Category: news

New York, NY—Paramit Corporation, a portfolio company of Altaris Capital Partners, LLC (collectively with its affiliates, “Altaris”), has acquired Emphysys, Inc., a leading technology development firm specializing in complex systems and products for the medical device, life sciences, and industrial equipment industries. The business combination will strengthen Paramit’s product design and development capabilities, as well as add a strategic presence for the company in the rapidly growing Greater Boston market.
Based in Silicon Valley with operations in the U.S., Europe, and Malaysia, Paramit develops and manufactures medical devices and life science instruments for its industry leading customers. Emphysys, founded in 2009 and located just north of Boston, Massachusetts, specializes in advanced power systems, radiofrequency and microwave technologies, motion controls and thermo-fluid systems.
“We are excited about expanding our offering to customers,” said Billoo Rataul, CEO of Paramit. “The work being done at Emphysys routinely pushes the boundaries of science and technology, and is a perfect complement to our existing areas of focus. Our customers value partners who enable their innovations and accelerate the timeline to market. With the addition of Emphysys, Paramit will provide an enhanced solution set to our global customer base.”
Ali Shajii, CEO of Emphysys, commented: “As part of the Paramit team, Emphysys will now offer complete end-to-end “transferless” development services, spanning new technology invention through product development and into full scale, commercial manufacturing. In addition to augmenting Paramit’s existing product development capabilities with deep expertise in technology development, Emphysys will provide a strong Boston-area presence to better serve and help drive growth with Paramit’s customers in the medical device and life sciences markets. We are happy to be joining a global team with a commitment to excellence and look forward to continuing our success and growth together.”
Schiff Hardin LLP acted as legal counsel for Paramit.

Nashville, TN/PRNewswire—Tivity Health^® Inc. (Nasdaq: TVTY), a leading provider of health improvement solutions, is now offering free, unlimited access to the entire SilverSneakers^® On-Demand™ library through December 31, courtesy of eHealth, Inc., a leading online Medicare insurance marketplace. SilverSneakers provides eligible Medicare Advantage, Medicare Supplement and group retiree plan members access to a network of more than 17,000 fitness locations nationwide, virtual workouts, social events and a variety of class types, all at no additional cost to our members.
SilverSneakers On-Demand is a video library of over 200 workouts, wellness videos, and fitness programs designed by top instructors. From now until December 31, anyone can access hundreds of workout and nutrition programs at home for free by checking eligibility and creating an account at silversneakers.com. Flexibility/mobility, balance, cardio, strength, and more: regardless of abilities or interests, there’s something for everyone of every fitness level and specially designed programs to keep participants on track.
“While some seniors are returning to the gym, others are choosing to stay fit at home during COVID-19,” said Richard Ashworth, president and CEO, Tivity Health. “Virtual exercise options are providing SilverSneakers members critical access to fitness and social connection, both vital for maintaining optimal health. Our partnership with eHealth allows us to help seniors explore a new world of fitness options in the comfort of their own home with our trusted SilverSneakers fitness instructors. There has never been a more crucial time for seniors to stay socially connected, physically active and virtually engaged.”
The Medicare Advantage Annual Election Period (AEP) began on October 15 and continues through December 7, 2020. During this time, individuals eligible for Medicare can choose a Medicare Advantage plan for the upcoming year that includes SilverSneakers. We’ve partnered with eHealth, whose licensed Medicare agents are prepared to give seniors the support they need to find the plan that matches individual needs and budgets.
“At a time when so many seniors are exploring new ways to maintain their health through the COVID-19 crisis, eHealth’s partnership with SilverSneakers to make the On-Demand fitness platform available to all seniors nationwide reflects the spirit of both our businesses,” said Gregg Ratkovic, Senior Vice President for Carrier & Business Development, eHealth. “We are thrilled to announce this partnership, bringing new innovative solutions to better serve Medicare beneficiaries.”
SilverSneakers is available in all 50 states and is offered through more than 70 health plans nationwide including the nation’s leading Medicare Advantage health plans, Medicare Supplement, and group retiree plans. Members can determine their eligibility, find their closest participating location or learn more about the program by visiting SilverSneakers.com. For seniors who need help picking a plan, our friends at eHealth can simplify the process. Call 844-798-0050 to speak to a licensed eHealth agent now.

Morgan Hill, CA—Paramit Corporation announced today that as part of its planned strategic expansion into Europe, it has agreed to acquire Austrian-based S.I.E. SOLUTIONS. Paramit, headquartered in Silicon Valley with operations in California and Malaysia, designs and manufactures electronics based medical devices and life science instruments, while S.I.E SOLUTIONS, headquartered in Lustenau, Austria, is a leading designer, manufacturer, and provider of embedded technology solutions to customers across the healthcare and security technology industries.
Founded in 1994 with a strong presence in Austria and Germany, S.I.E SOLUTIONS will complement Paramit’s existing design and manufacturing capabilities and serve as its headquarters in Europe. In addition, with Paramit’s support and investment to increase its manufacturing and development capabilities locally in Europe, S.I.E SOLUTIONS will be able to deliver Paramit’s combined know-how and expertise, including Paramit’s vPoke^® computer directed assembly and zero defect manufacturing processes, to its European customers.
“We are happy and proud to be teaming up with S.I.E SOLUTIONS,” said Billoo Rataul, CEO of Paramit. “The company’s experience and highly specialized focus complement Paramit’s own product development and manufacturing capabilities. Together, we will deliver an enhanced and comprehensive product realization offering to our customers around the world. In addition, with our highly-skilled teams and combined expertise, we can support a wider range of medical devices and life science instruments for our customers, including those delivering innovative solutions across various diagnostic, therapeutic, surgical, and drug discovery applications.”
Markus Dillinger and Josef Krojer, Managing Directors of S.I.E. SOLUTIONS, commented: “As part of the Paramit family, our customers will benefit in particular from an increase in production depth and an expansion of service capabilities. In addition, with our expertise in embedded solutions and our excellent market position in Europe, we can provide a strong and valuable local presence for Paramit in Europe. The combined and highly congruent experience of the two companies, especially in the IVD, life sciences & medical device sectors, will enable us to take advantage of the strong growth opportunities in these markets and better serve our customers.”
Under the terms of the agreement, Paramit will acquire System Industrie Electronic GmbH and its German subsidiary System Industrie Electronic Deutschland GmbH. The transaction is subject to the receipt of customary regulatory approvals and is expected to close in the fourth quarter of 2020.
Schiff Hardin LLP and Binder Grösswang acted as legal counsel for Paramit. Lincoln International acted as exclusive investment banking advisor to S.I.E SOLUTIONS.

CSafe Global has contracted with AAACESA in Mexico City to provide containers locally.
Dayton, OH—CSafe Global, the innovation leader in temperature-controlled container solutions for the transport of life-enhancing pharmaceuticals, continues expanding their global reach and local presence opening of a new hub operation in Mexico City.
As the second largest pharmaceutical market in Latin America after Brazil, adding this new hub operation facility in Mexico to CSafe’s worldwide network ensures consistent, easy access to the cold chain industry’s top performing containers in this booming market. “We are thrilled to add our second facility in Latin America in 2020,” remarked Tom Weir, chief operating officer for CSafe Global. “The market growth has been tremendous across the region and we expect to see more development as the pharma supply chain begins to diversify their operations to better manage demand in a pandemic or any other situation that comes in the future.”
CSafe has partnered with AAACESA in Mexico City to make air cargo units available at their Mexico City International Airport facility. CSafe will have access to 7,000 square-feet of space to store CSafe RKN and RAP containers.
CSafe continues expanding its presence in Latin America by investing in best-in-class facilities to provide the best service possible to customers in their local area.

Saint Paul, MN—Minnetronix Medical, which partners with companies throughout the world to design, develop and manufacture medical device technology, today announced that it has been awarded a National Institutes of Health (NIH) granti for continued study of its proprietary Neurapheresis™ Cerebrospinal Fluid Treatment Platform.ii Akin to hemodialysis, the Neurapheresis platform is designed to rapidly remove blood cells and their cytotoxic byproducts that are released into cerebrospinal fluid following an aneurysmal subarachnoid hemorrhage (SAH).
The presence of blood in the spinal fluid increases the risk of complications such as cerebral vasospasm, edema, hydrocephalus, or stroke. The Neurapheresis System enables expedited removal of blood and blood byproducts from the cerebrospinal fluid. This has been shown to shorten hospital stays, reduce use of hospital resources and improve outcomes for patients, thereby reducing the healthcare economic burden.
The NIH-funded study will take place at the University of Florida Gainesville, M Health Fairview University of Minnesota Medical Center, The University of Texas Health Science Center at Houston, and New York’s Mount Sinai Hospital. This is the second in a series of clinical studies of Neurapheresis, the first having yielded positive results.
“Rapid removal of the toxins that are released into the cerebrospinal fluid when an aneurysm ruptures could be game changing and improve outcomes for patients who suffer a subarachnoid hemorrhage,” said Christopher Kellner, MD, director of the Intracerebral Hemorrhage Program at Mount Sinai and site investigator of the clinical trial at Mount Sinai. “Winning support from the NIH is another important step to completing the research necessary to evaluate the impact of this treatment strategy.”
“What fantastic validation from the medical community and the NIH that we are able to identify unmet needs and develop meaningful solutions,” said Aaron McCabe, PhD, director of research and development at Minnetronix, who is leading the Neurapheresis project. “The Minnetronix team relied on 25 years of experience to develop the platform — from concept to commercialization. Whole product solutions like this represent an expansion of our traditional offerings and create new ways for us to partner with our customers.”
The grant is the second milestone Minnetronix has announced in a month. Recently, it received FDA clearance for the MindsEye™ Port, an expandable deep brain access system used in neurosurgical procedures, that represents the launch of the company’s first technology platform. Neurapheresis is part of the company’s second platform launch.

Nashville, TN/PRNewswire—Tivity Health, Inc. (NASDAQ: TVTY), a leading provider of fitness, social engagement, and nutrition solutions, today announced that it has entered into a definitive agreement with Kainos Capital, a leading food and consumer-focused private equity firm, under which Kainos Capital will acquire Tivity Health’s Nutrition Business, which includes Nutrisystem^® and South Beach Diet^®, for a purchase price of $575 million in cash.
“Following a comprehensive review of the Company’s strategy and core capabilities, our Board of Directors and management team concluded that divesting the Nutrition Business through this transaction will best enable Tivity Health to focus its management team, resources and investment on its core healthcare business, to drive long-term, sustainable growth and increase shareholder value,” said Anthony Sanfilippo, Chairman of the Board of Directors of Tivity Health.
Richard Ashworth, President and Chief Executive Officer of Tivity Health commented, “With our continued strong results and an improved balance sheet, we intend to be laser-focused on our Healthcare Business to drive robust growth, sustainable margins, and cash flow in a more streamlined and nimble business. Our Healthcare Business naturally benefits from Medicare Advantage tailwinds with the number of overall Medicare Advantage beneficiaries expected to grow by about 10% in 2021. During the pandemic, our leading brand, SilverSneakers^®, proved to be trusted and versatile. Our new Wisely Well™ nutrition offering also provides needed nutrition to homebound seniors and we look forward to continuing to offer Wisely Well. SilverSneakers continues to be a national leader in senior fitness and provides a strong foundation to build innovative, high-quality digital offerings at scale. When we combine our assets with new digital capabilities and our long-standing customer relationships, we believe we are uniquely positioned to become the modern destination for healthy living for seniors and older adults.”
Tivity Health will use the divestiture proceeds to pay down debt, which will materially de-lever its balance sheet and provide significant additional financial flexibility to support the growth of its go-forward, focused Healthcare Business.
The transaction is expected to close in the fourth quarter of this year, subject to the receipt of regulatory approval and other customary closing conditions.

Wayzata, MN/(GLOBE NEWSWIRE)—Trean Insurance Group, Inc. (Nasdaq: TIG) (“Trean” or the “Company”), a leading provider of products and services to the specialty insurance market, today announced that its wholly-owned subsidiary Benchmark Holding Company has completed the acquisition of 7710 Insurance Company, as well as its associated program manager and agency.
“We are pleased to officially welcome 7710 into the Trean family,” said Andy O’Brien, TIG’s President and Chief Executive Officer. “7710 is a perfect example of executing on our growth strategy by opportunistically adding a leader in the underserved workers’ comp market for the emergency services industry. 7710’s specialized business model and expertise within the emergency services space further expands our reach in providing exceptional services and products to underserved insurance markets.”
“Today, 7710 Insurance Company is excited to join the Trean Insurance Group, where we will continue to be the national workers’ compensation insurer of choice for first responders. Our focus will remain the same — to build on our value proposition of prevention and cost containment and be the long-term workers’ compensation solution for the emergency services industry,” said Bill Adamson, CEO of 7710 Insurance Company.
7710 Insurance Company joins TIG’s other affiliated insurance companies American Liberty Insurance Company and Benchmark Insurance Company — both A.M. Best ‘A VIII’-rated carriers offering specialty property and casualty products in 49 states and D.C.

CSafe Global has published the results of their second pilot shipment which focused on data accuracy between the real-time data delivered and the data recorded and stored in the containers.
CSafe Global, the innovation leader in temperature-controlled container solutions for the transport of life-enhancing pharmaceuticals, continues rigorous testing of the company’s forthcoming end-to-end shipment visibility capability and has today, published the results of a second key pilot shipment focused on data accuracy.
CSafe is the first cold chain packaging provider to successfully implement end-to-end shipment visibility capability and is nearly through their development timeline. The goal for this most recent pilot shipment completed in August was to determine if container readings, payload readings and pre-established alerts transmitted in real-time during the shipment and matched the validated data the container logged.
“It’s not enough to collect and transmit data,” explained Tom Weir, CSafe’s Chief Operating Officer. “We must be certain the information being supplied to our customers and partners reflects the actual real-time conditions of the container and the payload. Offering complete confidence in the real-time data, provides the assurance our customers need that their products are secure or that intervention is required to preserve a payload. This is what the pharmaceutical industry has been requesting and I am pleased to report that this and subsequent tests have been extremely successful. The hardware and software systems are performing as expected and we are moving into the next phase of testing.”
With more than 20 total pilot test shipments complete, CSafe containers, the integrated tracking devices and the shipment visibility platform have all performed flawlessly. The published results for this test, available in a white paper on the CSafe Global website, provide detailed information on the accuracy of the data collected with the tracking device in the new visibility platform against shipment information collected directly by the containers’ measurement systems. Historically, this information was only available post-shipment.
CSafe published another white paper in July that focused on validating the integration of the tracking device installed in the RKN and RAP containers and the measured parameters tracked.
“The entire project team along with our partners on this project could not be more pleased with these results,” said Weir. “Not only does it confirm that we have chosen the right hardware and software, but also that the planning, effort and investment we’ve made has been well worth it. We are now preparing for the next testing phase and expect similar results.”

Philadelphia, PA/PRNewswire—Nutrisystem^®, a Tivity Health^® brand, announced today the debut of its Body Select™ program in Walmart stores and on Walmart.com. The Nutrisystem Body Select program is designed to work with an individual’s distinct body type and includes recommendations for the best approach to weight loss for each body type. The program is offered as a 5-day kit that contains 5 breakfasts, 5 lunches and 5 dinners with customized macronutrients and add-ons such as snacks and shakes. Customers can also purchase individual items a la carte.
“Our goal is to bring something fresh to retail that personalizes the weight loss journey with new, on-trend nutritional products,” said Tommy Lewis, President, Nutrisystem. “As our business grows and evolves, we’re actively looking for ways to serve different customer segments. With this type of product innovation and our strong retail partnerships, we can continue to meet the needs of millions of Americans who want better health and wellness.”
Nutrisystem Body Select can help customers lose up to seven pounds in two weeks* and provides free access to the NuMi^® app, which matches the customer’s Nutrisystem plan to seamlessly track their Nutrisystem foods, Flex Meals, activity, measurements and more. Body Select is sold exclusively through retail channels.
“Our long-standing and collaborative relationship with Walmart makes them the perfect partner to help us launch the new Body Select program as people are looking for affordable, convenient ways to take care of their health,” added Mike Dermo, Senior Vice President, Retail Sales and Marketing, Nutrisystem. “By making the Body Select program available through Walmart’s omni-channel approach, we can provide customers with real, nutritious food.”
Throughout the remainder of 2020, Nutrisystem will expand Body Select into more retail channels including Amazon, Target.com, and select grocery chains. For more information and to buy Nutrisystem Body Select, click here.
* In a study, average weight loss was 5 lbs in two weeks.

Nashville, TN/PRNewswire—Tivity Health^® announced today that it has delivered more than 170,000 meals to seniors impacted by COVID-19 through its partnership with the National Association of Area Agencies on Aging (n4a) and the National Association of Nutrition and Aging Services Programs (NANASP). The partnership connects members of n4a and NANASP with Nutrisystem^®, South Beach Diet^® and Wisely Well™ options for healthy, frozen and shelf-stable meals.
Members of n4a and NANASP represent more than 15,000 programs that service more than 11 million seniors annually. Throughout the COVID-19 crisis, millions of seniors have not been able to participate in congregate meal programs due to shelter-in-place and physical distancing guidelines. Many of these programs have reported significant increases in demand. Meals on Wheels reports that it is currently serving 47% more seniors than on March 1.
“We are proud to be able to serve as a resource for community agencies during this challenging time,” said Richard Ashworth, President and CEO, Tivity Health. “We are committed to addressing food insecurity for seniors. One way we can help our seniors to have access to nutritious food is by offering these discounted bundles to the aging network that connects daily with America’s seniors.”
During the COVID-19 crisis, community agencies can access emergency funding under the Families First Act and the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) to meet the increased demand for meals for seniors. Through the partnership with n4a and NANASP, Tivity Health has become a new, reliable source of meals that members can access to meet both emergency and ongoing meal needs.
“NANASP entered this partnership to provide our members with a new and additional option for meals to serve their older adults during this pandemic,” said Bob Blancato, Executive Director, NANASP. “This has been achieved and we are grateful for Tivity and pleased at the response from those of our members who placed orders from them. As we all know there is no playbook for the times we are in, but one thing is essential, having an adequate food supply to meet dramatic growth in demand. Partnerships of this nature are important in helping to curb rising rates of food insecurity among older adults.”
Even before the pandemic, one in seven adults between the ages of 50 and 80 reported difficulty getting enough food because of cost or other issues. Through this partnership, Tivity Health is providing access to a wide range of bundled meal options from its Nutrisystem, South Beach Diet and Wisely Well menus, and is expediting delivery to agencies serving seniors with food insecurity.
“Our members have told us that one of their largest areas of concern during the pandemic is for older adults who are not able to access meals,” said Sandy Markwood, CEO, n4a. “At this critical time, we are glad to have a partner in Tivity Health that can help ensure that critical needs of older adults are met.”
Nutrisystem offers more than 160 nutritionally balanced, fully prepped menu choices, while South Beach Diet offers low carb, high protein meals and snacks. Wisely Well pre-packaged meals are designed to support the nutrition needs of seniors and include options specially formulated for those with diabetes and cardiovascular disease.