Bovie Medical last week formally completed the previously announced sale of the company’s electrosurgical division, which had been a core component of its business. The array of products — as well as the Bovie brand — are now in the hands of Symmetry Surgical, a portfolio company under the banner of the private equity firm RoundTable Healthcare Partners.
The electrosurgical business was sold for $97 million in cash.
“The Bovie brand is synonymous with electrosurgery and recognized by hospitals and physicians worldwide,” Brian J. Straeb, Symmetry’s president and CEO, says in a statement. “We are very pleased to welcome transitioning Bovie employees, products, and solutions to Symmetry as we reinforce our commitment to deliver best in class products, market leading value, and innovative solutions.”
Symmetry intends to add the Bovie products to the company’s existing line of electrosurgical devices, marketed under the name Olsen.
With the divestiture complete, the company bidding farewell to the Bovie brand plans to move more aggressively into the field of cosmetic surgery. The influx of money will go in part to the continued development and commercialization of its J-Plasma technology, which is branded as Renuvion.