Zimmer Biomet has acquired Vance Street Capital portfolio company A&E Medical, which manufactures sternal closure devices, for a total of $250m.

According to the agreement, A&E Medical will receive $150m in cash at closing of the deal and $100m in cash payable next year from Zimmer Biomet.

A&E Medical was acquired by Vance Street from the Wojciechowicz family in 2016.

With the latest deal, Zimmer Biomet acquired A&E Medical’s complete portfolio of sternal closure devices, including sternal sutures, cable systems, and rigid fixation, and a range of single-use complementary temporary pacing wire and surgical punch products.

Zimmer Biomet president and CEO Bryan Hanson said: “A&E Medical’s high-growth business and innovative products are highly complementary to our current portfolio and will allow us to offer a comprehensive suite of sternal closure products, including rigid fixation, which has the potential to shift the standard of care and address a variety of unmet patient and surgical needs.

“This deal aligns with our active portfolio management strategy and the ongoing transformation of our business that will position Zimmer Biomet for long-term growth.”

Zimmer Biomet noted that the sternal closure business is growing at a high single-digit percentage rate every year globally.

The company will use the revenue from the latest integrated business in its Dental, Spine & Craniomaxillofacial, and Thoracic (CMFT) product category.

A&E Medical president and CEO Thomas Sullivan said: “We believe the addition of A&E’s leading comprehensive sternal closure products to the portfolio of Zimmer Biomet, a long-standing leader in surgical solutions, will benefit surgeons, patients, and healthcare systems.”