Linden Capital Partners has acquired Illinois-based Avalign, a provider of implants, specialty surgical instruments, cutting tools and cases and trays to the orthopedic and acute care end markets. No financial terms were disclosed. William Blair & Company and Harris Williams served as financial advisers to Avalign on the deal while Kirkland & Ellis LLP provided legal advice to Linden.
Chicago, IL (December 27, 2018) – Linden Capital Partners (“Linden”), a Chicago-based healthcare private equity firm, announced today that it has completed the acquisition of Avalign Technologies, Inc. (“Avalign” or the “Company”). Headquartered in Bannockburn, Illinois, Avalign is a premier, full-service manufacturer and distributor of implants, specialty surgical instruments, cutting tools, and cases and trays to the orthopedic and acute care end markets.
Avalign offers its OEM partners a broad portfolio of manufacturing solutions and extensive engineering design, development, and project management capabilities from concept to launch. The Company has a longstanding reputation for best-in-class quality systems, flexible capacity capabilities, and superior customer service.
Forrest Whittaker, CEO of Avalign, stated, “We are proud of the business we have built at Avalign and are excited to partner with Linden through our next phase of growth. We chose Linden because of their deep healthcare and contract manufacturing expertise, and are confident they have the experience and resources to support the Company’s growth strategy.”
Ernest Waaser, an Operating Partner at Linden Capital Partners and Chairman of Avalign Technologies, said, “I commend Forrest and his team on building an extraordinary business with an excellent track record of providing innovative solutions and superior service. We are excited to partner with the management team to continue to pursue the Company’s value creation plan.”
Michael Farah, a Partner at Linden Capital Partners, said, “Avalign has established itself as a leader in the orthopedic contract manufacturing and specialty surgical distribution sectors, and is backed by a seasoned management team known for delivering outstanding quality and customer service.”
Kirkland & Ellis LLP served as legal advisor to Linden. William Blair & Company and Harris Williams served as financial advisors to Avalign. KeyBanc Capital Markets and ING Capital served as Joint Lead Arrangers on the First Lien Credit Facilities and Crescent Mezzanine Partners along with Northwestern Mutual led and provided financing for the Second Lien Credit Facilities in connection with the transaction.
About Avalign Technologies, Inc.
Avalign Technologies, Inc. is comprised of two divisions, Avalign Orthopedics and Avalign Surgical. Avalign Orthopedics manufactures premium implants and instruments for orthopedic, spine, and trauma applications. Avalign’s proprietary coatings, advanced manufacturing, and full-service options sets the Company apart in the medical device market. Avalign Surgical sells premium surgical instruments to hospitals, distributors, and orthopedic equipment manufacturers around the world. With expertise in both German Surgical Instruments and in sourcing specialty surgical instruments, Avalign Surgical makes it easy to get the instruments you need for any application. For more information, please visit www.avalign.com.
About Linden Capital Partners
Linden Capital Partners is a Chicago-based private equity firm focused exclusively on investing in the healthcare industry. Linden’s strategy is based upon three elements: i) healthcare specialization, ii) integrated private equity and operating expertise, and iii) strategic relationships with large corporations. Linden invests in middle market platforms across the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. For more information, please visit www.lindenllc.com.