Apr 4, 2022   SOURCE: BusinessWire

Aspen Surgical Receives Additional Investment from Audax Private Equity through Single-Asset Continuation Vehicle

Aspen Surgical Products (“Aspen”), a portfolio company of Audax Private Equity (“Audax”), announced today that Audax has closed on a single-asset continuation fund to support additional investment in Aspen, reaffirming its commitment to the company’s growth strategy. The vehicle, managed by Audax, will be supported by new and returning limited partners, anchored by funds managed by Goldman Sachs Asset Management and Hamilton Lane. Audax and existing Fund VI LPs rolled significant proceeds into the continuation fund as part of the transaction.

Founded in 1999 and headquartered in Caledonia, MI, Aspen Surgical is a provider of leading single-use surgical products to acute care and surgical settings. The Company’s brands include Bard-Parker surgical blades and scalpels, Stork labor and delivery products, Protek probe covers, and Precept anti-fog masks. Aspen manufactures its products at three North American production facilities with approximately 1,300 employees.

“Since our initial investment in 2019, Aspen has experienced a period of extraordinary transformation, tripling the scale of the company by expanding geographic coverage, accelerating the introduction of innovative new products, and acquiring five complementary businesses,” said David Wong, Managing Director, Audax Private Equity. “Alongside Goldman Sachs and Hamilton Lane, this transaction allows us to amplify our support of this proven executive team and pursue imminent organic growth and acquisition opportunities.”

“We’re thrilled to be partnering with such high-quality investors for this continuation fund,” said Joe Rogers, Managing Director, Audax. “This transaction reflects our confidence in the future of the business and allows us to bring fresh capital to accelerate Aspen Surgical’s growth to create further value for the Company, our existing limited partners, and our new investors.”

The transaction was led by Goldman Sachs Asset Management and Hamilton Lane and comprised of a diverse group of secondary and primary investors, including Fund VI limited partners.

This is Audax Private Equity’s second GP-led secondary fund. In January 2021, Audax Private Equity announced the successful closing of its first Continuation Fund comprised of $1.7 billion in capital commitments, which funded the purchase of portfolio companies from Audax Private Equity Fund IV, a 2012 vintage fund with $1.25 billion in capital commitments.

Evercore and Piper Sandler served as financial advisors to Audax Private Equity with Kirkland & Ellis LLP serving as legal advisors.

About Audax Private Equity

Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $30 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $9 billion in 150 platforms and over 1,050 add-on companies, and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax Private Equity seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 300 employees, Audax is a leading capital partner for North American middle market companies. For more information, visit the Audax Private Equity website: www.audaxprivateequity.com or follow us on LinkedIn.

About Aspen Surgical Products

Established in 1999, Aspen is a leading manufacturer of surgical disposables focused on improving patient and healthcare provider safety and efficiency in the hospital and surgery center environment. The company’s extensive portfolio includes Bard-Parker® blades and scalpels, Stork® labor and delivery products, Precept® personal protective equipment, Protek® probe covers and needle guides, surgical marking pens, orthopedic positioners, basic wound care, and instrument care products. Aspen facilities in Caledonia, Michigan; Las Piedras, Puerto Rico; and Agua Prieta, Mexico offer vertically integrated, North American manufacturing capabilities including injection molding, sewing, ultrasonic welding, die cutting, automated assembly, and packaging as well as blade stamping, grinding, and finishing. Aspen Surgical products are sold through a strong, integrated channel which includes a corporate accounts team working synergistically with a field sales organization, along with a close distributor and kit-packer network. Backed by Audax Private Equity, Aspen is poised for both organic growth and growth through acquisition. For more information please visit: www.aspensurgical.com or follow us on LinkedIn.