WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Rockwood Equity Partners, a lower middle market private investment firm, announced today that 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.
As part of the growth strategy, Rockwood is seeking add-ons and partnership opportunities for both SYNEO’s medical and electronics businesses. Potential opportunities should be directed to Kate Faust, Partner, Business Development, at email@example.com.
Rockwood Equity Partners (www.rockwoodequity.com) is an operationally-focused investment firm serving lower middle market businesses in regulated industries, including healthcare, aerospace and defense and process control, as well as specialized industrials. The firm invests in corporate divestitures/carve-outs and privately-owned manufacturers, value-added distributors and industrial service companies. Rockwood takes a values-based approach to sourcing and investing in companies and looks to leverage its Rockwood River Guide network and proprietary tool kit for growing lower middle market businesses.
SYNEO (www.syneoco.com) is a vertically-integrated designer and manufacturer of machine automation and cutting tool products for the medical device and electronics manufacturing services industries. Its installed machine base is comprised of 2,600+ machine installations, serving the needs of top-tier medical device and printed circuit board manufacturers. Its cutting tool division supplies more than 250,000 hole-making products annually, serving medical manufacturing and R&D institute needs. Additionally, SYNEO provides medical device contract manufacturing services.