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  • Strategy

    Our core strategy is to identify companies with the potential to be leaders in HealthTech and leverage decades of operational and financial expertise amongst our General Partners to develop detailed strategic plans and execute diligently over time. We often employ a buy-and-build strategy in which Accelmed partners with management of a commercial platform and leads evaluation and acquisition of innovative products and technologies to boost growth.

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    Control Investment Strategy

    • Companies with $20-$70m in TTM sales
    • Initial equity check typically in range of $20m - $40m, up to $100m over time
    • Ability to partner with existing investors and/or debt holders to align all stakeholders long-term
    • Comfortable investing in negative EBITDA companies and companies with substantial operational challenges
    • Seek to work with management teams to develop an operational and financial plan to create value for all stakeholders via organic and potentially inorganic activity

    Growth Investment Strategy

    • Companies with +$10m in TTM sales
    • Will lead or co-lead with an initial equity check typically in range of $15-25m
    • Focused on providing the last round of financing prior to a liquidity event, whether that be an IPO or an acquisition

    Accelmed’s control strategy is best illustrated through AP-I’s investment in Cogentix (NASDAQ: CGNT). At the time of Accelmed’s investment, Cogentix offered three legacy product lines developed more than a decade prior and had sales of approximately $40m which were essentially flat. It faced competition from larger players such as Medtronic and had a significant debt burden ($29m).

    Accelmed invested $25m in Cogentix in November 2016 and gained control over the company together with Mr. Lew Pell, who converted his $29m of debt into equity. At the time of investment, Cogentix’s market cap was $32m. Accelmed’s Managing Partner, Dr. Uri Geiger, became the Chairman of the company and a new CEO (Darrin Hammers) was nominated. In a little more than a year, Accelmed successfully partnered with management to focus the company on its Urology product line, transforming Cogentix into a dynamic, high-growth company, achieving 18% annual growth through both organic investment in S&M and three opportunistic add-on transactions.

    Cogentix’s share price more than tripled in the 15 months following the announcement of Accelmed’s investment. In March 2018, Cogentix was acquired by Laborie for $240m in cash.

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