Confluent
Confluent Medical Technologies is a materials science technology company that applies advanced materials expertise to medical device innovation. The company evolved from Ampersand’s strategic investment in Nitinol Devices and Components (NDC), and today is a leading contract development and manufacturing organization serving a diverse customer base, including most of the world’s largest medical device industry OEMs.
At its core, Confluent operates across three primary materials science platforms: implantable metals (with a focus on Nitinol), textiles, and polymers. These technologies are utilized in precise, lifesaving medical applications, particularly in structural heart, neurovascular, and cardiovascular procedures. Confluent’s materials science capabilities enable the creation of devices that are essential for life-sustaining or life-preserving procedures, significantly improving a patient’s quality of life and making previously impossible medical interventions a life-saving reality.
The journey began in 2011 when Ampersand completed a minority recapitalization of founder-owned NDC. Through a series of focused acquisitions and operational improvements, Ampersand helped transform Confluent from a niche Nitinol component manufacturer into a diversified, global leader specializing in the expert design, development, and large-scale manufacturing of interventional catheter-based devices and implants.
Keys to Success
Ampersand initially focused on strengthening operations and profitability working with the founder, Dr. Tom Duerig, to bring in a new CEO, Dean Schauer, with strong medical device industry and operational expertise. Dr. Duerig transitioned to the role of Chief Technical Officer, maintaining his critical involvement in the business for several more years alongside Schauer.
With a more robust leadership team in place, including a new Chief Commercial Officer, the company began to thrive, setting the stage for the next phase of growth through both organic expansion and strategic acquisitions.
“During the interviewing process and the engagement with Ampersand, it was very obvious they knew exactly what they were talking about. I had worked in this space for about 14 years at that point, and they knew it as well as I did.” –Dean Schauer
Between 2015 and 2018, NDC embarked on a series of strategic acquisitions that significantly expanded its capabilities. The first major acquisition was Interface Catheter Solutions in 2015, which added expertise in catheter development and manufacturing. This move was pivotal, as it allowed the company to offer a more comprehensive solution to its customers, bridging the gap between implant manufacturing and delivery systems.
In 2016, NDC officially rebranded as Confluent Medical Technologies. This rebranding was far more than a cosmetic change; it represented a strategic shift in the company’s identity and market positioning. The name “Confluent” was chosen to reflect the coming together of various technologies and capabilities, symbolizing the integration of different materials science platforms and manufacturing expertise under one unified brand.
The rebranding signaled to the market that the company was no longer just a Nitinol component manufacturer, but a comprehensive medical technology partner. This new identity helped attract a broader range of customers and opened doors to new market opportunities. It also enabled a cohesive corporate culture that unified employees from different acquisitions under a single, forward-looking brand. The new Confluent identity positioned the company for future growth and acquisitions, creating a flexible brand that could encompass a wide range of medical technology capabilities.
“After spending time and learning about Ampersand’s long history and the way they went about their business, becoming part of that team was one of the easiest decisions I’d ever made.” –Dean Schauer
Building on its new identity, Confluent acquired ETE Medical in 2017, which brought capabilities in medical textiles and additional polymer forming. This was followed by the acquisition of Corpus Medical in 2018, enhancing Confluent’s design and development capabilities for finished devices, an area in which the company was seeing significant demand, given its expanding manufacturing capabilities. The company also acquired Tube Hollows, vertically integrating its supply chain with specialized Nitinol tube manufacturing.
In partnership with the Ampersand team, strategic acquisitions were carefully chosen to complement Confluent’s existing capabilities and address specific customer needs in the medical device industry. The rebranding to Confluent Medical Technologies provided a strong, unified platform under which these diverse capabilities could be marketed and integrated, ultimately strengthening the company’s position as a leader in the development and manufacturing of finished medical devices, leveraging its materials science expertise.
Alongside its acquisition strategy, Confluent invested heavily in organic growth, particularly in its Costa Rica operations. What began as a small, fledgling operation has grown into a sizable facility with over 1,200 employees across multiple buildings. This expansion allowed Confluent to leverage lower costs while maintaining quality and proximity to major medical device customers with operations in the surrounding region.
The company continued its global expansion, opening new facilities including a polymer tubing center of excellence in Chattanooga, TN in 2021, and its 8th location in Hyderabad, India in 2022 to increase Nitinol wire capacity.
“The Ampersand team is extremely collaborative about looking for business acquisition targets or ways to grow the company. They’ll support that as if they’re a member of your team, but they’re not dictating it or taking the process over. We’ve made seven acquisitions during my time, all of which were done by the company deciding that was a direction we wanted to go. We worked with the Ampersand team to identify the value that we could create and why it would be strategically beneficial and then, with Ampersand’s support, we’d go out and make that transaction happen.” –Dean Schauer
In 2022, TPG Capital completed a majority recapitalization of Confluent, with Ampersand maintaining a meaningful interest. This transaction allowed Confluent to access additional resources to support its continued growth, including larger-scale acquisitions while maintaining its strong relationship with Ampersand.
Today, Confluent produces over 1 million components annually, employs 2,000+ people, including 200+ engineers, and operates 400,000 square feet of manufacturing space. Even after transitioning to a minority position following TPG Capital’s 2022 majority recapitalization, Ampersand remains actively involved in Confluent’s governance and strategy, continuing to drive innovation and improve patient outcomes globally.
Ampersand’s partnership with Confluent Medical Technologies highlights its commitment to creating long-term value in the life sciences sector. By focusing on strategic refinement, operational improvements, and acquisitions, Ampersand helped transform Confluent from a niche Nitinol manufacturer into a global leader in medical device contract manufacturing and materials science innovation.
“Rather than listening to our vision and approving, it’s quite the other way. Ampersand listens to our vision, and then sees what they can do to support the outcome of those decisions and that strategy. It’s been, I mean, incredibly powerful what we’ve been able to create with their support.” –Dean Schauer
Disclosure: The case study and results included are for illustration purposes only and may not be typical. The case study should not be considered specific investment advice, do not take into consideration a specific situation, and are not intended to make an offer or solicitation for the sale or purchase of any securities or investment strategies. Investments involve risk and are not guaranteed. Case study testimonials were provided by clients between May 2024 – July 2024. The client was not compensated, nor are their material conflicts of interest that would affect the given testimony. The testimony may not be representative of the experience of other current clients and does not provide a guarantee of future performance success or similar services.
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