Audax Private Equity (“Audax”) and GCX Mounting Solutions today announced the formation of a strategic partnership under which Audax acquired a majority stake in GCX. Terms of the transaction were not disclosed.
Based in Petaluma, CA, GCX is the global leader in the design and manufacturing of healthcare-focused, mission-critical equipment mounting and mobility solutions, including branded-arms, mounts, and roll stands. Products are engineered for reliability and quality and sold to medical device OEMs and directly to hospitals. GCX has a 50-year history of organic growth and 330-plus employees worldwide, with offices in North America, Europe, Japan, and Taiwan.
“We are very excited to be part of the Audax family and look forward to benefiting from their established history within the healthcare and medical device sector,” said Del France, Chief Executive Officer of GCX. “The Audax model is a great fit for GCX. Our customers, suppliers, and employees stand to benefit greatly from this partnership. This enables the next stage of growth for the organization through investment in customers, products, channel, and merger & acquisition opportunities, all while retaining our core values and commitment to quality, service, and innovation.”
“GCX is a longstanding leader in the healthcare-focused mounting and mobility solutions market, celebrating 50-plus years of success underpinned by commitment to quality, service, and innovation,” said David Wong, Managing Director of Audax.
“We have acquired a set of products and capabilities that are best in breed, and an organization with an exceptional culture. We believe that GCX is well positioned to execute on organic growth opportunities and complete strategic acquisitions, and we look forward to partnering with Del and the team as GCX enters is next phase of growth,” said Young Lee, Managing Director of Audax.
William Blair & Company acted as financial advisor and Orrick, Herrington & Sutcliffe served as legal counsel to GCX. Ropes & Gray, LLP served as legal counsel, and Robert W. Baird & Co. and Stifel served as advisors to Audax.