Argosy Private Equity has closed the first acquisition for its sixth lower middle market fund with the buy of Bionix.
Bionix is a developer and seller of medical devices and products used in ear, nasal, and wound care applications. The company, led by CEO Chris Becker, was co-founded in 1984 by Drew Milligan, Ph.D. and Jim Huttner, M.D., Ph.D., and is headquartered in Toledo, Ohio.
Argosy and Bionix are now executing new growth strategies which include further penetration of existing sales channels, new product development, and add-on acquisition opportunities.
“We have spent a great deal of time and energy assessing our products, people and strengths. Working with Argosy, we are positioned to realize our corporate goals as we have outlined them in our strategic growth initiatives,” said Mr. Becker.
“We are thrilled to be partnering with the Bionix team to implement growth strategies for Bionix, including the introduction of a variety of new products that Bionix has ready to launch,” said Kirk Griswold, a founding partner at Argosy.
“Our new partnership with Argosy will allow Bionix to take our innovation process to the next level. I’m looking forward to the opportunity of bringing our aggressive pipeline of new products to life and sharing them with our customers around the world” said Dr. Huttner.
Argosy Private Equity invests from $5 million to $25 million in lower middle-market companies that have revenues up to $100 million, EBITDA up to $10 million, and EBITDA margins of 10% or greater. Sectors of interest include niche manufacturing and business-to-business services companies. Argosy Private Equity is a division of Argosy Capital, an investment adviser with $1.5 billion of assets under management. The firm was founded in 1990 and is headquartered near Philadelphia in Wayne, Pennsylvania.
© 2021 Private Equity Professional | January 29, 2021
