FREMONT, CA: Auxo Investment Partners, a private investment business located in Grand Rapids, MI, has acquired Altus Industries Inc., a designer, producer, assembler, and marketer of medical, point-of-care workstations utilized throughout the healthcare sector. As part of the acquisition, spectrum Health Ventures, one of Altus' largest customers, will join as a strategic partner in the transaction.
Altus' product line comprises powered and non-powered mobile technology workstations (also referred to as workstations on wheels, mobile medical carts, mobility workstations), wall-mounted workstations, and related peripherals of which serve the healthcare sector. The deal is part of Altus co-founders Craig VanderHeides and Eric Kahkonen's succession strategy for the company they started in 2001.
"As a well-run and growing company, Altus has tremendous growth potential that can be further accelerated through deployment of Auxos playbook to enhance the companys infrastructure and operations," said Jeff Helminski, Auxo co-founder and managing partner. "Spectrum Healths involvement will be transformative for Altus as we leverage their experience as an Altus customer and their deep relationships in the healthcare industry. Were excited to partner with Spectrum Health and Altus co-founders Craig VanderHeide and Eric Kahkonen to accelerate the companys strong historic growth."
Well-Positioned for Increased Growth
Altus has a proven record of innovative products, which Auxo expects will help it maintain its leadership position in a market disrupted by telemedicine and other developments. Altus has earned a reputation as the go-to source of customized yet cost-effective product solutions for demanding customers like Spectrum Health. Additionally, Banner Health, Beaumont Health, Health First, and Indiana University Health have longstanding connections with the organization, and its products are used in a variety of departments, such as patient rooms, emergency departments, surgery centres, continuing care, and radiology departments.
"We've had a lot of interest in our company over the years, but we got to know the Auxo team and felt confident about what working with them would mean for Altus and our employees," said Craig VanderHeide, Altus Co-founder and CEO who will remain in his current position. "Based on Auxos work with similar companies, we are excited about how this partnership will enhance our market position by expanding our sales and product development infrastructure. Even more importantly, we can count on them to be careful stewards of the business with a genuine commitment to our people and community because they live and work here too."