Sonoma County medical tech maker GCX acquired by private equity firm Audax
In its 50th year in business, GCX Mounting Solutions, producer of device mounts, roll stands and carts used in hospitals and clinics globally, has been acquired.
The Petaluma-based company sold a majority stake to Audax Private Equity, it was announced Monday. Terms of the deal weren’t disclosed.
GCX designs and produces branded equipment that is sold to original equipment manufacturers of medical devices and directly to hospitals. It employs more than 330 worldwide.
Audax has an established history within the health care and medical device sector, according to Del France, CEO of GCX.
“The Audax model is a great fit for GCX,” he said in the news release. “Our customers, suppliers, and employees stand to benefit greatly from this partnership. This enables the next stage of growth for the organization through investment in customers, products, channel, and merger & acquisition opportunities, all while retaining our core values and commitment to quality, service, and innovation.”
Audax eyed GCX for its products, capabilities and “exceptional culture.”
"We believe that GCX is well positioned to execute on organic growth opportunities and complete strategic acquisitions, and we look forward to partnering with Del and the team as GCX enters is next phase of growth,” said Young Lee, managing director.
Audax Private Equity has offices in Boston, New York and San Francisco. Started in 1999, Audax has raised over $30 billion for its private equity and private debt businesses. It has invested over $7 billion in more than 140 “platform“ organizations and over 1,000 additional separate companies. It is currently investing out of a $3.5 billion, sixth private equity fund.
GCX started in 1971 in a Foster City garage after co-founder Gary Gilbert developed a system intended to allow better positioning and protecting heavy televisions in patient rooms, according to the company website. That led the following year to the release of a vertical wall track system that allowed those TVs to more easily pulled down for servicing.
In the mid-1970s the company’s orders took off through a partnership with a Hewlett-Packard. It started making mounts for patient monitors, medical devices and information technology equipment such as computers.
The company expanded in a move to Novato in 1983 then again in 1996, when it relocated to its current 65,000-square-foot Petaluma headquarters and factory.
When the company moved to the North Bay, it made fewer than a dozen products, but now it produces about 4,000.
Eight years ago, GCX opened an additional manufacturing plant in El Paso, Texas. In the past several years, the company has opened plants in Taiwan, Japan and The Netherlands for the Asian and European markets.
