Key Takeaways
- • Audax Private Equity has closed a single-asset continuation fund to provide additional investment in Aspen Surgical Products, its portfolio company, according to a Business Wire announcement dated April 6, 2022.
- • Since Audax's original 2019 investment, Aspen has tripled its scale by acquiring five complementary businesses, expanding its sales channel, and extending its product lines.
- • The new capital is intended to support imminent organic growth and larger-scale acquisitions as Aspen seeks to expand globally as a provider of single-use surgical products.
- • CEO Jason Krieser described the transaction as an excellent return for the original investors.
Summary
Audax Private Equity has closed a single-asset continuation fund to support additional investment in Aspen Surgical Products ("Aspen"), a portfolio company, the companies announced via Business Wire. Audax said the investment reaffirms its commitment to Aspen's long-term growth strategy and will allow Audax to continue supporting the Aspen executive leadership team.
According to the announcement, Aspen has tripled in scale since Audax's original investment in 2019, primarily through the acquisition of five complementary businesses. The company has also further developed and diversified its sales channel and accelerated innovative product line extensions. The new funding is intended to support imminent organic growth and larger-scale acquisition opportunities as Aspen seeks to expand globally as a leading provider of single-use surgical products to acute care and surgical settings.
Aspen CEO Jason Krieser said the company had embarked roughly two years earlier on a effort to enhance its value with hospital customers and channel partners, and described the transaction as an excellent return for the original investors. The announcement did not disclose the size of the continuation fund or the transaction value.
Aspen, established in 1999, manufactures surgical disposables including Bard-Parker blades and scalpels, Stork labor and delivery products, and Precept personal protective equipment. It operates vertically integrated manufacturing facilities in Caledonia, Michigan; Las Piedras, Puerto Rico; and Agua Prieta, Mexico. Audax Private Equity, a unit of Audax Group with offices in Boston, New York, and San Francisco, has invested over $9 billion across 150 platforms and is investing from its $3.5 billion sixth private equity fund.
According to the announcement, Aspen has tripled in scale since Audax's original investment in 2019, primarily through the acquisition of five complementary businesses. The company has also further developed and diversified its sales channel and accelerated innovative product line extensions. The new funding is intended to support imminent organic growth and larger-scale acquisition opportunities as Aspen seeks to expand globally as a leading provider of single-use surgical products to acute care and surgical settings.
Aspen CEO Jason Krieser said the company had embarked roughly two years earlier on a effort to enhance its value with hospital customers and channel partners, and described the transaction as an excellent return for the original investors. The announcement did not disclose the size of the continuation fund or the transaction value.
Aspen, established in 1999, manufactures surgical disposables including Bard-Parker blades and scalpels, Stork labor and delivery products, and Precept personal protective equipment. It operates vertically integrated manufacturing facilities in Caledonia, Michigan; Las Piedras, Puerto Rico; and Agua Prieta, Mexico. Audax Private Equity, a unit of Audax Group with offices in Boston, New York, and San Francisco, has invested over $9 billion across 150 platforms and is investing from its $3.5 billion sixth private equity fund.
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