RoundTable Healthcare Partners said today it sold its ophthalmic surgical device subsidiary Beaver-Visitec International Holdings to private investment firm TPG Capital for an undisclosed amount.
Waltham, Mass.-based BVI produces Beaver blades, Visitec cannulae and instruments, Merocel and Weck-Cel ophthalmic fluid management products and Wet-Field Eraser electrosurgery products, and operates 2 manufacturing plants with locations in the U.S. and the U.K.
“RoundTable was invaluable in helping us execute on the vision of combining separate ophthalmic businesses into a well-run, global organization. Their support and resources have helped us accelerate organic growth initiatives and complete strategic acquisitions. We look forward to our new partnership with TPG and continuing to grow our business,” BVI CEO Tom Kapfer said in a press release.
BVI was formed in 2010 after RoundTable acquired and integrated 3 separate ophthalmic businesses from Becton Dickinson, Medtronic and Aspen Surgical. RoundTable said they expect the sale to close in the 3rd quarter of this year.
“BVI’s management team has done a tremendous job building a world-class ophthalmic device company. They have created a market-leading product portfolio, a strong sales and marketing organization, and a lasting reputation for service and quality. We believe that TPG will be an excellent partner to help BVI achieve its next phase of growth,” BVI chair and RoundTable founding partner Joseph Damico said in a press release.
William Blair & Company acted as the exclusive financial advisor to BVI, with Sidley Austin acting as exclusive legal advisor to RoundTable, the company said.
Earlier this month, RoundTable Healthcare said 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.