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
Surgeon hand picking up an instrument from tray of surgical instruments. (Credit: 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.
Source: Company Press Release