Specialty Surgical Instruments Purchased by Symmetry Medical
Symmetry Medical announced their plans to acquire Ultra Containers of America and their parent company, Specialty Surgical Instruments (SSI). Symmetry announced their purchase plans with a press releases.
The deal, which Symmetry hopes to close before the end of September, includes a $15.1 million cash purchase on a debt free basis. A two year agreement for potential earn out was also completed by Symmetry.
SSI has developed a marketing network with surgical specialties including orthopaedics, cardiovascular, spine, laparoscopy, opthalmology, ENT, and neurological surgeons. The organization currently has 25 members of their in-house sales force, based in Nashville.
Symmetry provides both instruments and cases for orthopaedic surgery cases. They will acquire the entire Ultra Instrument line, as a well as the Ultra Container system. That product line of containers includes specialty cases designed to transport and store sterilized surgical equipment. The contained line was tested in the hospital setting.
These acquisitions were undertaken by Symmetry to further diversify the company’s product offerings, expanding further into the line of Total Solutions. Symmetry also plans to leverage the existing partnerships and customers of SSI to expand their distribution efforts.
August 30, 2007 Related topics: Mergers & Acquisitions, Corporate Financials