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Bridge Bank Provides $8.75MM to North Coast Medical for ActivaTek Acquisition

March 27, 2014, 07:13 AM
Filed Under: Medical

Bridge Capital Holdings provided financing to North Coast Medical, Inc. for the acquisition of ActivaTek, Inc., and to support its working capital needs and growth into new arenas.

North Coast Medical, Inc. is headquartered in Gilroy, CA and is a leading manufacturer and global supplier of physical rehabilitation medical products. With the support of Bridge Bank financing they announced the acquisition of Salt Lake City, UT based ActivaTek, Inc., a privately held manufacturer of transdermal iontophoretic devices, used for delivering small doses of anti-inflammatory drugs through the skin with use of low voltage current.

"Building a partnership with Bridge Bank facilitates both our growth through acquisition and international expansion strategy. After conducting our due diligence and comparing potential banking partners, we found Bridge Bank the most in-line with our ambitious growth plans," said Mark E. Biehl, CEO of North Coast Medical, Inc. "As we enter our 40th year, the acquisition of ActivaTek continues our history of performance and innovation, providing us the opportunity to distribute the best-in-class technology to more customers around the world," added COO, Jeff Applegate.

"The combination of credit facilities which includes a line of credit for working capital needs and acquisition funds provides the companies greater financial flexibility for existing business needs, as well as support for their continued growth in new markets," states Cathy Galusha, vice president and relationship manager, Corporate Banking Division at Bridge Bank. "Bridge Bank is proud to be part of this growth process and we look forward to sharing in the firm's continued success."

For forty years, North Coast Medical, Inc., has manufactured, supplied and distributed a broad range of industry-leading product lines across a continuum of rehabilitation medical care. A leader in Occupational, Physical and Hand Therapy medical markets, North Coast services the needs of in-patient/out-patient hospitals, skilled nursing facilities, clinics, private practice, pharmacies, resellers and consumers. Headquartered in Gilroy, CA, North Coast continually develops and tests new products in the areas of pain management, post-surgery recovery, sports medicine, evaluation and assistive devices. Leading products include Comfort Cool® and Progress™ orthotics lines; Touch Test sensory evaluators & two-point discriminators; as well as the Norco™ and Achieva™ line of in-clinic and at-home wellness and recovery products.

Since its inception in 2006, ActivaTek has continually brought innovation and advanced technologies to the Iontophoresis market.

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