Aspen Surgical Products, a portfolio company of Audax Private Equity, has acquired Protek Medical Products.
Protek is a manufacturer of single-use ultrasonic probe covers and needle guides used in tissue biopsies, fluid aspiration, and vascular access procedures as well as protective covers for medical instruments and equipment.
Protek is led by CEO Rick Pruter and is headquartered north of Iowa City in Coralville, Iowa.
Aspen Surgical is a manufacturer of branded and private label single-use surgical products including scalpels, blades, wound care, fluid control, and other surgical products. The company, led by CEO Jason Krieser, was founded in 1999 and operates three manufacturing facilities with approximately 500 employees in Caledonia, Michigan (headquarters); Las Piedras, Puerto Rico; and Agua Prieta, Mexico.
“Protek Medical has a long, successful history of providing effective, easy-to-use disposable products that help address cross-contamination issues in the clinical environment,” said Mr. Krieser. “This line is clearly synergistic with our current manufacturing and commercial operations and it supports our mission to provide high quality single-use medical devices that improve safety and efficiency for the healthcare settings that we serve.”
Audax acquired Aspen Surgical from Hillrom (NYSE: HRC) in July 2019 for $170 million. In December 2019, Aspen Surgical acquired Beatty Marketing & Sales, a provider of orthopedic products, including foam positioners, sterile positioning kits, and suture retrievers to hospitals and ambulatory surgery centers.
Audax invests in middle-market companies that have from $8 million to $50 million in EBITDA and enterprise values of $50 million to $400 million. Sectors of interest include business and consumer services; energy; healthcare; technology, media and telecom; and industrials including chemicals, infrastructure, and building materials. Audax, with offices in Boston, New York, and San Francisco, is currently investing out of its $3.5 billion, sixth private equity fund.
© 2020 Private Equity Professional | December 1, 2020
