BOSTON, MA, Sep 29, 2008 (MARKET WIRE via COMTEX) -- Charlesbank Capital Partners has completed the acquisition of Tecomet, a leading contract manufacturer of complex components for the medical device and aerospace industries. Charlesbank and Tecomet management purchased the Wilmington, Massachusetts-based company from Cardinal Health (NYSE: CAH). Terms were not disclosed.

Founded in 1964, Tecomet is a leading contract manufacturer of precision-engineered medical devices and components for the orthopedic, cardiovascular, medical imaging and aerospace markets. The company manufactures orthopedic implants as well as trauma and cranio-maxillofacial products for medical device customers. Medical products are primarily manufactured through net shape forging, precision machining and photo-etching processes and account for approximately 70% of revenue. The remainder of Tecomet's revenue is derived from aerospace and industrial products, including components for satellites and infrared applications; these products are manufactured using a number of precision processes, including machining, laser welding and vacuum furnace brazing.

William Dow and John Connolly will be joining the existing Tecomet management team as CEO and CFO, respectively. Messrs. Dow and Connolly each has more than 30 years of experience in the medical device and healthcare industries and has had a long-standing relationship with Charlesbank. Mr. Dow says, "Tecomet has a terrific reputation for delivering high-quality products to the medical and aerospace markets and for developing innovative solutions for its customers. John and I are thrilled to join this outstanding team and we look forward to working with them to expand Tecomet's capabilities and to capitalize on opportunities to grow the business organically and through strategic acquisitions."

"Tecomet offers an excellent platform for growth with a strong base of blue-chip customers and an outstanding management team," agrees Brandon White, a Managing Director of Charlesbank Capital Partners. "The company has established a record for performance, quality and product innovation, and we are pleased to support Bill, John and the rest of the team as they build on this history and continue to grow."

About Charlesbank

Charlesbank Capital Partners is a middle-market private equity investment firm managing approximately $1.8 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, typically investing $25 million to $100 million per transaction in companies with enterprise values of $50 million to $750 million. The firm seeks to partner with strong management teams to build companies with sustainable competitive advantages and excellent prospects for growth. For more information, visit www.charlesbank.com.

Contact: Maura M. Turner 617-619-5457 Email Contact

SOURCE: Charlesbank Capital Partners

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