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Essex Woodlands Partners With Lemaitre to Start White Pine

Dan Lemaitre, who steered CoreValve into a record breaking acquisition by Medtronic, has joined with venture capitalist Guido Neels to form a new device company, White Pine Medical Inc. Neels' firm Essex Woodlands Health Ventures is backing Lemaitre with $50 million.

The White Pine Medical Inc. storyline is familiar. CEO meets or starts company. CEO runs company until he or she guides it through a successful outcome, usually a strategic sale. CEO meets venture capitalist who provides the capital to do it all over again. In this case, the principals of our story—Dan Lemaitre, who plays the CEO, and Guido Neels in the role of the venture capitalist—have known each other for years. But the principal plot elements of White Pine's creation are true to form. Neels' firm Essex Woodlands Health Ventures is backing Lemaitre with $50 million to build a new company.

This plot isn't original. Just over the past two years, firms like Warburg Pincus and GTCR Golder Rauner have thrown their financial heft behind proven executives, charging them to build...

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