Medical device company expands national reach with acquisition
Houston-based US Med-Equip, a supplier of movable medical devices such as respirators, infusion equipment and neonatal incubators, has acquired Medical Support Products.
Medical Support Products, headquartered outside Philadelphia, also supplies movable medical equipment, and the purchase will create a hub in the Northeast, US Med-Equip officials said.
The move is part of a $100 million investment US Med-Equip plans to make over the next five years to expand its national reach, company officials said. The company serves more than 2,200 hospitals and health care facilities nationwide.
“Medical Support products’ team shares US Med-Equip’s mission to provide the best devices to support hospitals and home care partners in their life-saving work,” said Greg Salario, the Houston company’s cofounder and chief development officer, in a statement.
Austin-based firm raises $105 million for Texas startups
Austin-based LiveOak Venture Partners has raised a $105 million fund to invest in Texas startups.
The venture capital firm was founded in 2013 and has invested nearly $100 million in startups across Texas, including legal technology company Disco that was founded in Houston but recently relocated to Austin.
The firm’s second fund has already led investments in six companies. It focuses on early-stage startups, with initial investments ranging from $2 million to $4 million.
The firm has led or co-led 24 investments in companies past their seed stages. Combined, these companies have raised more than $400 million since LiveOak’s investment, according to a news release.
Notable exits include software company Digital Pharmacist, acquired by K1 Investment Management for more than $100 million, and real estate technology company Opcity, acquired by News Corp for $210 million.
Rice contest gives $2.9 million to student startups
Rice University’s student startup competition awarded $2.9 million in prize money to 42 competitors at its recent annual business plan competition, the most money awarded in the competition’s 18 years.
Vita Inclinata Technologies, a St. Paul, Minn., company developing technology for sling-load and rescue helicopter operations, won first place at the competition and took home a nearly $700,000 cash prize.
Each of the 42 competing teams received at least $500. The prizes were presented at a banquet at the Westin Galleria, concluding a three-day event that began April 4.
N.J. manufacturer plans to shutter plant in Pasadena
New Jersey-based Marino\Ware, a manufacturer of steel framing products and related accessories used in commercial construction, is closing its Pasadena plant and laying off 69 workers, according to documents released Tuesday by the Texas Workforce Commission.
The plant will close in the “ensuing months” as the company focuses on growing its facilities in New Jersey, Georgia and Indiana, according to a statement.
The Pasadena plant will honor its commitments to customers and its obligations to employees, though the company would not elaborate on these obligations.