Aspen Surgical Products, a portfolio company of Audax Private Equity, has acquired Stork, a division of Briggs Healthcare. Audax acquired Aspen Surgical from publicly traded Hillrom in July 2019 for $170 million.
Founded in 1958, the Stork line of products includes sterile disposable obstetric products including the PlastiBell disposable circumcision device, Amnihook amniotic membrane perforator, and the Double-Grip umbilical cord clamp.
The buy of Stork follows Aspen’s March buy of BlueMed Medical Supplies, a Montreal-headquartered manufacturer of disposable shoe covers, and other personal protection products used in healthcare, pharmaceutical, and laboratory facilities. Earlier, in December 2020, Aspen 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; and 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.
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 facilities near Grand Rapids in Caledonia, Michigan (headquarters); Las Piedras, Puerto Rico; and Agua Prieta, Mexico.
“The Stork branded products have been a market leader in the labor and delivery space for over 50 years,” said Jason Krieser, CEO of Aspen. “The line fits very well with our current operational and commercial infrastructure, and we believe it is a sound platform for future growth in the obstetrics and gynecology space.”
“Including Stork, we have now completed five acquisitions in the last 18 months,” added Mr. Krieser. “This, along with our internal manufacturing investments, commercial enhancements, and new product introductions, has helped us improve and expand our portfolio, providing more value to both our distribution partners and our end-user customers.”
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.
Iowa-headquartered Briggs Healthcare – the seller of Stork – is a privately owned provider of products and services used in the long-term care, assisted living, home care, hospice, hospital, and physician markets. Briggs serves more than 50,000 customers with documentation systems and forms, compliance services and data submission and analytic capabilities.
© 2021 Private Equity Professional | June 15, 2021
