Aspen Surgical Products Holding, Inc. (“Aspen”) announced today that it completed the acquisition of the Woundcare and Ophthalmic business of Unomedical Limited (“Unomedical”) based in Redditch, U.K. Unomedical markets a portfolio of branded advanced woundcare products, including Sorbsan®, through a direct salesforce, primarily in the U.K., as well as throughout Europe and the United States. Unomedical is also one of the top global producers of ophthalmic cannulae and specialty needles marketed under the Steriseal® brand. The business will continue to be operated by a strong management team in the U.K., led by Managing Director Gareth Wood. Financial terms of the transaction were not disclosed.
“The Unomedical acquisition presents Aspen with an opportunity to strategically grow our business,” said Greg Pritchard, Chief Executive Officer of Aspen. “Their highly regarded brands will enhance our advanced woundcare offering and will provide us with an opportunity to expand our distribution of products within Europe. This acquisition, coupled with the Aspen’s existing Ultracell product line, will position Aspen to be a leading provider of ophthalmic surgical products.”
“With strong market growth in the woundcare segment, we are excited about Unomedical’s advanced offerings which cover all stages of the wound healing process,” said Terry O’Rourke, President of Aspen Surgical. “In both their woundcare and ophthalmic lines, Unomedical is recognized for offering high quality, innovative, and cost-effective products. These are the very same qualities that are at the heart of Aspen’s mission as well.”
“We are very pleased to be joining the Aspen team,” said Gareth Wood, Managing Director of the Woundcare and Ophthalmic business of Unomedical. “Through the combination of product lines, we will now be able to offer more complete solutions to our strong customer base in Europe. With room for continued innovation in the both woundcare and ophthalmic markets, we are also excited to partner with Aspen on new research and development endeavors.”
Unomedical represents the fifth transaction for Aspen since 2007. Previously, Aspen acquired Ultracell Medical Technologies, Inc., manufacturer of PVA and cellulose Ophthalmic and ENT products, and Colby Manufacturing, maker of single-use fluid management and infection control products. Aspen also acquired Precision Dynamics Corporation’s Skin and Lab Marker Product Line and Entaco Limited’s Surgical Needle Business. With these acquisitions, Aspen has strengthened its product portfolio across several product categories including Instrument Care, Patient and Staff Safety, Woundcare, O.R. Accessories, and Ophthalmic/ENT.
In addition to assisting Aspen management in the evaluation and execution of this acquisition, RoundTable Healthcare Partners (“RoundTable”) financed the transaction with incremental equity and subordinated debt investments. The equity investment was from RoundTable’s $500 million Fund II, while the debt was sourced from the $200 million captive subordinated debt fund (“The Capital Fund”), which makes subordinated debt investments alongside the investments of RoundTable’s equity funds. Importantly, Aspen was able to execute the transaction without relying on any third party financing, which provided greater certainty given current market conditions.
Source: Aspen Surgical