WARSAW, Ind., Oct. 22, 2020 (GLOBE NEWSWIRE) -- WishBone Medical, Inc., a leader in pediatric orthopedic medical devices, today announced the recent completion of a $20 million equity round, fully funded by LKCM Headwater Investments (“LKCM Headwater”), the private equity arm of Luther King Capital Management which is an SEC-registered investment adviser with approximately $20 billion in assets under management. As the only pediatric company providing single-use, sterile packed procedure kits, WishBone will use proceeds of the financing to support commercial expansion, develop new product systems and fund other operational initiatives. Furthermore, WishBone announced the appointments of Michael D. Bornitz and Jonathon B. Miller of LKCM Headwater to the Company’s Board of Directors, effective immediately.
Following WishBone’s recent partnership with Vizient, Inc., the funding could not be more timely as the Company ramps up operations to expand product offerings for Vizient’s broad customer base.
“Over the past year, LKCM Headwater kept a close eye on WishBone Medical as the company continued to exceed expectations and create opportune partnerships. We believe in their mission to provide leading edge, anatomically appropriate solutions to surgeons caring for children and, in the year 2020, the need for their sterile packed kits is more evident than before.”
- Michael D. Bornitz, CFA, CPA | LKCM Headwater Investments
“We greatly look forward to partnering with WishBone and serving on their board of directors; beyond taking part in the noble cause of improving the lives of young patients, Michael and I will have ‘front-row’ seats as the company continues to take a leading role in bringing innovative products to the pediatric orthopedics market.”
- Jonathon B. Miller | LKCM Headwater Investments
After researching a number of financial institutions, WishBone Medical ultimately determined LKCM Headwater Investments to be the ideal partner based on the group’s unique strategy of establishing market-leading businesses and building long-term value.
“I’ve truly enjoyed working with Michael, Jonathon, and their team over the past several months. The process involved a tremendous amount of due diligence—an experience that only raised confidence in this partnership for both sides. With Mr. Bornitz and Mr. Miller on board, our slate of Directors rounds out and we are more prepared than ever to guide the Company as the ‘WishBone rocket ship’ takes off.”
- Dawn Nielsen, Chief Financial Officer | WishBone Medical
Michael D. Bornitz is a Partner of LKCM Headwater Investments. During his time with LKCM, Mr. Bornitz has served in numerous roles within the firm’s private equity efforts, including all aspects of investment sourcing and analyzing new investment opportunities, negotiating with seller and lender representatives to close portfolio investments and performance improvement initiatives post-transaction. Additionally, he has served as the CFO for two of LKCM Capital Group’s platform investment strategies. Mr. Bornitz currently serves on the boards of Cardiva Medical, Intuity Medical, Quality Magnetite, Buckhorn Waste Services, Alliance Consumer Group and Leading Quality Assurance. Prior to LKCM Headwater, Mr. Bornitz was with the Transaction Advisory Services group of Ernst & Young, where he served as an advisor to middle market private equity funds and strategic buyers. Mr. Bornitz graduated Magna Cum Laude from Texas Christian University, where he received both his Bachelor of Business Administration in Finance and Accounting and a Masters in Accounting.
Jonathon B. Miller is a Principal with LKCM Headwater Investments. He is responsible for originating new investment opportunities, conducting due diligence, structuring transactions and working with our partner companies. Prior to joining LKCM, Mr. Miller was a Turnaround Operations Associate for Renovo Capital in Dallas, a Portfolio Manager for NFJ Investment Group in Dallas and a Senior Design Engineer at both Texas Instruments and Emerging Memory Technology. Mr. Miller graduated Summa Cum Laude with a Bachelor of Science in Electrical Engineering from the University of Texas at Austin and holds a Master of Business Administration with honors from Columbia Business School in New York.
About LKCM Headwater Investments and Luther King Capital Management
LKCM Headwater Investments is a Texas-based private equity firm that seeks to partner with management teams to build highly successful companies taking an operationally minded approach and provide companies with the tools necessary to build market leaders with sustainable competitive advantages. LKCM Headwater’s investment discipline is derived from several decades of investing capital for their partners and themselves. Luther King Capital Management (LKCM), LKCM Headwater’s investment team, affiliates and related parties collectively represent approximately 30% of committed capital, demonstrating both a passion and belief in their efforts.
LKCM Headwater Investments is affiliated with Luther King Capital Management, an SEC-registered investment advisory firm that provides investment advisory services to high net worth individuals, foundations, endowments, investment companies, pension and profit-sharing plans, trusts and estates, among other organizations. LKCM is independently owned and operated and 85 employees, including 52 investment and other professionals, 32 CFAs, 7 CPAs and 31 employees with MBAs. At September 30, 2020, LKCM had approximately $20 billion in assets under management.
About WishBone Medical
WishBone Medical is a global pediatric orthopedic company, committed to providing anatomically appropriate innovative implants, instruments and biologics in single-use, sterile packed procedure kits, designed to prevent infection, reduce overall costs for customers and achieve the best outcomes for children around the world who are still growing. The WishBone Medical Family of Companies offers 42 product systems with operations in Warsaw, IN, Istanbul, and Singapore.
For further information, visit www.WishBoneMedical.com or contact Kaitlyn Hughes, Director of Marketing & Communications, at +1-574-306-4006.
Contact:
Kaitlyn Hughes
+1-574-306-4006
KHughes@WishBoneMedical.com
www.WishBoneMedical.com