RoundTable Healthcare Partners Quarterly Update, Q3 2018
RoundTable Healthcare Partners (“RoundTable”) would like to update you on our recent activities.
Symmetry Surgical Completes Acquisition of Bovie Medical’s Electrosurgical Business
On August 30th, 2018 Symmetry Surgical closed its acquisition of the electrosurgical business and related intellectual property, inclusive of the Bovie® brand, (the “Business”) from Bovie Medical Corporation (“Bovie Medical”) for a total enterprise value of $97 million. The Business develops, manufactures and markets a range of generators, electrodes, cauteries and accessories that are used daily in doctors’ offices, surgery centers and hospitals.
The acquisition of Bovie Medical’s electrosurgical products complements Symmetry’s existing Olsen® energy portfolio and will leverage the Company’s sales force within operating room call points while expanding its offering of single-use surgical products.
RoundTable Expands Transaction Team
RoundTable is pleased to welcome three new members to the Transaction Team, all of whom will work across the Pharmaceutical, Consumer Health, and Medical Device teams. Erin Lansky has joined as a Vice President, and Jonathan O’Donnell and Logan Pitts have joined as Associates.
Erin joined RoundTable in September 2018 and was formerly a Vice President at BDT Capital Partners LLC, a merchant bank that provides advice and long-term capital through its affiliated investment funds to family- and founder-led businesses. Before BDT, she was an Associate on the Healthcare team at GTCR, and she began her career as an Investment Banking Analyst in the Mergers & Acquisitions group at Bank of America Merrill Lynch in New York. Erin received her AB, magna cum laude, with High Honors from Dartmouth College and was a member of Phi Beta Kappa.
Jon joined RoundTable in July 2018 and was formerly an Analyst in the Middle Market Advisory Group at Lazard Ltd. Jon received his Master of Accounting Science Degree in 2015 and his Bachelor of Science in Accountancy Degree in 2014, both from the University of Illinois at Urbana-Champaign.
Logan joined RoundTable in July 2018 and was formerly an Analyst in the Global Industrials and the Technology, Media, and Telecom Groups at Barclays Plc. Logan received his Bachelor of Business Administration Degree with highest distinction from the University of Michigan Ross School of Business in 2016 and was a member of Phi Beta Kappa.
RoundTable Seeks New Platform and Carve Out Investment Opportunities
RoundTable seeks to partner with healthcare companies that will benefit from our extensive industry relationships and operating and transaction expertise. RoundTable partners with owner/founders and their management teams to build on their companies’ strong foundations by utilizing RoundTable’s operating experience, strategic resources, and industry relationships. Since 2001, RoundTable has successfully partnered with over 20 owner/founders and their management teams. Relative to a full sale or partnership with others, our model has provided substantially more value, generating significant returns for these roll-over shareholders.
RoundTable also works with corporate parents to execute complex carve outs of assets without dedicated infrastructure. We believe that our unique operational capabilities are well suited to extracting and transitioning these businesses.
We encourage you to think of RoundTable as you encounter owner/founders, equity owning management teams, or corporate parents that might find our unique value proposition attractive. RoundTable is highly focused on finding and evaluating new platform investment opportunities in our target sectors of the healthcare industry. These sectors include:
- Medical devices
- Medical products and disposables
- Specialty distribution
- Specialty pharmaceuticals (both branded and generic)
- Over-the-counter products
- Nutraceuticals, probiotics, vitamins and supplements
- Outsourced medical device and pharmaceutical manufacturing and related services
RoundTable Platforms Seek New Add-On Investment Opportunities
RoundTable’s strategy is to utilize our extensive healthcare operating and transaction experience to improve the long-term growth and profitability of our portfolio companies. A key tenet of this strategy is to identify, source, analyze, finance, and execute company acquisitions or corporate carve-outs as part of our portfolio companies’ growth strategies. The following portfolio companies are actively pursuing add-on acquisition opportunities:
Deerland Probiotics & Enzymes
Deerland is a leading specialty formulator and contract manufacturer of enzyme and probiotic based-dietary supplements. The Company specializes in customized enzyme and probiotic-based formulations, collaborating with customers to develop innovative and often proprietary solutions. In addition to customized formulations, the company offers a line of university and clinically studied branded products. Deerland is pursuing acquisition and partnership opportunities related to enzymes, probiotics, and digestive health, with a focus on the dietary supplements market.
Renaissance is a fully integrated pharmaceutical company with a unique manufacturing platform, established R&D capabilities, experienced regulatory team and a commercial infrastructure. Renaissance seeks to acquire and/or in-license: (a) niche generic products or files that leverage the company’s core manufacturing capabilities in sterile topicals, ophthalmics, nasal sprays and injectables and, (b) mature, under-promoted brands that leverage the company’s commercial organization.
Revision Skincare / Goodier Cosmetics
Revision Skincare is a leading marketer of physician dispensed skincare products sold exclusively through dermatologists, plastic surgeons, medical spas and other specialists. Goodier Cosmetics is a developer and manufacturer of niche topical personal care and over-the-counter pharmaceutical products, both for Revision and other third parties. Revision and Goodier are interested in skincare and dermatology related acquisitions, including offerings with a presence in physician offices or the retail sector, in addition to international opportunities.
Salter Labs is a manufacturer of disposable products for respiratory and anesthesia care. Salter is pursuing acquisitions or licensing opportunities of consumable and light capital products in the areas of respiratory therapy, anesthesia, neonatal critical care, and adult critical care, such as oxygen delivery, aerosol delivery, airway management, respiratory monitoring, secretion management, and other commonly-used respiratory and anesthesia products.
Santa Cruz Nutritionals
Santa Cruz Nutritionals is a leading innovator, developer and manufacturer of OTC and nutraceutical products. The Company is a leader in great-tasting, high-quality alternative oral dosage formats, including gummies, chews, and lozenges. Santa Cruz has established itself as a leading player in all of its core markets, and maintains longstanding relationships with many of the leading retailers and consumer product companies in the world.
Symmetry Surgical is a leading marketer of reusable, reposable, and single use surgical instrumentation and specialty devices. Symmetry is pursuing acquisitions or licensing opportunities of single use and reposable surgical instrumentation and specialty devices, specifically in the laparoscopic, neuro, energy, and general surgical areas.
TIDI Products is a premier designer, developer and manufacturer of medical devices focused on preventing infections and supporting caregivers across the acute care, alternate site and dental end markets. The Company is pursuing acquisitions or licensing opportunities of disposable infection prevention and staff and patient safety products used in the acute care setting.
We appreciate your continued interest in RoundTable and look forward to discussing investment opportunities with you in the future. Please visit us at our website: www.roundtablehp.com for more information.