Audax Adds Shoe Cover Maker to Aspen
Search

Audax Adds Shoe Cover Maker to Aspen

Aspen Surgical Products, a portfolio company of Audax Private Equity, has acquired BlueMed Medical Supplies.

Montreal-headquartered BlueMed is a manufacturer of disposable shoe covers and other personal protection products used in healthcare, pharmaceutical, and laboratory facilities. The company is led by President Michel Kassar.

“We are very excited to join forces with Aspen and contribute over a decade of product and automation development in the shoe cover business,” said Mr. Kassar. “Our complementary businesses will create a stronger and more diversified offering across a wide spectrum of industries and solidifies our presence as a North American leader in the personal protective equipment business.”

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 with approximately 500 employees, was founded in 1999 and operates four manufacturing facilities near Grand Rapids in Caledonia, Michigan (headquarters); Coralville, Iowa; Las Piedras, Puerto Rico; and Agua Prieta, Mexico.

Audax acquired Aspen Surgical from Hillrom (NYSE: HRC) in July 2019 for $170 million. According to Aspen Surgical, the buy of BlueMed strengthens Aspen’s portfolio of disposable and safety products that are sold into the acute care market.

In December 2020, Aspen Surgical completed the add-on acquisition of Protek Medical Products, an Iowa-based manufacturer of single-use ultrasonic probe covers, and needle guides used in tissue biopsies, fluid aspiration, and vascular access procedures. Earlier, in May 2020, Aspen acquired Precept Medical Products, a North Carolina-based maker of single-use disposable protective medical apparel including face masks and protective gowns.

“BlueMed is a highly synergistic fit for Aspen in terms of manufacturing and commercial operations,” said Mr. Krieser. “Coming shortly after our acquisitions of both Precept Medical and Protek Medical, the BlueMed offering further enhances our portfolio of high-quality products that address infection prevention in the acute care environment at a time when reducing cross-contamination has never been more important.”

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.

© 2021 Private Equity Professional | March 30, 2021

To search in site, type your keyword and hit enter