RoundTable Healthcare Partners said this week that it closed the $140.3 million buyout of Symmetry Surgical, the legacy business formed after Symmetry Medical sold its orthopedics OEM operation to Tecomet in 2014.
Nashville-based Symmetry Surgical makes reusable, reposable and single-use surgical instrumentation and specialty devices. The Lake Forest, Ill.-based private equity shop said it plans to leave president & CEO Thomas Sullivan in charge of Symmetry Surgical and named senior operating partner Thomas Kapfer as chairman.
“We are excited to have completed our acquisition of Symmetry,” Kapfer said in prepared remarks. The deal was announced in May. “The company represents a strong platform in the surgical instrumentation and specialty device market. We look forward to working with Tom and his team to enhance Symmetry’s product portfolio and serve its customer base.”
“RoundTable represents the ideal partner for Symmetry. The firm’s vast healthcare experience, deep relationships, and operating and transaction expertise will be instrumental as we continue to strategically build our business,” Sullivan added.
“Symmetry is the 2nd equity investment from our $650 million Fund IV,” RoundTable senior transaction partner Craig Collister said in a press release. “This investment represents our 1st take-private transaction and further highlights our strategy of targeting healthcare companies that fall within the expertise and experience of the firm’s operating and transaction principals.”
RoundTable said it arranged new credit facilities from CapitalOne Healthcare Financial Solutions, PrivateBank and Pacific Western Bank for Symmetry and used 1 of its own funds for a private debt placement. Gibson Dunn & Crutcher was legal advisor to RoundTable, with Ropes & Gray as Symmetry’s counsel and Stifel Nicolaus as Symmetry’s financial advisor.
Symmetry Medical divested its OEM solutions business to contract manufacturer Tecomet for $450 million back in the summer of 2014, aiming to stay ahead of a predicted wave of consolidations in the OEM solutions market. At the same time the company granted shareholders a single share of Symmetry Surgical stock for every 4 shares of Symmetry Medical stock.