New York – September 15, 2025 – 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.”