Friday, August 31, 2018
RoundTable Healthcare Partners ("RoundTable"), an operating-oriented private equity firm focused exclusively on the healthcare industry, announced today that its portfolio company, Symmetry Surgical Inc.® ("Symmetry" or the "Company"), completed its previously announced acquisition of the electrosurgical business of Bovie Medical ("Bovie" or the "Business"), inclusive of the Bovie® brand. The Business develops, manufactures and markets a range of generators, electrodes, cauteries and accessories that are used daily in doctors' offices, surgery centers and hospitals.
The acquisition of Bovie complements Symmetry's existing Olsen® energy portfolio and will leverage the Company's sales force within operating room call points while expanding its offering of single-use surgical products. Certain Bovie employees will join the Symmetry organization including J. Robert Saron who will continue to lead the commercial efforts in the non-acute care channels. Symmetry also expects to add approximately 30 new support positions between its Nashville and Louisville locations to facilitate integration and customer service activities.
"The Bovie® brand is synonymous with electrosurgery and recognized by hospitals and physicians worldwide," said Brian J. Straeb, President and CEO of Symmetry. "We are very pleased to welcome transitioning Bovie employees, products and solutions to Symmetry as we reinforce our commitment to deliver best in class products, market leading value and innovative solutions."
"We are extremely excited to close this transaction and make an additional investment into Symmetry," said Thomas P. Kapfer, Chairman of the Board at Symmetry and Senior Operating Partner at RoundTable. "We look forward to working closely with the Symmetry and Bovie teams to grow these two complementary businesses."
Symmetry financed the acquisition with a combination of incremental senior debt, subordinated debt and equity. Capital One Healthcare Financial Solutions, CIBC Bank and CIT Group participated in the incremental senior credit facility, and RoundTable Healthcare Capital Partners III, RoundTable's third captive subordinated debt fund, purchased the subordinated notes.
