Wednesday, August 6, 2008

Polaris adds to $50M recap of med parts company PartsSource

By Mass High Tech Staff

Waltham-based Polaris Venture Partners has participated in a $50 million recapitalization of an Ohio-based medical parts company, according to published reports.

Polaris invested in Aurora, Ohio-based PartsSource LLC, a supplier of alternative parts for both imaging and biomedical hospital equipment. Founded in 2001, PartsSource employs 200 workers and reports annual revenue of more than $100 million.

Polaris, which was founded in 1996, also operates an office in Seattle. The firm operates with $3 billion under management.

During 2007, Polaris and Atlas Venture, which is also based in Waltham, topped the list of the most active investors in New England, according to Dow Jones VentureSource.

Cleveland-based Primus Capital Funds, a private equity firm, also participated in the PartsSource financing, according to website PE Hub.

As part of the deal, Polaris principal Jason Trevisan and Primus managing director William Mulligan from will become members of the PartsSource board of directors, PE Hub reported.