BOSTON & SAN FRANCISCO–(BUSINESS WIRE)–Audax Private Equity (“Audax”) announced today that it has entered into a definitive agreement to acquire Aspen Surgical (“Aspen” or “The Company”), a business unit comprised of certain surgical consumable products, from Hillrom (NYSE: HRC). The business is a leading manufacturer of branded and private label single-use surgical products including scalpels, blades, wound care, fluid control, and other patient safety surgical products, founded in 1999 and headquartered in Caledonia, MI. The Company operates two facilities with approximately 500 employees in Caledonia, MI and Las Piedras, Puerto Rico.
Young Lee, Managing Director, Audax Group, said, “We have acquired a set of products and brands that we believe are best in breed and standard of care. The Company has historically grown both organically and through acquisitions, and we are thrilled to join them as we continue to build on past successes.”
David Wong, Managing Director, Audax Group, said, “We are looking forward to working with this team to help hospitals and ASCs enhance safety for patients and providers. We believe that the Company is poised for growth and Audax will bring the expertise and resources to continue to build the product portfolio.”
John Groetelaars, President and CEO of Hillrom said “We are grateful to our teams in Caledonia, Michigan, Las Piedras, Puerto Rico, and in the field for their dedication to our customers and to the company, and we are confident they will thrive under Audax ownership.”
Kirkland & Ellis LLP served as legal counsel to Audax. Goldman Sachs & Co. LLC acted as exclusive financial advisor to Hillrom on the transaction and Jones Day acted as legal advisor.
ABOUT AUDAX PRIVATE EQUITY
Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $25 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $5 billion in more than 125 platforms and 775 add-on companies, and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 240 employees and over 100 investment professionals, the firm is a leading capital partner for North American middle market companies. For more information, visit the Audax Group website www.audaxgroup.com.
Hillrom is a global medical technology leader whose 10,000 employees have a single purpose: enhancing outcomes for patients and their caregivers by advancing connected care. Around the world, their innovations touch over 7 million patients each day. They help enable earlier diagnosis and treatment, optimize surgical efficiency and accelerate patient recovery while simplifying clinical communication and shifting care closer to home. They make these outcomes possible through connected smart beds, patient lifts, patient assessment and monitoring technologies, caregiver collaboration tools, respiratory care devices, advanced operating room equipment and more, delivering actionable, real-time insights at the point of care. Learn more at hillrom.com.
Audax Private Equity
Vice President, Corporate Communications