Carl Marks Advisors Guides HealthTronics Through Recapitalization & New Investment Partnership

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NEW YORK--(BUSINESS WIRE)--Sep 15, 2025--

Carl Marks Advisors (“CMA”), a leading provider of restructuring and M&A services to the middle market, announced that it has advised HealthTronics (the “Company”), a premier provider of kidney stone management solutions for urologists, health systems, and patients, on the successful recapitalization of the Company and a new investment from Secretariat Capital.

Founded more than 30 years ago in Round Rock, Texas, by a group of urologists, HealthTronics was established to make innovative technologies more accessible to physicians and healthcare systems through strategic relationships and specialization. Today, the Company provides comprehensive lithotripsy, laser, and kidney stone disease services to more than 1,500 physicians and 2,000 healthcare facilities nationwide.

“This successful outcome underscores our Special Situations Investment Banking (“SSIB”) team’s ability to navigate complex processes that require patience, creativity, and long-term commitment,” said Ben Godbout, team leader of SSIB’s New York office. “The HealthTronics engagement involved guiding the company through a series of strategic steps to unlock value and position it for future success. It reflects our dedication to helping clients work through situations that demand thoughtful solutions.”

CMA Managing Partner and head of SSIB, Brian Williams, further noted, “This successful engagement is a byproduct of CMA’s dedication to a differentiated SSIB service, where we seamlessly combine transaction execution and turnaround management, maximizing value to stakeholders.”

"This is an exciting step forward for HealthTronics," said Bill Linder, CEO of HealthTronics. "We greatly appreciate the advice and support that the Carl Marks team has provided over the years,” said Bill Linder, CEO of HealthTronics. “Their partnership has helped transform the Company and enabled us to reach this critical milestone.”

About Carl Marks Advisors

Carl Marks Advisory Group LLC (Carl Marks Advisors) is a New York-based investment bank that provides financial and operational advisory services. Our integrated client service teams unite industry, operations, and transaction expertise to create effective solutions in complex situations. Securities are offered through Carl Marks Securities LLC, member FINRA and SIPC. Additional information about Carl Marks Advisory Group LLC and Carl Marks Securities LLC is available at www.carlmarksadvisors.com and www.carlmarkssecurities.com.

About HealthTronics, LLC

HealthTronics, LLC is the leader in kidney stone management, offering the best-in-class nationwide platform for urologists and health systems to access cutting-edge stone treatment technologies with unmatched clinical expertise and operational excellence.

For additional information, please visit www.healthtronics.com.

About Secretariat Capital

Secretariat Capital invests debt and equity capital in high-quality businesses that have reached a strategic, financial, or operational inflection point, and stand to benefit from recapitalization. Secretariat's investment approach is predicated on creating value through solving identifiable issues in businesses leading to stability and growth. Secretariat strives to support each of its invested companies to be a leader in their industry segment and to grow through organic development or strategic acquisitions.

For additional information, please visit www.secretariat.capital.

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CONTACT: Alex Goss

agoss@stantonprm.com

KEYWORD: UNITED STATES NORTH AMERICA TEXAS NEW YORK

INDUSTRY KEYWORD: FINANCE HEALTH PROFESSIONAL SERVICES HEALTH TECHNOLOGY MANAGED CARE

SOURCE: Carl Marks Advisors

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PUB: 09/15/2025 11:04 AM/DISC: 09/15/2025 11:03 AM

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