RoundTable Healthcare Partners and Symmetry Surgical Inc. to Acquire Bovie Medical's Electrosurgical Business
Published: Jul 09, 2018
Acquisition Enhances Symmetry's Operating Room Product Portfolio; Creates Complete Energy Product Offering
LAKE FOREST, Ill., July 9, 2018 /PRNewswire/ -- RoundTable Healthcare Partners ("RoundTable"), an operating- oriented private equity firm focused exclusively on the healthcare industry, announced today that its portfolio company, Symmetry Surgical Inc., ("Symmetry" or the "Company") has entered into a definitive agreement to acquire the electrosurgical business and related intellectual property, inclusive of the Bovie® brand, (the "Business") from Bovie Medical Corporation ("Bovie Medical") for a total enterprise value of $97 million. The Business develops, manufactures and markets a range of generators, electrodes, cauteries and accessories that are used daily in doctors' offices, surgery centers and hospitals. The transaction is expected to close in the third quarter of 2018, subject to customary closing conditions.
The acquisition of Bovie Medical's electrosurgical products complements Symmetry's existing Olsen® energy portfolio and will leverage the Company's sales force within operating room call points while expanding its offering of single-use surgical products.
"The Bovie® brand is synonymous with electrosurgery and recognized by hospitals and physicians worldwide," said Brian J. Straeb, President and CEO of Symmetry. "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."
RoundTable acquired Symmetry in 2016 with the goal of building a focused specialty surgical business. "We are excited to support the Symmetry team on this highly strategic acquisition," said Thomas P. Kapfer, Chairman of the Board at Symmetry and Senior Operating Partner at RoundTable. "Symmetry's robust infrastructure and strong leadership provides the company with the ability to complete a complex corporate carve-out of this nature. We look forward to closing the acquisition and serving the combined customer base of Symmetry and Bovie Medical."
Please see Bovie Medical's press release for information regarding their go-forward plans following this transaction.
About RoundTable Healthcare Partners
RoundTable Healthcare Partners, based in Lake Forest, IL, is an operating-oriented private equity firm focused exclusively on the healthcare industry. RoundTable partners with companies that can benefit from its extensive industry relationships and proven operating and transaction expertise. RoundTable has established a successful track record of working with owner/founders, family companies, management teams, entrepreneurs and corporate partners who share a vision and believe in the value creation potential of its partnership model. RoundTable has raised $2.75 billion in committed capital, including four equity funds totaling $2.15 billion and three subordinated debt funds totaling $600 million. More information about RoundTable Healthcare Partners can be found at www.roundtablehp.com.
About Symmetry Surgical
Symmetry Surgical develops and delivers high-quality surgical instrumentation to healthcare providers around the world. Our portfolio of more than 20,000 instruments includes proven, trusted brands, and we work to bring new innovations to market that can help clinicians deliver superior patient care - from access to intervention to closure in surgical procedures. Our rich and diverse history creates one of the industry's most comprehensive surgical instrument portfolios, including Bookwalter®, Greenberg®, Olsen®, Symmetry®, Symmetry Sharp Kerrison®, Flash Pak®, Classic®, Classic Plus®, Secto®, QUAD-LOCK®, RapidClean®, Symmetry VersaGrip™, Magnafree®, Midas Touch®, Microsect®, Ultra Instruments®, Riley Medical®, TransPak®, Opti-Length®, Bookwalter Rotilt®, Symmetry Access™, and Vesocclude®. For more information, please visit www.symmetrysurgical.com.
SOURCE RoundTable Healthcare Partners