Rockwood Equity Partners it has completed a management buyout of SYNEO, a provider of manufacturing equipment, cutting tools and services for the medical device and electronics manufacturing industries.
SYNEO was formed in 2011 via a merger between ASG Medical Systems and Technical Innovations and is headquartered in Florida, with an additional manufacturing division in Texas and sales and service functions in Europe and Asia.
SYNEO’s primary solutions serve catheter, guidewire and minimally-invasive medical device applications. The company’s comprehensive lines of Accu-branded and SYNEO Sharp products are known for delivering an unparalleled level of sharpness and precision, enhancing catheter and surgical device applications through automated handling, cutting, drilling and precision hole-punching capabilities.
Additionally, SYNEO serves the electronics manufacturing industry with its servo-electric press solutions, which provide pin connector pressing equipment for high force applications.
“We feel strongly about the outlook for both segments of SYNEO’s business. SYNEO’s medical device business is well-positioned to benefit from the tailwinds around minimally invasive surgery and leverage its proprietary sharpening capabilities, and its electronics business offers innovative automation solutions that are second to none,” said Brett Keith, Managing Partner of Rockwood.
“The SYNEO and Rockwood partnership marries a hard-charging and focused management team with Rockwood’s expertise in accelerating the growth of lower middle market businesses.”
“A partnership with Rockwood is a perfect strategic fit for SYNEO,” said Tyler Wackman, SYNEO CEO. “SYNEO and Rockwood are well-aligned in our vision to become the first choice for automated processing solutions and services to customers in life-advancing industries. The SYNEO management team and I are ready to roll our sleeves up with Rockwood and take SYNEO to the next level. We are particularly excited about partnering with Rockwood’s River Guide network to open new doors and accelerate our growth in the coming years.”
Rockwood is investing alongside members of SYNEO’s management team, which will continue to lead the company. CIBC and Northcreek Mezzanine provided financing for the transaction.
Source: Company Press Release