Fairburn, Ga.-based Porex Corp., which is owned by private equity shop Aurora Capital Group, has sold its surgical division to publicly traded Stryker Corp. Financial terms of the deal were not released. Los Angeles-based Aurora acquired Porex in 2009 for $142 million.
Porex Corporation (“Porex”), a portfolio company of Los Angeles-based investment firm Aurora Capital Group, today announced that it has sold its Porex Surgical division to Stryker Corporation (“Stryker”) (NYSE: SYK).
“This transaction allows us to focus on our core customers and technologies, and enhance our industry leadership. We support the largest and most innovative companies in the healthcare, bioscience, industrial and consumer sectors with the most advanced porous plastic materials science technologies,” said William Midgette, President and Chief Executive Officer of Porex. “Since pioneering the industry almost 50 years ago our mission has been a relentless focus on innovation in partnership with our customers, and this transaction allows us to dedicate all of our resources to furthering that mission. We are also pleased to have found a strategic partner for Surgical that is committed to the business’ success and will allow its own technology to reach its full potential. We are grateful to all Porex Surgical employees for their talent and hard work and we wish them continued success as part of Stryker.”
Terms of the transaction were not disclosed.
About Porex Corporation
Founded in 1961 and based in Fairburn, GA, Porex is the pioneer and global leader in the development and manufacturing of porous plastic products. The Company primarily serves the healthcare and bioscience end markets, and also supports high-performance applications in the consumer and industrial sectors. Porex products serve filtration, venting, wicking, and diffusing functions in applications such as blood filters, catheter vents, specialty filters, writing instrument tips and consumable diagnostic tests. Porex is widely recognized for its materials science expertise and proprietary designs which serve over 1,250 customers across more than 60 countries via operations in North America, Europe and Asia. For more information about Porex Corporation, visit www.porex.com.
About Aurora Capital Group
Aurora Capital Group is a Los Angeles-based private investment firm managing over $2.0 billion of capital across several private equity funds. Aurora’s traditional private equity vehicle, Aurora Equity Partners, focuses principally on control-investments in middle-market businesses with leading market positions, strong cash flow profiles, and actionable opportunities for growth in partnership with operating management. Aurora’s special situations fund, Aurora Resurgence, invests in debt and equity securities of middle-market companies and targets complex situations that are created by operational or financial challenges either within a company or a broader industry. Aurora’s investors include leading public and corporate pension funds, endowments and foundations active in private equity investing. For more information about Aurora Capital Group, visit www.auroracap.com or www.aurorares.com.
Stryker is one of the world’s leading medical technology companies and is dedicated to helping healthcare professionals perform their jobs more efficiently while enhancing patient care. The Company provides innovative orthopaedic implants as well as state-of-the-art medical and surgical equipment to help people lead more active and more satisfying lives. For more information about Stryker, please visit www.stryker.com.