Equity Firms Acquire Stake in Freedom Innovations

Freedom Innovations, Irvine, California, announced that it recently completed a strategic investment from two prominent healthcare-focused private equity firms. In partnership with management, Telegraph Hill Partners of San Francisco, California, and Tailwind Capital Partners of New York, New York, acquired a significant stake in Freedom Innovations with the goal of funding future growth and acquisitions. Terms of the transaction were not disclosed.

Freedom's Chief Executive Officer, Maynard Carkhuff, and Founder, Roland Christensen, PhD, retain meaningful equity interests in addition to their roles as executives and board members, according to the company.

Prior to joining Freedom in 2005, Carkhuff served as CEO of Ossur Prosthetics and Flex-Foot Inc. Christensen invented all of Freedom's carbon fiber prosthetic devices and will continue to serve as the company's chief technology officer.

"It is important that the Christensen legacy and values continue in Freedom, and we are pleased that Roland will remain closely involved," Carkhuff said. "We are also pleased to welcome Telegraph Hill and Tailwind as new partners. I want to express confidence in the opportunities this partnership will provide for continued success and achievement of our goals."

Christensen said: "This transaction provides our company with the financial flexibility needed to accelerate growth by extending the highly respected Freedom brand into new markets. I look forward to continuing to work with Maynard, as well as Telegraph Hill and Tailwind, and our outstanding team of employees to fulfill that promise."

In addition to securing capital for strategic expansion, this transaction formally combines the manufacturing and research and development (R&D) operations of ACT Medical in Utah with the sales, marketing, customer service, R&D, and administrative operations of Freedom in California, the company said.