Private equity-backed Aspen Surgical acquires Tennessee-based surgical device maker
CALEDONIA — Backed by private equity Aspen Surgical Products Inc. continues its growth by acquisition with its latest agreement to strengthen its portfolio with complementary surgical products.
The maker of disposable surgical products said today it has reached an agreement to acquire the Nashville, Tennessee-based company. Symmetry Surgical Inc., a manufacturer of surgical and specialty instruments, electrosurgical products and minimally invasive surgical devices.
Previously owned by a private equity firm Health Care Roundtable PartnersSymmetry Surgical also has operations in Louisville, Ky., as well as Germany and Australia.
The agreement adds “clinically preferred” Bovie, Bookwalter and Greenberg brands to Aspen Surgical’s portfolio, helps diversify the company’s business into adjacent product categories and strengthens the company’s marketing opportunities with an infrastructure direct sales, according to a press release.
“Symmetry has a long history of providing high quality surgical devices and value-added services to the healthcare community,” Aspen Surgical CEO Jason Kriesers said in a statement. “The portfolio synergizes with Aspen and supports our mission to provide essential products that improve safety and efficiency in the surgical environment.”
The deal is the 15th acquisition for Caledonia-based Aspen Surgical to date and the sixth since the Boston-based company Audax Private Equity acquired the company in 2019 from Hill-Rom Holdings for $170 million.
This year, Audax closed 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 benchmark brands aligns well with Aspen’s existing portfolio,” Audax chief executive David Wong said in a statement. “We are excited to continue to invest in the Aspen platform through organic initiatives and strategic acquisitions.”
Terms of the agreement for Symmetry Surgical were not disclosed.
RoundTable Healthcare Partners, based in Lake Forest, Illinois, 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 then sold Aspen Surgical to Hill-Rom in 2012 for $400 million in cash.
As part of the Symmetry Surgical agreement, Aspen Surgical and Audax were advised by Piper Sandler & Co, an investment bank based in Minneapolis, Minnesota.
Antares Capital, Golub Capital, BMO Sponsor Finance and Apogem Capital provided senior debt financing for the transaction. Churchill Asset Management, MetLife Investment Management and Northwestern Mutual Capital provided junior debt financing, while Linden Structured Capital provided preferred equity financing for the transaction.
“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. “With Aspen, we have the ability to serve our customers and their patients in more surgical settings, market segments and geographies with a broad, clinically relevant portfolio. We will be able to help simplify and improve the customer experience through a broader offering of surgical products, services and tools from a single partner.
CORRECTION: This story has been updated to indicate that Aspen Surgical has completed 15 acquisitions to date and six since the company was acquired by Audax Private Equity in 2019.