Symmetry Surgical, a portfolio company of RoundTable Healthcare Partners, has agreed to acquire the electrosurgical business and related intellectual property from Bovie Medical for an enterprise value of $97m.
As part of the deal, Symmetry Surgical will acquire the Bovie brand.
The acquired electrosurgical business is engaged in the development, manufacturing and marketing of various enerators, electrodes, cauteries and accessories used in doctors’ offices, surgery centers and hospitals.
Symmetry president and CEO Brian Straeb said: “This exciting acquisition enables us to address a wider range of our customers’ needs and gives Symmetry an opportunity to further establish itself as a key player in the growing bipolar and monopolar energy markets.”
Bovie Medical’s electrosurgical products are said to compliment Symmetry’s existing Olsen energy portfolio.
The acquired business will also help Bovie Medical to leverage its sales force within operating room call points and expand its offering of single-use surgical products.
Bovie Medical is holding its advanced energy and OEM businesses, as well as its facilities in Clearwater of Florida and Sofia of Bulgaria.
The company is also retaining certain intellectual property related to specialty generators.
Bovie Medical has also entered into transition services agreement, patent licensing agreement, disposables supply agreement and generator manufacturing and supply agreement with Symmetry.
Subject to customary closing conditions, the deal is expected to complete in the third quarter of this year.
Bovie Medical CEO Charlie Goodwin said: “The Core electrosurgical and cauteries business is the foundation of Bovie Medical and we are extremely proud of the success we have had with this business which dates back to the Company’s inception many years ago.
“At the same time, we believe the customers and employees of Bovie Medical’s Core business are best-positioned going forward with the focus and investment they will receive under Symmetry’s ownership.”
Bovie Medical developed a patented plasma-based surgical product, J-Plasma, for cutting, coagulation and ablation of soft tissue.
Symmetry develops and distributes advanced surgical instrumentation to healthcare providers across the world. The company has a portfolio of over 20,000 instruments.