Rockwood Equity Partners has acquired SYNEO, a maker of equipment and cutting tools used in the medical device and electronics manufacturing industries, in partnership with the company’s management team.
SYNEO manufactures super sharp, precision punches that are used for drilling, punching, and skiving holes in catheters and medical guidewires. The company also makes automated medical tube cutters that are used to cut catheter tubing (large diameter, soft, brittle and braided catheter tubing) to programmable lengths.
For electronics manufacturing, SYNEO makes manual and automatic pin connector pressing equipment that are used in the construction of printed circuit boards. The company has an installed base of more than 2,600 machines in the medical device and printed circuit board manufacturing sectors.
Utilizing its own machines and an ISO 7 Class 10,000 Certified Clean Room, SYNEO also offers custom drilling, punching, skiving, and cutting of catheter tubing. SYNEO, led by CEO Tyler Wackman, is headquartered in West Palm Beach, FL with an additional manufacturing division located south of Houston in Angleton, TX (www.syneoco.com).
“We feel strongly about the outlook for both segments of SYNEO’s business. SYNEO’s medical device business is well-positioned to benefit from the tailwinds around minimally invasive surgery and leverage its proprietary sharpening capabilities, and its electronics business offers innovative automation solutions that are second to none,” said Brett Keith, a managing partner of Rockwood. “The SYNEO and Rockwood partnership marries a hard-charging and focused management team with Rockwood’s expertise in accelerating the growth of lower middle market businesses.”
Rockwood is seeking add-ons and partnership opportunities for both SYNEO’s medical and electronics businesses. Potential opportunities should be directed to Kate Faust, Partner, Business Development, at email@example.com.
Rockwood Equity Partners invests in niche manufacturing, value-added distribution, and industrial services companies with revenues of $10 million to $75 million and EBITDA of $2 million to $7 million that are located in the US or Canada. Rockwood was founded in 1999 and has offices in Cleveland, Denver and New York (www.rockwoodequity.com).
© 2019 Private Equity Professional | February 8, 2019