RoundTable Healthcare Partners and Symmetry Surgical Inc. to Acquire Bovie Medical’s Electrosurgical Business
This Acquisition Enhances Symmetry’s Operating Room Product Portfolio; Creates Complete Energy Product Offering
LAKE FOREST, IL, July 9, 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”) has entered into a definitive agreement to acquire the electrosurgical business and related intellectual property, inclusive of the Bovie® brand, (the “Business”) from Bovie Medical Corporation (“Bovie Medical”) for a total enterprise value of $97 million. 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 transaction is expected to close in the third quarter of 2018, subject to customary closing conditions.
The acquisition of Bovie Medical’s electrosurgical products 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.
“The Bovie® brand is synonymous with electrosurgery and recognized by hospitals and physicians worldwide,” said Brian J. Straeb, President and CEO of Symmetry. “This exciting acquisition enables us to address a wider range of our customers’ needs and gives Symmetry an opportunity to further establish itself as a key player in the growing bipolar and monopolar energy markets.”
RoundTable acquired Symmetry in 2016 with the goal of building a focused specialty surgical business. “We are excited to support the Symmetry team on this highly strategic acquisition,” said Thomas P. Kapfer, Chairman of the Board at Symmetry and Senior Operating Partner at RoundTable. “Symmetry’s robust infrastructure and strong leadership provides the company with the ability to complete a complex corporate carve-out of this nature. We look forward to closing the acquisition and serving the combined customer base of Symmetry and Bovie Medical.”
Please see Bovie Medical’s press release for information regarding their go-forward plans following this transaction.