Private equity player Genstar Capital is reportedly shopping Tecomet to potential buyers for more than $1 billion.
Genstar tapped investment bank William Blair & Co. to auction Tecomet, according to Reuters, which cited “people familiar with the matter.” Genstar, Tecomet and William Blair declined to comment.
Wilmington, Mass.-based Tecomet, founded in 1963, is a contract manufacturer of medical devices and surgical instruments. Acquired by Viasys Healthcare in 2001, it was sold to Charlesbank Capital Partners 6 years later before its 2013 acquisition by Genstar.
Teleflex (NYSE:TFX) sold its orthopedics division for $42.5 million to Tecomet in July 2012; the latter paid an unspecified amount for 3D Medical Manufacturing 2 years ago, the same year it bought Symmetry Medical’s contract manufacturing business for $450 million (another private equity shop, RoundTable Healthcare, closed its $140 million buyout of Symmetry Surgical last month).
Tecomet posts earnings before interest, taxes, deprecation & amortization of more than $100 million, according to the Reuters sources.