International venture capital firm SV Life Sciences has acquired a majority stake in Providence, R.I.-based medical device company Ximedica LLC.
Ximedica will keep its Rhode Island headquarters and Randy Barko and Aidan Petrie will retain their roles as president and CEO and chief innovation officer, respectively. Paul LaViolette, managing partner and chief operating officer at SV Life Sciences, will become chairman of Ximedica's board.
Financial terms of the transaction were not disclosed.
Ximedica has a more than 25-year history of providing product development services to medical-device makers and health-care companies around the world. SV Life Sciences, which has about $1.9 billion of capital under management, has been focused on investing in biotechnology, medical devices, and health-care services companies since the early 1980s.
“We are excited to partner with SV Life Sciences as we embark upon the next phase of our global growth strategy,” said Ximedica's Barko in a joint news release. “Their experience in working with entrepreneurs and management teams in the Americas and Europe, deep medtech expertise and industry relationships and their access to growth capital, will be important as we take advantage of opportunities in expanding markets.”