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.