Genstar Capital portfolio company Tecomet has completed the acquisition of Symmetry Medical's OEM Solutions business, for $450m.
Based in Indiana, US, Symmetry’s OEM Solutions produces surgical instruments, orthopedic implants, and plastic and metal sterilization cases and trays.
Tecomet CEO Bill Dow said: "With this acquisition, Tecomet adds to an already wide array of services and creates a footprint that would take decades to build organically.
"We will continue to be dedicated to providing our customers the best service at the highest level of quality at competitive prices."
With over 450 customers and nearly 2,300 employees, OEM Solutions operates 13 facilities in the UK, the US, Ireland, France and Malaysia.
According to Tecomet, the acquisition will make it the largest orthopedic contract manufacturer in the world with 18 facilities located in five countries on three continents.
Genstar Capital principal Rob Rutledge said: "Original Equipment Manufacturers are moving more of their manufacturing out to contract manufacturers that can handle the volume and provide the systems support."
UBS Investment Bank served as exclusive financial advisor in connection with the transaction for Tecomet, while Weil, Gotshal & Manges acted as legal advisor.
Tecomet produces orthopedic implants, precision surgical instruments, trauma plates and photochemical etched products for medical device customers.
Image: Symmetry Medical, Hillsborough. Photo: courtesy of Terry Robinson.