RoundTable Healthcare Partners (RoundTable), an operating-oriented private equity firm focused exclusively on the health care industry, announced that it has established Healthcare Components Group (HCG) through the acquisitions of American Optics (AO) and Replacement Parts Industries (RPI). American Optics and RPI focus on serving independent service organizations (ISOs) who contract with acute care facilities, ambulatory surgical centers, and physician and dental offices to conduct repairs of mission critical medical devices, extending the life of these devices and lowering the overall cost for these providers.
American Optics, headquartered in Wellesley, Massachusetts, is an engineering, manufacturing, assembly, and distribution business for replacement components used in the repair of flexible and rigid endoscopes and new components used by original equipment manufacturers (OEMs) in endoscope manufacturing. RPI, headquartered in Simi Valley, California, engineers, manufactures, and distributes parts for medical, hospital, dental, and laboratory equipment. Larry Hicks, the current chief executive officer of American Optics, will lead the new company and serve on the board of directors. Ira Lapides, the president and CEO of RPI, will continue to lead RPI’s day-to-day operations.
“The creation of HCG through the acquisitions of American Optics and RPI establishes an excellent foundation for us to build upon,” commented Tom Kapfer, RoundTable managing partner, and the new chairman of the board for Healthcare Components Group. “As a combined entity, HCG will provide a diverse and broad product offering to its customer base. We see a clear opportunity for growth driven by anticipated increases in procedure volumes and a focus on serving ISOs who represent the fastest growing segment of the repair market. RoundTable looks forward to partnering with Larry Hicks and the entire management team at HCG as they embark on the company’s next phase of growth.”
Hicks said, “We are thrilled to combine these businesses to form Healthcare Components Group. Our entire team is excited to partner with RoundTable and believe the firm’s unique operating and transaction expertise will be instrumental as we build a market leading player in the niche replacement and repair parts space.”
Healthcare Components Group represents the third equity investment from RoundTable’s $700 million Equity Fund V. In addition to RoundTable’s equity, senior debt financing was provided by Capital One, National Association and included CIBC Bank USA. Senior subordinated notes were provided by RoundTable Capital Partners III, RoundTable’s captive subordinated debt fund. Gibson Dunn & Crutcher LLP acted as legal advisor to RoundTable in this transaction.
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