Aspen Surgical Expands Perioperative Portfolio

Aspen Surgical Expands Leadership in SPD, OR, and Enters Endoscopy Market

CALEDONIA, Mich.--(BUSINESS WIRE)--Aspen Surgical (“Aspen”), a portfolio company of Audax Private Equity ("Audax"), a leading manufacturer of surgical and medical devices, announced an expansion of its portfolio following the recent acquisitions of Cygnus Medical (“Cygnus”) and Flagship Surgical (“Flagship”). These acquisitions represent strategic growth and an expansion of Aspen’s capabilities. Financial terms of the transaction were not disclosed.

Based in the United States with a strong presence in hospitals, surgical centers, and healthcare facilities nationwide, Cygnus Medical specializes in healthcare infection control and instrument and scope-care solutions, offering products such as Airtime™ Instrument Channel Dryers, Gator Clips™, and Tray Belts™ to ensure instrument sterility and compliance in sterile environments, like operating rooms and endoscopy suites. Known for quality, Flagship Surgical provides OR safety solutions, including The Surgical Mat™ for fluid management and slip prevention, as well as The Fluid Diamond^® for efficient fluid collection during procedures.

With the Cygnus acquisition, Aspen enters the endoscopy market and strengthens its infection-prevention platform in Sterile Processing Departments (SPD) and Operating Rooms (OR). This complements Aspen’s extensive surgical instrumentation portfolio and SPD360™ Performance Solutions offering. Flagship’s addition bolsters the company's leadership in surgical safety through expanded capabilities in fluid containment and OR hazard risk mitigation.

"There is strength in bringing the people, products, and brands of Aspen, Cygnus, and Flagship together," stated Carl Hall, Chief Commercial Officer of Aspen Surgical. "Together, we can serve our customers and their patients across more surgical settings, market segments, and geographies with a broader, clinically relevant portfolio. We can help simplify and enhance the customer experience with an expanded offering of surgical products, services, and tools from a single partner.”

The acquisitions reflect Aspen's disciplined growth strategy, focused on strengthening core capabilities while expanding our procedural reach.

"We’re not adding complexity; we are enhancing execution,” concluded Hall. “With a clear integration strategy and an expanded portfolio that meets the evolving needs of SPD, OR, and Endoscopy teams, we are reinforcing Aspen’s role as a trusted partner in giving clinicians the tools they need to enhance the entire perioperative experience.”

About Aspen Surgical

Founded in 1999, Aspen Surgical is a leading medical device manufacturer that provides clinicians with tools to enhance the entire perioperative experience. Aspen Surgical offers an expanding portfolio of surgical tools and solutions, as well as trusted brands that ensure consistent performance day after day, including Bard-Parker^®, Bovie^®, Bookwalter^®, Olsen^®, and more. Headquartered in Caledonia, Michigan, and extending its global footprint in Las Piedras, Puerto Rico; Agua Prieta, Mexico; and Cheltenham, Australia, Aspen Surgical stands at the forefront of trusted performance at all points of care. For an in-depth look at products and the Aspen Surgical community, please visit www.aspensurgical.com.

About Audax Private Equity

Headquartered in Boston, with offices in San Francisco, New York, London and Hong Kong, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of March 2025, over 290 employees, and 100-plus investment professionals, Audax has invested in over 175 platforms and more than 1,400 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.