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RoundTable Healthcare Partners Portfolio Company, Aspen Surgical Products, Inc., Acquires Bard-Parker™ Surgical Blades and Scalpels Business

Monday, August 2, 2010 Corporate News J E 4
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Acquisition Further Positions Aspen as a Leading Provider of Patient and Staff Safety Products in the Operating Room

LAKE FOREST, Ill., Aug. 2 /PRNewswire/ -- RoundTable Healthcare Partners ("RoundTable"), an operating-oriented private equity firm focused exclusively on the healthcare industry, announced today that its portfolio company, Aspen Surgical Products, Inc. ("Aspen"), has acquired the Bard-Parker surgical blades and scalpels business from BD (Becton, Dickinson and Company).  Aspen is a leading manufacturer of disposable medical products with an emphasis on the operating room environment and safety.

Bard-Parker is a widely recognized brand in the operating room with leadership positions in both the U.S. and Canada. It joins Aspen's other successful products including surgical needles and skin markers, disposable light handles, instrument guards, anti-fog solutions, and fluid management products.  Aspen sells these products under the brand names Richard-Allan, Dr. Fog®, Sterion®, Colby, Steriseal®, and Oxboro®.

As part of the transaction, Aspen acquired a state-of-the-art facility in Las Piedras, Puerto Rico dedicated to the manufacturing of the Bard-Parker line.  Aspen manufactures its other products in facilities in Grand Rapids, MI and Redditch, England.

"The acquisition of the Bard-Parker brand of surgical blades and scalpels further positions Aspen as a leading provider of patient and staff safety products in the operating room," said Greg Pritchard, CEO of Aspen. "The Bard-Parker products have a one-hundred year history, considerable performance benefits, and advanced safety features that will allow Aspen to participate to a greater degree in this high growth segment of the market."

"The operating room environment is an important healthcare segment for us," said Joseph F. Damico, Founding Partner and Co-Chairman of RoundTable.  "This is the sixth, largest and most complex acquisition we have facilitated for Aspen since making our initial investment in 2006.  Our in-house operating teams are moving quickly across all functions, sales, marketing, manufacturing, IT, and human resources, to complete the transition and further position Aspen for growth."

As part of the transaction, and to finance further growth opportunities for Aspen, RoundTable facilitated the successful completion of an amendment and restatement to Aspen's senior credit facilities and a private placement of incremental subordinated notes.  The amended and restated senior credit facilities were led by GE Capital, as Administrative Agent, Sole Lead Arranger, and Sole Bookrunner. The senior facilities also included Bank of Ireland as Syndication Agent, Fifth Third Bank as Documentation Agent, and PNC Bank National Association.  Aspen's incremental subordinated notes were acquired by RoundTable Capital Partners ("Capital Fund I"), RoundTable's captive subordinated debt fund. The Capital Fund is a dedicated subordinated debt fund that makes fixed rate subordinated debt investments alongside the equity investments of RoundTable's equity funds. RoundTable and certain shareholders of Aspen made an equity investment in Aspen as part of the 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.

SOURCE RoundTable Healthcare Partners

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