RoundTable Healthcare Partners said Monday that it has acquired TIDI Products. Financial terms weren’t announced. Neenah, Wisconsin-based TIDI designs, develops and makes medical devices and supplies for preventing infections and supporting caregivers.
LAKE FOREST, Ill., July 6, 2015 /PRNewswire/ — RoundTable Healthcare Partners (“RoundTable”), an operating-oriented private equity firm focused exclusively on the healthcare industry, announced today that it has completed the acquisition of TIDI Products (“TIDI” or the “Company”). Founded in 1969 in Neenah, WI, TIDI was once primarily a manufacturer of paper-based barrier products. Through a strategically executed acquisition program and internal initiatives, TIDI has expanded its product offering to include a portfolio of differentiated, acute care focused medical products. Today, the Company is a premier designer, developer and manufacturer of a broad suite of medical devices and supplies for preventing infections and supporting caregivers across acute care, alternate site and dental end-markets. Financial terms of the transaction were not disclosed.
Joe Damico, Founding Partner and Co-Chairman of RoundTable, will serve as Chairman of the Board of TIDI.Kevin McNamara, President and Chief Executive Officer, will continue to lead the Company’s management team and will also serve on its Board of Directors.
“We are very excited to partner with TIDI,” said Joe Damico. “The Company represents a strong medical device platform in infection prevention and we look forward to working with Kevin and his team to position the Company for future growth by continuing to focus on the needs of TIDI’s customers.”
Kevin McNamara stated, “RoundTable is an ideal partner for TIDI. RoundTable’s relationships, experience and resources will be significant assets for us as we work to expand our portfolio and further penetrate our target markets, particularly in acute care.”
RoundTable’s investment strategy targets companies in the healthcare industry that fall within the expertise and experience of the firm’s operating and transaction principals. TIDI is RoundTable’s fifth platform investment from its $600 million Fund III.
The transaction was partially financed with new senior credit facilities, led by GE Capital, Healthcare Financial Services. In addition, new senior subordinated notes were provided by RoundTable Capital Partners II (“Capital Fund II”), RoundTable’s captive subordinated debt fund. Capital Fund II is a dedicated subordinated debt fund that makes fixed rate subordinated debt investments alongside the equity investments of RoundTable’s equity funds. Sidley Austin LLP acted as exclusive legal advisor to RoundTable in this transaction.
About TIDI Products
TIDI Products, headquartered in Neenah, WI, is a premier designer, developer, and manufacturer of medical devices focused on preventing infections and supporting caregivers across the acute care, alternate site and dental end-markets. The Company offers a broad portfolio of over 4,400 SKUs of Class I and Class II medical devices and serves more than 3,000 customers around the world via a combination of direct sales, OEMs and distribution partners. The Company maintains global manufacturing facilities that include two FDA registered U.S. facilities, one FDA registered Chinese facility and one U.S. distribution center. More information about TIDI can be found at www.tidiproducts.com.
About RoundTable Healthcare Partners
RoundTable Healthcare Partners, based in 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 has raised $1.9 billion in committed 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.