Chapel Hill, NC - TriVirix International, a full-service contract manufacturer of electronic medical equipment, announced today that The Trelys Funds has joined with Aurora Funds, Grotech Capital Group, Morgan Stanley Venture Partners, and others to invest a total of $25 million in private equity.
TriVirix expects revenues this year to grow five fold over 2001 and was recently ranked ninth in the Triangle Fast 50. "It's a great time to grow aggressively, while many other companies are contracting," says Richard West, TriVirix CEO. "We plan to expand our geographic reach and our service breadth with this new capital." TriVirix completed two acquisitions earlier this year with the purchase of a medical electronics assembly plant from Medtronic and a printed circuit board assembly plant from Fujitsu.
Adrian Wilson, managing general partner of The Trelys Funds, says his firm is pleased to be a partner of TriVirix. "That TriVirix has managed to grow in the midst of an economic downturn is a testament to the strength of the TriVirix business model and the management team," says Wilson. "We look forward to working with Rich West, his team, and this esteemed investment group to continue the upward growth of TriVirix."
Founded in 1998, TriVirix has medical manufacturing facilities in Minnesota and the United Kingdom and is headquartered in North Carolina. TriVirix is attracting customers on the leading edge of the medical device and biotech industries and has relationships with some of the industries' most prominent companies. It has contracts to manufacture electronic equipment for hemodialysis and blood analysis, hearing screening, cardiac measurement and defibrillation, patient monitoring, and various other medical diagnostic and therapeutic and biotech measurement and analysis applications. For more information, visit www.trivirix.com.
About The Trelys Funds
Founded in 2001, The Trelys Funds is a venture capital investment group headquartered in Columbia, South Carolina. Trelys focuses on an underserved market of entrepreneurs and investors located primarily in South Carolina, North Carolina and the surrounding region. The founding investors of The Trelys Funds include BlueCross BlueShield of South Carolina, BB&T Corporation, First Citizens Bank, the Clemson University Foundation, and the Medical University of South Carolina Foundation. For more information, visit www.trelys.com.
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