Banking & Finance, Health Care, and Manufacturing

Private equity firm buying manufacturer for $170M

July 15, 2019
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Aspen Surgical web screenshot

An East Coast private equity firm is acquiring a local business unit of a global medical technology company for $170 million.

Boston-based Audax Private Equity said last week it entered into a definitive agreement to acquire Caledonia-based Aspen Surgical from Chicago-based Hillrom (NYSE: HRC).

Audax Group Managing Director David Wong said his firm is excited about the deal.

“We are looking forward to working with this team to help hospitals and (ambulatory surgery centers) enhance safety for patients and providers,” Wong said. “We believe that the company is poised for growth, and Audax will bring the expertise and resources to continue to build the product portfolio.”

John Groetelaars, president and CEO of Hillrom, said the parent company is “grateful” to Aspen for its “dedication to our customers and to the company.”

“We are confident they will thrive under Audax ownership,” Groetelaars said.

Chicago-based Kirkland & Ellis served as legal counsel to Audax.

New York-based Goldman Sachs & Co. acted as exclusive financial adviser to Hillrom on the transaction, and Cleveland, Ohio-based Jones Day acted as legal adviser.

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