MBDA Helps Smart Medical Technology Secure $25 Million in Capital
Smart Medical Technology, Inc. (SMT) designs and manufactures medical and healthcare products that have impacted the evolution of healthcare services worldwide. Among its suite of products, SMT has patented, trademarked, and received Federal Drug Administration approval, and UL certification of its ground breaking lateral patient transfer system called the Liftaem™.
SMT came to the Chicago MBDA Business Center looking for capital and procurement opportunities and soon gained more than they expected. They attended a MBDA access to capital seminar on raising capital through private equity, including valuation and minority status considerations. Primed with information, SMT was ready to partner with the MBDA. MBDA worked with SMT to analyze offers from investment bankers, prepped the management team for presentations, and consulted throughout the fundraising process. As a result, SMT secured capital in the amount of $25 million. Their increased financing capabilities enabled them to purchase a new warehouse, create 300 jobs and retain 100 jobs.
| Minority Business Community At-A-GlanceA | ||||
| Business Owner | Number of Firms | Gross Receipts ($1000s) | Average Gross Receipts | Paid Employees |
| African American | 106,626 | $6,840,718 | $64,156 | 45,295 |
| American Indian & Alaska Native | 5,391 | 690,412 | 128,068 | 4,420 |
| Asian American | 59,367 | 18,485,950 | 311,384 | 102,991 |
| Native Hawaiian & Pacific Islander | 569 | 31,590 | 55,518 | 277 |
| Hispanic American | 56,567 | 10,337,194 | 182,742 | 77,449 |
| All Minority | 223,007 | 36,273,078 | 162,654 | 228,015 |
| MBDA CLIENT ASSISTANCE BY SECTOR | ||||||
|  | Private Sector | Federal Government | State Government | Local Government | Not Disclosed | Total |
| Dollar Value of Contracts | $105,959,808 | $5,284,000 | – | $14,054,398 | – | $125,298,206 |
| Dollar Value of Capital | 14,695,401 | – | – | – | – | $14,695,401 |
| Number of Contracts | 57 | 1 | – | 4 | – | 62 |
| Number of Capital Transactions | 15 | – | – | – | – | 15 |
| TOTAL TRANSACTIONS | 72 | 1 | – | 4 | – | 77 |
| MBDA CLIENT ASSISTANCE BY INDUSTRY | ||
| Number of Transactions | Value of Transactions | |
| Agriculture, Forestry, Fishing & Hunting | 3 | $1,897,250 |
| Construction | 20 | 22,075,781 |
| Manufacturing | 10 | 10,011,650 |
| Retail Trade | 2 | 83,000 |
| Services | 6 | 10,138,441 |
| Transportation, Warehousing & Public Utilities | 3 | 42,044,946 |
| Wholesale Trade | 33 | 53,742,539 |
» Download FY2012 Report for Illinois
Performance’
