RoundTable Healthcare Partners has formed Healthcare Components Group to acquire American Optics and Replacement Parts Industries (RPI).
Both American Optics and RPI are independent service organizations that provide contracted medical device repair services to acute care facilities, ambulatory surgical centers, and physician and dental offices.
American Optics is a manufacturer, assembler, and distributor of replacement components used in the repair of flexible and rigid endoscopes, and new components used by original equipment manufacturers in endoscope manufacturing. American Optics, led by CEO Larry Hicks, is headquartered near Boston in Wellesley, Massachusetts with additional manufacturing and distribution facilities in Panagyurishte, Bulgaria.
RPI is a manufacturer and distributor of parts for medical, hospital, dental, and laboratory equipment. The company, led by CEO Ira Lapides, is headquartered in Simi Valley, California.
The newly formed Healthcare Components Group (HCG) will be led by Mr. Hicks with Mr. Lapides leading RPI’s day-to-day operations.
“We are thrilled to combine these businesses to form Healthcare Components Group,” said Mr. Hicks. “Our entire team is excited to partner with RoundTable and believe the firm’s unique operating and transaction expertise will be instrumental as we build a market-leading player in the niche replacement and repair parts space.”
“The creation of HCG through the acquisitions of American Optics and RPI establishes an excellent foundation for us to build upon,” said Tom Kapfer, a managing partner at RoundTable. “As a combined entity, HCG will provide a diverse and broad product offering to its customer base. We see a clear opportunity for growth driven by anticipated increases in procedure volumes and a focus on serving independent service organizations that represent the fastest-growing segment of the repair market. RoundTable looks forward to partnering with Larry Hicks and the entire management team at HCG as they embark on the company’s next phase of growth.”
RoundTable is an operating-oriented private equity firm focused exclusively on the healthcare industry. The firm was founded in 2001 and is headquartered north of Chicago in Lake Forest, Illinois.
RoundTable’s equity investment in Healthcare Components Group is the third investment made through the firm’s $700 million fifth fund, RoundTable Healthcare Partners V LP, which closed in 2019. In addition to RoundTable’s equity, senior debt financing was provided by Capital One and CIBC Bank USA, and subordinated debt was provided by RoundTable Capital Partners III LP, RoundTable’s subordinated debt fund.
© 2021 Private Equity Professional | August 12, 2021
