RoundTable Healthcare Partners to Acquire Symmetry Surgical for $129M (HealthPointCapital)
RoundTable Healthcare Partners, a healthcare focused private equity firm, entered into an agreement to acquire Symmetry Surgical for an enterprise value of $129.5 million, valuing the business at 1.5x LTM revenues of $85.0 million, or 15.5x LTM EBITDA of $8.4 million.
Under the terms of the agreement, Symmetry shareholders will receive $13.10 in cash for each share of Symmetry common stock they own. The offer price represents a 26% premium to Symmetry’s closing price of its common stock on April 29, 2016.
Symmetry Surgical focuses on developing reusable, single-use and reposable general surgical instruments for the orthopedic, cardiovascular, arthroscopy, endovascular, neurovascular, ophthalmology, colorectal, gynecology, otolaryngology and pediatrics markets. The company has a product portfolio consisting of 20,000 products.
In August, 2016, Symmetry Surgical announced the divestiture of its Original Equipment Manufacturer (OEM) Solutions business, Symmetry Medical, which it sold to Tecomet for $450 million at 1.4x LTM revenues. The separation occurred in order to allow Symmetry Surgical to focus on the reusable general surgical instrument market, optimize its sales channels and cost structure, provide capital for a wider scope of strategic M&A in orthopedic implants and adjacent medical device marketplaces, and to free the company from the financial limitations associated with OEM customers. When Symmetry Surgical finally completed the divestiture, the new company closed its first day of trading at a stock price of $7.74.
The transaction is expected to close in the late 2Q:16 or early 3Q:16.