HealthEdge Investment Partners announced today that it has completed the acquisition of Westone Laboratories, Inc., its third portfolio company in HealthEdge Investment Fund III.
Based in Colorado Springs, CO, Westone is a leading designer and manufacturer of high-quality hearing healthcare and in-ear audio solutions, with products ranging from hearing protection devices and audiology supplies to custom hearing aid earpieces and high-fidelity earphones.
Supported by an unrivaled multichannel distribution network and bolstered by the operational resources HealthEdge will bring to bear, Westone is well-positioned for growth through product and channel development.
According to Jason Lockwood, Chief Executive Officer of the Company, “I am excited to continue leading the dedicated and talented team at Westone, while gaining a financial partner that can help take our business to the next level by providing the organization with new resources to focus on driving growth.” Mr. Lockwood retained a meaningful portion of his pre-transaction ownership in the Company, and will continue in his role as CEO and as a member of the Board of Directors.
Simultaneous with this investment, Earl DeCarli, a proven senior leadership executive who has a longstanding relationship with HealthEdge’s principals, has joined Westone as a member of the Board of Directors. Mr. DeCarli has over 25 years of experience across a number of key functional areas, including multichannel sales, traditional/digital marketing, manufacturing and global supply chain, and will act in a senior advisor capacity to help drive value through revenue growth, talent development, and profit expansion. Winston Haydon, a HealthEdge Operating Partner with over 35 years of healthcare and finance experience, has also joined the Company as CFO. HealthEdge Partner Scott Heberlein commented,
“Westone presents us with an opportunity that we believe is well-suited to capitalize on the type of operational resources we can bring to a business. By bolstering the existing team with new senior and mid-level talent and other resources, we expect to drive meaningful growth across the Company’s end markets.”
ABOUT WESTONE LABORATORIES
Founded in 1959, Westone Laboratories, Inc. is a leading designer, manufacturer and distributor of custom in-ear communication and hearing protection products. The Company is a major supplier of custom earpieces for hearing aids, custom hearing protection products, in-ear musicians’ monitors, premium earphones for personal listening, and specialty communication products for military and law enforcement agencies. For more information on Westone, please visit www.westone.com.
ABOUT HEALTHEDGE
HealthEdge Investment Partners, LLC is an operating-oriented private equity firm founded in 2005 that focuses exclusively on the healthcare industry. HealthEdge seeks to achieve superior returns by investing in businesses that benefit from the knowledge, experience, and network of relationships of its partners. HealthEdge’s partners have more than 100 years of combined operating experience in healthcare as CEOs and investors. For more information on HealthEdge, please visit www.healthedgepartners.com or contact: Scott J. Heberlein, Partner (813) 490-7106.
