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Tecomet Inc., a Genstar Capital portfolio company and precision contract manufacturer supporting the medical device and aerospace industries, has completed the previously announced acquisition of Symmetry Medical's OEM Solutions business.
The Symmetry Medical OEM Solutions business is a leading supplier of contract manufacturing and product solutions for the surgical instrument, orthopedic implant, and sterilization case and tray markets. The strategic capabilities of the OEM Solutions business provide a complementary fit with the existing Tecomet business.
Bill Dow, CEO of Tecomet, says, "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."
Rob Rutledge, principal of Genstar Capital, adds, "This is a great opportunity to have a transforming impact on the orthopedic contract manufacturing industry. 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 orthopedic industry."
UBS Investment Bank acted as exclusive financial advisor and Weil, Gotshal & Manges LLP acted as legal advisor to Tecomet in connection with the transaction.
Source: Tecomet Inc.