Generation3 Capital LLC, Buffalo Grove, Ill., a private equity firm, acquired LogicMark LLC, a designer and manufacturer of personal emergency response systems (PERS) with two-way voice communication directly through the pendant.
“The end customer demographics and rising healthcare costs afford LogicMark a growing market; combine this with innovative and affordable products and it is an exciting opportunity for us,” said Jim Coleman, principal of Gen3. Gen3 teamed with Promus Equity Partners LLC to complete the transaction on Dec. 30, 2011.
“We are excited about Promus and Gen3 making an investment in our business and believe this will help expand our market coverage and enable us to focus on introducing new products,” said Mark Gottlieb, who founded the company in 2006 and will be staying on as chief creative officer.
Joining the LogicMark team will be security industry veterans Ben Cornett as chief executive officer and Kevin O’Connor as president.
Most recently, Cornett and O’Connor worked for another Gen3 portfolio company, EZ Watch LLC. Terms of the transaction were not disclosed.