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December 19, 2023
2 Min Read
Image courtesy of EQT
Extrusion technology company Zeus announced that it has entered into an agreement to be acquired by Sweden’s EQT Private Equity.
Based in Orangeburg, SC, and founded in 1966, Zeus is a pioneer in the design, development, and extrusion of fluoropolymer tubing for medical devices as well as some industrial applications. It operates eight facilities in the United States and one plant in Ireland and employs approximately 2,400 people.
EQT reportedly has €232 billion in total assets and owns portfolio companies across Europe, Asia-Pacific, and the Americas. The firm claims to be one of the world’s leading healthcare investors with a longtime focus on the medical technology industry. As such, EQT said it will support Zeus with investments in capacity and R&D to further its growth as a partner to medical device OEMs involved in minimally invasive surgical (MIS) technology.
MIS has experienced exponential growth since the introduction of laparascopic surgery in the late 1980s, according to the Journal of the Society of Laparoscopic & Robotic Surgeons, and has become the standard of care for many procedures today. Benefits include less pain for patients and shorter hospital stays. Over the years, Zeus has established itself as an innovator in polymer-based medical products and a reliable supplier of complex catheters used in MIS and other procedures.
“Zeus has gained significant momentum in recent years due to a strategic global expansion plan,” said Zeus President and CEO Steve Peterson. “This acquisition accelerates that momentum and growth by supporting future expansion, new product innovation, process improvements, technological transformation, and enhanced capabilities.”
Commenting on behalf of EQT, Partner and head of North American Private Equity and co-head of Global Healthcare Eric Liu, said: “This acquisition represents a highly thematic investment for EQT, given our longtime focus on the medical technology industry and our experience partnering with family-founded businesses. With EQT’s deep expertise and broad network of advisors in the healthcare sector, we look forward to continuing our track record of creating differentiated value for all stakeholders.”
The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals and customary closing conditions.
Zeus is a veteran exhibitor at the Medical Design & Manufacturing (MD&M) trade shows, and is scheduled to return in February to the event, part of the forthcoming Informa Markets – Engineering (IME) West expo and conference that also includes Plastec West. Zeus will exhibit at booth 3001 at the Anaheim Convention Center in Anaheim, CA, on Feb. 6 to 8, 2024.
About the Author(s)
Editor in chief of PlasticsToday since 2015, Norbert Sparrow has more than 30 years of editorial experience in business-to-business media. He studied journalism at the Centre Universitaire d'Etudes du Journalisme in Strasbourg, France, where he earned a master's degree. Reach him at [email protected].
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