Acquisition Augments Aspen’s Line of High-Quality Surgical Essentials
October 27, 2022
CALEDONIA, Mich.–(BUSINESS WIRE)–Aspen Surgical Products, Inc. (“Aspen”), a portfolio company of Audax Private Equity (“Audax”) and a leader in disposable surgical products, announced the acquisition of Symmetry Surgical (“Symmetry”) from RoundTable Healthcare Partners. Symmetry represents Aspen’s 15th acquisition in total and sixth since Audax’ initial investment in Aspen in 2019. Financial terms of the transaction were not disclosed.
Based in Nashville, TN, with additional operations in Louisville, KY, Tuttlingen, Germany and Melbourne, Australia, Symmetry is a leading provider of high-quality surgical and specialty instrumentation, electrosurgery products, and minimally invasive surgical devices. Symmetry maintains a rich legacy of trusted brands, innovation, and customer service, supporting all surgical specialties and sites of care.
“Symmetry has a longstanding history of providing high-quality surgical devices and value-added services to the health care community, including iconic brands such as Bovie®, Bookwalter®, and Greenberg®,” said Jason Krieser, CEO of Aspen. “The portfolio is synergistic with Aspen and supports our mission to deliver essential products that improve safety and efficiency in the surgical environment.”
The acquisition of Symmetry augments Aspen’s broad portfolio with additional clinically preferred brands; provides diversification into attractive adjacent categories; and adds new commercial competencies and routes-to-market with a national direct-sales infrastructure across both acute and non-acute settings of care.
“There is great power in bringing the people, products, and brands of Aspen and Symmetry together,” added Brian Straeb, CEO of Symmetry. “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.”
“Symmetry’s family of category-leading products and gold-standard brands align well with Aspen’s existing portfolio,” said David Wong, Managing Director of Audax. “We’re excited to continue investing behind the Aspen platform through both organic initiatives and strategic acquisitions.”
“Congratulations to Brian for stewarding a great business in Symmetry,” said Young Lee, Managing Director at Audax. “We are confident that together with Jason and the Aspen team they will take the business to the next level.”
Piper Sandler acted as exclusive financial advisor to Aspen and Audax. Kirkland & Ellis LLP served as legal counsel to Aspen and Audax during this transaction. Antares Capital, Golub Capital, BMO Sponsor Finance, and Apogem Capital provided senior debt financing; Churchill Asset Management, MetLife Investment Management, and Northwestern Mutual Capital provided junior debt financing; and Linden Structured Capital provided preferred equity financing to support the transaction.
About Symmetry Surgical
Symmetry Surgical® is a leading healthcare technology and solutions supplier of high-quality surgical instrumentation, a full-line electrosurgery portfolio, and minimally invasive surgical devices that support all surgical specialties and sites of care. Wherever surgeries are performed, surgical teams can trust that Symmetry Surgical instruments and devices will operate efficiently and safely.Symmetry’s portfolio of trusted brands includes BOOKWALTER®,BOVIE®, GREENBERG®, OLSEN®, SYMMETRY®, SYMMETRY SHARP KERRISON®, FLASH PAK®, CLASSIC®, CLASSIC PLUS®, SECTO®, QUAD-LOCK®, RAPIDCLEAN®, MAGNAFREE®, MIDAS TOUCH®, MICROSECT®, ULTRA INSTRUMENTS®, MULTIPAK®, ACCESS SURGICAL®, RILEY MEDICAL®, TRANSPAK®, OPTILENGTH®, BOOKWALTER ROTILT®, AND SYMMETRY ACCESS™. Symmetry Surgical is headquartered in Nashville, TN, but has global reach and operates facilities in Nashville, TN, Louisville, KY, Tuttlingen, Germany, and Melbourne, Australia. Learn more about Symmetry Surgical and its vision to Elevate Surgery for Life at www.symmetrysurgical.com.
About Aspen Surgical Products, Inc.
Established in 1999, Aspen is a leading manufacturer of surgical disposables focused on improving patient and healthcare provider safety and efficiency in the hospital and surgery center environment. The company’s extensive portfolio includes Bard-Parker® blades and scalpels, Precept® personal protective equipment, Protek™ probe covers and needle guides, Stork® labor and delivery products, surgical marking pens, orthopedic positioners, basic wound care, and instrument care products. Aspen facilities in Caledonia, Michigan; Las Piedras, Puerto Rico; and Agua Prieta, Mexico offer vertically integrated, North American manufacturing capabilities including injection molding, sewing, ultrasonic welding, die cutting, automated assembly, and packaging as well as blade stamping, grinding, and finishing. Aspen Surgical products are sold through a strong, integrated channel which includes a corporate accounts team working synergistically with a field sales organization, along with a close distributor and kit-packer network. Backed by Audax Private Equity, Aspen is poised for both organic growth and growth through acquisition. For more information please visit: www.aspensurgical.com or follow us on LinkedIn.
About Audax Private Equity
Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $30 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $9 billion in more than 150 platforms and over 1,100 add-on companies, and is currently investing in add-ons out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 320 employees and over 100 investment professionals, the firm is a leading capital partner for North American middle market companies. For more information, visit the Audax Private Equity website www.audaxprivateequity.com or follow us on LinkedIn.