a statement. “This attitude is pervasive throughout the organization and is a great foundation upon which to build. We’re excited about partnering with PWC and together we expect to build on the company’s success by enhancing sales resources, broadening production capabilities, and exploring strategic add-on opportunities.”

Pacific Wire’s management team unanimously agreed to the sale after searching for a buyer whose background matched the company’s values, founder Trover said in a statement.

Senior debt financing was provided by Madison Capital and Golub Capital, with subordinated debt financing by Babson Capital.

Private equity firms have invested in 93 health care companies so far in 2009 according to PitchBook, a Web-based research firm that tracks the industry.