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Private equity-backed Aspen Surgical acquires Tennessee-based surgical device maker COURTESY OF ASPEN SURGICAL PRODUCTS

Private equity-backed Aspen Surgical acquires Tennessee-based surgical device maker

BY Thursday, October 27, 2022 12:04pm

CALEDONIA — Private equity-backed Aspen Surgical Products Inc. continues to grow by acquisition with its latest deal to bolster its portfolio with complementary surgical products. 

The manufacturer of disposable surgical products said today that it had completed a deal to acquire Nashville, Tenn.-based Symmetry Surgical Inc., a maker of surgical and specialty instrumentation, electrosurgery products, and minimally invasive surgical devices. 

Previously owned by private equity firm RoundTable Healthcare Partners, Symmetry Surgical also has operations in Louisville, Ky., as well as in Germany and Australia. 

The deal adds the “clinically preferred” Bovie, Bookwalter and Greenberg brands to Aspen Surgical’s portfolio, helps diversify the company’s business into adjacent product categories, and bolsters the firm’s marketing opportunities with a direct-sales infrastructure, according to a statement. 

“Symmetry has a longstanding history of providing high-quality surgical devices and value-added services to the health care community,” Aspen Surgical CEO Jason Kriesers said in a statement. “The portfolio is synergistic with Aspen and supports our mission to deliver essential products that improve safety and efficiency in the surgical environment.”

The deal is Caledonia-based Aspen Surgical’s 15th acquisition to date and sixth since Boston-based Audax Private Equity acquired the company in 2019 from Hill-Rom Holdings for $170 million. 

This year, Audax closed on a single-asset continuation fund to support an additional undisclosed investment in Aspen, as MiBiz previously reported

“Symmetry’s family of category-leading products and gold-standard brands align well with Aspen’s existing portfolio,” Audax Managing Director David Wong said in a statement. “We’re excited to continue investing behind the Aspen platform through both organic initiatives and strategic acquisitions.”

Terms of the deal for Symmetry Surgical were not disclosed. 

Lake Forest, Ill.-based RoundTable Healthcare Partners acquired a majority stake in Symmetry Surgical in July 2016 and partnered with management to grow the business. 

RoundTable also previously owned Aspen Surgical, having acquired the company in 2006 from founder Dan Bowen. The private equity firm later sold Aspen Surgical to Hill-Rom in 2012 for $400 million in cash. 

In the Symmetry Surgical deal, Aspen Surgical and Audax were advised by Minneapolis, Minn.-based investment banking firm Piper Sandler & Co. 

Antares Capital, Golub Capital, BMO Sponsor Finance, and Apogem Capital provided senior debt financing for the deal. Churchill Asset Management, MetLife Investment Management, and Northwestern Mutual Capital provided junior debt financing, while Linden Structured Capital provided preferred equity financing for the deal. 

“There is great power in bringing the people, products, and brands of Aspen and Symmetry together,” Symmetry Surgical CEO Brian Straeb said in a statement. “Together with Aspen, we have the capability to serve our customers and their patients across more surgical settings, market segments, and geographies with a broad, clinically relevant portfolio. We will be able to help simplify and enhance the customer experience with a broader offering of surgical products, services, and tools from a single partner.”

CORRECTION: This story has been updated to say that Aspen Surgical has completed 15 acquisitions to date and six since the company was acquired by Audax Private Equity in 2019.

Read 2307 times Last modified on Thursday, 27 October 2022 16:23
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