Investor acquires medical device manufacturer
A Grand Rapids investor has acquired a local maker of emergency medical and respiratory care machines.
Grand Rapids-based Michigan Instruments said that Chris Blanker, founder and principal of Grand Ridge Holdings, acquired the company’s assets and has assumed the role of president and CEO.
Terms of the deal, which closed in May, were not disclosed.
Michigan Instruments previously was privately held by a group of shareholders.
The company makes automated CPR machines and training and test lung, or TTL, devices.
“What attracted me to Michigan Instruments most was their history in the markets they serve, exceptional quality and reliable products that give them a strong brand across the globe, and most importantly, that with some fresh thinking and additional investment, the company is poised for growth,” Blanker said.
Blanker said he plans to lead the company into additional markets and go “deeper into existing markets through product enhancements.”
Michigan Instruments’ former president, Matt Maatman, will return to his prior role as vice president of operations, and all 10 employees will be retained, but the company will no longer have a governing board.
The company will stay at its current location, 4717 Talon Court SE in Grand Rapids.
Founded in 1964, Michigan Instruments serves customers in the automated or mechanical CPR and the respiratory care and training markets around the world.
Michigan Instruments said its training and test lungs and PneuView systems are recognized as the “gold standard” worldwide by thousands of users.
The company has annual revenue of about $2 million.