Symmetry Surgical ($SSRG), a global marketer and distributor of surgical devices, has agreed to be acquired for $140.3 million by healthcare-focused private equity firm Roundtable Healthcare Partners.
The Lake Forest, IL-based private equity firm values the Nashville, TN, marketer of reusable, reposable and single-use surgical instruments and specialty devices at $13.10 per share, which is 26% higher than the closing price of the stock ($10.40) at the end of trading Monday and 70% higher than when the company went public in late 2014. Shares closed Tuesday at $12.88.
The deal is expected to close late in the second quarter or early third quarter, the companies said.
Symmetry's "comprehensive product portfolio is comprised of well-known brands that are recognized by hospitals and physicians worldwide," Tom Kapfer, senior operating partner at RoundTable, said in a statement.
Kapfer will serve as chairman of the board at Symmetry, and its president and CEO, Thomas Sullivan, will continue to lead the company's management team. Symmetry markets product brands such as Bookwalter, Greenberg, Olsen and Transpak, as well as devices under the Symmetry name.
RoundTable's healthcare portfolio includes Argon Medical Devices, Beaver-Visitec International and Salter Labs. The firm has raised $2.75 billion in committed capital, including four equity funds totaling $2.15 billion and three subordinated debt funds pegged at $600 million.
Symmetry is scheduled to release its Q1 earnings on Thursday. Its Q4 revenue for 2015 reported earlier this year was $22.1 million, a gain of 9.1% versus $20.3 million. Its U.S. revenue rose 9.6% to $19.4 million compared to the same period a year ago.
- check out the release
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