A&E Medical Corporation, a portfolio company of Vance Street Capital LLC, has acquired RTI Surgical’s cardiothoracic closure business. No financial terms were disclosed. Paul Hastings LLP acted as legal adviser to Vance Street Capital while Stephens Inc. and Holland & Knight LLP served as financial and legal advisers to RTI, respectively.
LOS ANGELES–(BUSINESS WIRE)–Vance Street Capital LLC, a Los Angeles-based private equity firm, and A&E Medical Corporation (“A&E Medical”), a leading cardiovascular medical device OEM, announced the acquisition of RTI Surgical’s Cardiothoracic Closure business. RTI’s Cardiothoracic Closure business is the second add-on acquisition for A&E Medical, which was acquired by Vance Street Capital LLC in February 2016.
RTI’s Cardiothoracic Closure business is a market leader and innovator in the advanced sternum closure market through its cable based plate products, including the Tritium® SPC System, as well as its advanced sternal cable offering. The Company’s products are found in the leading cardiovascular hospitals across the world.
“RTI’s Cardiothoracic Closure business is an excellent strategic fit with A&E Medical. The combination of the two businesses will further enhance A&E’s engineering and product development pipeline as well as expand A&E’s reach across the world’s leading cardiovascular hospitals,” said Brian Martin, Partner at Vance Street Capital.
“The addition of RTI’s advanced sternal closure products solidify A&E Medical as an innovator and leader in the sternal closure market. Under RTI’s stewardship, the Cardiothoracic Closure business has tripled in size over the past five years and we look forward to the business continuing that growth and innovation under the A&E platform,” said Mike Janish, Partner at Vance Street Capital.
“We are excited to partner with RTI’s Cardiothoracic Closure management team to build on the world-class platform they have created to better serve the combined company’s customers,” said Eric Sklar, President of A&E Medical. “We believe our customers will benefit from our industry leading breadth of sternal closure solutions, including A&E’s DoubleWire as well as the newly added sternal cable systems and plate based Tritium® SPC System.”
Paul Hastings LLP acted as legal advisor to Vance Street Capital. Stephens Inc. and Holland & Knight LLP served as financial and legal advisors to RTI, respectively. Vance Street partnered with Lexington Partners, Neuberger Berman Private Equity funds, RCP Advisors and Madison Capital Funding LLC, all of whom co-invested equity alongside Vance Street in support of the transaction. The acquisition was funded with senior debt from BMO Harris Bank and BBVA Compass, and mezzanine debt from Madison Capital Funding LLC.
About A&E Medical Corporation
Founded in 1968 and headquartered in Farmingdale, New Jersey, A&E Medical is a leading designer and manufacturer of the DoubleWire high strength sternum closure system along with a wide variety of MYO/Wire™ temporary cardiac pacing wires and extension leads, MYO/Wire™ II stainless steel sutures, MYO/Punch surgical punches, electrosurgical instruments, and neurosurgical scalp clips.
About RTI Surgical Inc.
RTI Surgical is a leading global surgical implant company providing surgeons with safe biologic, metal and synthetic implants. Committed to delivering a higher standard, RTI’s implants are used in sports medicine, general surgery, spine, orthopedic, trauma and cardiothoracic procedures and are distributed in nearly 50 countries. RTI is headquartered in Alachua, Fla., and has four manufacturing facilities throughout the U.S. and Europe. RTI is accredited in the U.S. by the American Association of Tissue Banks and is a member of AdvaMed. For more information, please visit www.rtix.com.
About Vance Street Capital LLC
Vance Street Capital is a Los Angeles-based private equity firm which invests in middle-market businesses in the medical, aerospace, defense and industrial sectors. For over two decades, Vance Street’s partners have worked with management, family owners and other co-investors to accelerate revenue growth, improve operations and acquire strategic assets for the companies in their investment portfolio. For more information please visit: www.vancestreetcapital.com.