Avista Capital Partners has signed an agreement to acquire ZEST Anchors, a dental products manufacturer and a portfolio company of The Jordan Company.
ZEST Anchors is a manufacturer of a dental products including overdenture attachments used in the treatment of edentulous (the condition of being toothless) patients. ZEST sells its products through OEM implant companies and distributor networks. The company was founded in 1977 and is based in Escondido, CA (www.zestanchors.com).
“Our company is committed, in partnership with our OEM and distribution partners, to continuing to improve the lives of edentulous patients with our existing product portfolio as well as new products focused on overdenture treatment options that we plan to bring to the marketplace,” said Steve Schiess, the CEO of ZEST. “We believe that Avista, which has deep expertise and an impressive track record in the healthcare space, is the ideal partner to help us achieve our goals.”
Avista Capital Partners, with over $5 billion of capital under management, makes control or influential minority investments in growth-oriented energy, healthcare, communications & media, industrials, and consumer businesses. The firm was founded in 2005 and is based in New York with offices in Houston and London (www.avistacap.com).
“The technological differentiation and brand power of ZEST’s core LOCATOR® portfolio provide a strong foundation for growth. ZEST is well positioned to continue delivering valuable innovation to the dental community. Steve Schiess and the ZEST team have created a market leading business, and we look forward to working together to drive the next phase of the company’s growth,” said Sriram Venkataraman, a Partner at Avista.
The Jordan Company, which acquired ZEST Anchors in January 2010, is a middle-market private equity firm with over $6 billion of assets under management. The firm is headquartered in New York and has offices in Chicago and Shanghai (www.thejordancompany.com).
“We congratulate and thank the entire ZEST management team on a fantastic partnership. Centered on the foundation and world-class product portfolio created by Paul Zuest and Scott Mullaly, Steve and the rest of the ZEST team should be commended for their ability to successfully introduce exciting new products and execute upon the growth plan we helped to establish for the business. We wish the ZEST team and their new owners well and expect that the company will continue to build upon their strong performance,” said Jeb Boucher, Managing Partner of The Jordan Company.
Barclays and Sagent Advisors acted as financial advisors to ZEST. Avista was advised by and secured acquisition financing from Deutsche Bank.
© 2013 PEPD • Private Equity’s Leading News Magazine • 7-2-13
