M&A Deal Summary

Audax Private Equity Acquires Aspen Surgical

On July 10, 2019, private equity firm Audax Private Equity acquired medical products company Aspen Surgical from Hill-Rom

Acquisition Highlights
  • This is Audax Private Equity’s 7th transaction in the Medical Products sector.
  • This is Audax Private Equity’s 118th transaction in the United States.
  • This is Audax Private Equity’s 2nd transaction in Michigan.

M&A Deal Summary

Date 2019-07-10
Target Aspen Surgical
Sector Medical Products
Buyer(s) Audax Private Equity
Sellers(s) Hill-Rom
Deal Type Divestiture

Target

Aspen Surgical

Caledonia, Michigan, United States
Aspen Surgical is a manufacturer and marketer of both OEM and branded disposable medical products for surgical and general healthcare applications. Aspen Surgical Product's major products included surgical needles, surgical skin markers, disposable light handles, instrument guards, anti-fog solutions, and surgical accessories. Aspen Surgical was founded in 1999 and is based in Caledonia, Michigan.

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Buyer(S) 1

Buyer

Audax Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Private Equity is a private equity firm focused on acquiring control positions in a variety of mid to large North American headquartered companies. The Firm segments its activities into lower middle-market and larger scale investing. Within its larger group, Audax targets profitable businesses valued up to $800 million and within its lower middle-market group, the Firm seeks companies valued up to $125 million. Sectors of interest include business services, consumer products/services, financial services, healthcare services, industrial services, software, and technology. Audax has a special interest in businesses that can benefit from a buy and build investment strategy for growth. Audax Private Equity was formed in 1999 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 123 of 167
Sector (Medical Products) 7 of 9
Type (Divestiture) 7 of 9
State (Michigan) 2 of 2
Country (United States) 118 of 158
Year (2019) 6 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-01 Preferred Compounding

Copley, Ohio, United States

Preferred Compounding Corp. is a manufacturer and supplier of proprietary and custom mixed rubber compounds with manufacturing plants in Tallapoosa, Ga.; Huntingdon, Tenn.; Fruithurst, Ala. Preferred Compounding Corp. was founded in 1973 and is based in Copley, Ohio.

Sell $232M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-01 Stonewall Kitchen

York, Maine, United States

Stonewall Kitchen is a specialty food and home goods producer selling jams and jellies at local farmers' markets with a flavorful line of distinctive and high-quality products. Stonewall expanded the brand to include sauces, condiments, crackers, and baking mixes, always focusing on innovative product development, beautiful packaging, and exceptional guest service. Stonewall Kitchen was founded in 1991 and is based in York, Maine.

Buy -

Seller(S) 1

SELLER

Hill-Rom

Chicago, Illinois, United States

Category Company
Founded 1915
Sector Medical Products
Employees10,000
Revenue 2.9B USD (2020)
DESCRIPTION

Hill-Rom manufactures and provides medical technologies and related services for the health care industry. Hill-Rom offers patient care systems, safe mobility and handling solutions, and non-invasive therapeutic products for various acute and chronic medical conditions, medical equipment rentals, surgical products, and information technology solutions. Hill-Rom was founded in 1915 and is based in Chicago, Illinois.


DEAL STATS #
Overall 4 of 4
Sector (Medical Products) 3 of 3
Type (Divestiture) 4 of 4
State (Michigan) 1 of 1
Country (United States) 3 of 3
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-11 Voalte

Sarasota, Florida, United States

Voalte, Inc. is a mobile communication platform that enables care teams inside and outside the hospital to access and exchange information securely. Voalte develops smartphone solutions that simplify caregiver communication. Voalte, Inc. was founded in 2008 and is based in Sarasota, Florida.

Buy $195M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-02 Breathe Technologies

Irvine, California, United States

Breathe Technologies, Inc. is a developer and manufacturer of innovative medical technologies for patients with respiratory insufficiency and neuromuscular diseases. Breathe Technologies, Inc. was founded in 2005 and is based in Irvine, California.

Buy $130M