BUFFALO GROVE, Ill. — Chicago-based private equity firm Generation3 Capital (Gen3) has purchased LogicMark, a personal emergency response systems (PERS) manufacturer. Terms of the deal were not disclosed.
Ben Cornett and Kevin O’Conner, who formerly worked at Honeywell Security Group as president and vice president of global sales respectively, will lead the LogicMark team. Cornett, a SSI Hall of Fame inductee in 2004, will serve as CEO, while O’Connor will serve as president. Cornett and O’Connor previously worked for another Gen3 portfolio company, EZ Watch LLC, a provider of video surveillance products.
“The PERS market is growing rapidly in both the durable medical equipment [DME] and security channels,” O’Connor says. “We are excited to be involved with LogicMark and have the opportunity to work with some new customers in the DME market as well as working with some old friends in the security market.”
The increase in healthcare costs and customer demand prompted Gen3 to acquire the PERS maker, according to Gen3 Principal Jim Coleman.
“LogicMark’s unique products offer the elderly an alternative to expensive nursing and healthcare facilities,” he says. “It’s an exciting opportunity for us.”
Gen3 teamed up with Promus Equity Partners to complete the transaction, which closed on Dec. 30, 2011.
