RoundTable Healthcare Partners has sold medical device maker Vesta Funding Inc. to The Lubrizol Corporation. Terms of the deal were not disclosed. RoundTable invested in Vesta through its $500 million Fund II that closed in 2005.
RoundTable Healthcare Partners (“RoundTable”), an operating-oriented private equity firm focused exclusively on the healthcare industry, announced today the sale of Vesta Funding, Inc. (“Vesta”) to The Lubrizol Corporation (“Lubrizol”). Lubrizol, a Berkshire Hathaway company, is a specialty chemical company that produces and supplies technologies to customers in the global transportation, industrial and consumer markets. Terms of the transaction were not disclosed.
Vesta is an ISO-13485 certified medical device contract manufacturer providing silicone molding, silicone extrusion, thermoplastic extrusion, tight tolerance silicone sheeting and medical device assembly services. Vesta is recognized for its expertise in material selection and compliance to quality standards for optimal medical product development. RoundTable acquired a majority interest in Vesta in August 2007.
“Vesta’s management team, under the direction of its Chief Executive Officer Phillip R. Estes, did a tremendous job of developing state-of-the-art silicone and thermoplastic manufacturing capabilities, helping their customers to provide safe and effective medical devices that improve the lives of patients worldwide,” said Joseph F. Damico, Founding Partner and Co-Chairman of RoundTable and Chairman of Vesta. “We believe that Lubrizol will be a strong strategic partner for Vesta going forward, and that its expertise will benefit the company, its customers and employees.”
Phillip R. Estes added, “RoundTable has been an ideal partner for Vesta since the initial acquisition in 2007. During our time together, RoundTable supported our efforts to invest in our facilities, strengthen our management team, and expand our manufacturing capacity. They also sourced, identified and executed multiple important acquisitions to complement Vesta’s product offerings. As a result, Vesta is well positioned to continue our success into the future.”
The sale of Vesta marks the fourth portfolio realization for RoundTable’s $500 million equity Fund II that closed in March 2005. William Blair & Company LLC acted as exclusive financial advisor to Vesta, and Vedder Price P.C. acted as exclusive legal advisor to RoundTable in this transaction.
About RoundTable Healthcare Partners
RoundTable Healthcare Partners, Lake Forest, IL, is an operating-oriented private equity firm focused exclusively on the healthcare industry. RoundTable partners with companies that can benefit from its extensive industry relationships and proven operating and transaction expertise. RoundTable has established a successful track record of working with owner/founders, family companies, management teams, entrepreneurs and corporate partners who share a vision and believe in the value creation potential of its partnership model. RoundTable currently manages $1.9 billion in capital, including three equity funds totaling $1.5 billion and two subordinated debt funds totaling $400 million. More information about RoundTable Healthcare Partners can be found at www.roundtablehp.com.
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