Tecomet, Inc. Acquires Symmetry Medical Inc. OEM Solutions Business
WILMINGTON, Mass., Dec. 5, 2014 /PRNewswire/ -- Tecomet Inc., a Genstar Capital portfolio company and precision contract manufacturer supporting the medical device and aerospace industries, announced today that it has completed the previously announced acquisition of Symmetry Medical's (NYSE: SMA) OEM Solutions business. This acquisition creates the largest orthopedic contract manufacturer in the world with 18 facilities located in five countries on three continents.
The Symmetry Medical OEM Solutions business is a leading supplier of contract manufacturing and product solutions for the surgical instrument, orthopedic implant, and sterilization case and tray markets. The strategic capabilities of the OEM Solutions business provide a complementary fit with the existing Tecomet business.
Bill Dow, Chief Executive Officer of Tecomet, 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."
Rob Rutledge, Principal of Genstar Capital, added, "This is a great opportunity to have a transforming impact on the orthopedic contract manufacturing industry. Original Equipment Manufacturers are moving more of their manufacturing out to contract manufacturers that can handle the volume and provide the systems support. This merger provides a contract manufacturing platform paramount to anything else in the orthopedic industry."
UBS Investment Bank acted as exclusive financial advisor and Weil, Gotshal & Manges LLP acted as legal advisor to Tecomet in connection with the transaction.
About Tecomet, Inc.
Founded in 1964, and based in Wilmington, MA, Tecomet manufactures orthopedic implants, precision surgical instruments, trauma plates and photochemical etched products for medical device customers. Tecomet uses its industry-leading prototyping and engineering capabilities to produce highly complex products that provide innovative solutions for its customers' most demanding products and applications. Tecomet is also a leading manufacturer of precision components to the aerospace & defense industry, producing products used in missile & satellite propulsion systems, vision systems, and infrared applications. For more information about Tecomet, please visit www.tecomet.com.
About Genstar Capital, LLC
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for more than 20 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of operating executives and strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar manages approximately $3 billion of committed capital and targets investments focused on selected sectors within the industrial technology, financial services, software, and healthcare industries.
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SOURCE Tecomet Inc.