Genstar Capital portfolio firm Tecomet has completed the acquisition of Symmetry Medical’s original equipment manufacturing (OEM) solutions business for $450m.
Symmetry’s OEM solutions business produces surgical instruments, orthopaedic implants, as well as plastic and metal sterilisation cases and trays.
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With more than 450 customers and 2,300 employees, OEM Solutions operates 13 facilities in the UK, US, Ireland, France and Malaysia.
Tecomet CEO Bill Dow said: "With this acquisition, Tecomet adds to an already wide array of services and creates a footprint that would take decades to build organically.
"We will continue to be dedicated to providing our customers the best service at the highest level of quality at competitive prices."
The company said the acquisition will make it the largest orthopaedic contract manufacturer in the world with 18 facilities located in five countries on three continents.
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By GlobalDataGenstar Capital principal Rob Rutledge said: "Original equipment manufacturers are moving more of their manufacturing out to contract manufacturers that can handle the volume and provide the systems support."
"This merger provides a contract manufacturing platform paramount to anything else in the orthopaedic industry."
In the transaction, UBS Investment Bank served as exclusive financial advisor, while Weil, Gotshal & Manges acted as legal advisor for Tecomet.
Tecomet produces orthopaedic implants, precision surgical instruments, trauma plates and photochemical etched products for medical device customers.
The company uses prototyping and engineering capabilities to produce highly complex products that offer new solutions for demanding products and applications.
