US-based operating-oriented private equity firm RoundTable Healthcare Partners (Roundtable) has entered into a definitive agreement to acquire surgical instruments developer Symmetry Surgical for $140.3m.
Based in Nashville, US, Symmetry develops and markets reusable, reposable and single-use surgical instrumentation and specialty devices catering to the comprehensive need of clinicians and improved patient care.
Roundtable has reportedly committed to invest on equity and debt financing for the company with no financing conditions associated with the transaction, reported by Reuters.
The merger agreement entails a no-shop clause and a customary break-up fee.
The transaction has been approved unanimously by Symmetry’s board of directors and is subject to the customary closing conditions.
It is expected to be completed at the end of this year.
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A senior operating partner of RoundTable Thomas Kapfer will serve as chairman of the board of Symmetry, and Symmetry president and CEO Thomas Sullivan will continue to lead the company’s management team.
Kapfer said: "The company’s comprehensive product portfolio is comprised of well-known brands that are recognised by hospitals and physicians worldwide.
"We look forward to working with the management team as they continue to serve their customers and grow the business."
RoundTable management committee chairman and one of the founding partners Lester Knight said: "This investment continues our now 15-year strategy of focusing on companies that can benefit from our operating and transaction expertise."