The Altus approachto growth is
to create long-term value

MGC has completed three strategic add-on acquisitions and doubled its revenues and earnings since Altus’ take-private acquisition in 2017

Wilton, CT, January 03, 2023 -- Altus Capital Partners, an investment firm focused on middle market manufacturing companies headquartered in the U.S., announced today its sale of MGC Diagnostics Corporation (“MGCD” or the “Company”) to CAIRE Inc., a subsidiary of NGK Spark Plug Co., Ltd. The transaction closed on December 28, 2022. Financial terms of the transaction were not disclosed.

MGC Diagnostics, a leading provider in the global cardiorespiratory diagnostics sector, is headquartered in St. Paul, Minnesota, with additional facilities in Belgium, Germany, France, and Australia. The Company has a broad portfolio of products covering pulmonary function testing systems, cardiopulmonary exercise systems, spirometers, flow sensors, gas analyzers, and associated consumables.

MGCD has seen continued growth since Altus Capital Partners’ take-private acquisition in 2017. The Company has completed three add-on acquisitions that have supported the increase in its customer base, added more product offerings, and expanded reach throughout the U.S. and International markets.

Todd Austin, MGCD's Chief Executive Officer, said, "We have been fortunate to work with Altus Capital Partners in strengthening MGCD's growth platform over the last five years. Greg Greenberg and Heidi Goldstein provided more than just financial resources to the relationship; they worked hand in hand with our management team on both strategy and tactics, demonstrating their commitment to our growth as real partners."¹

Greg Greenberg, Senior Partner of Altus Capital Partners, commented, "MGCD's unique positioning globally, its financial performance, and its exposure to growth markets, made it very attractive to this strategic buyer. We want to thank the management team of MGCD under the leadership of Todd Austin for building the business in a substantial manner during our ownership. Further, this transaction positions MGCD for continued growth as part of a large multinational Japanese public company."

Heidi Goldstein, Partner of Altus Capital Partners, co-lead on the deal, commented, "The dedication of the management team along with the successful execution of various growth initiatives has allowed MGCD to double its revenues and earnings since our collaboration began in 2017. It was a tremendous experience working with the talented management team of MGCD and look forward to seeing the company continue to thrive as part of CAIRE Inc."

About Altus Capital Partners

Altus Capital Partners is a private equity firm that makes control investments in middle market manufacturing businesses that employ technology and automation. We believe that our exclusive focus on manufacturing provides us with a unique understanding of the opportunities and challenges faced by companies in the sector. We utilize a patient, thoughtful investment approach and partner with the management teams of our operating companies to achieve growth. Please visit altuscapitalpartners.com for more information.

About MGC Diagnostics

Founded in 1977 and headquartered in Saint Paul, Minnesota, MGC Diagnostics Corporation, develops, manufactures, and markets non-invasive diagnostic systems for detecting, classifying, and managing cardiorespiratory disease. This singular focus guides its strategy and defines its commitment to customers, employees and the cardiorespiratory industry. Its experience provides unmatched insight for solving today’s challenges and anticipating tomorrow’s opportunities. Please visit mgcdiagnostics.com for more information.

1-MGCD is a former portfolio investment of Altus Capital Partners. Mr. Todd Austin is not a client or investor of Altus Capital.

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