Private equity firm Arcline Investment Management announced that it has acquired a controlling stake in Syneo from Rockwood Equity.
Syneo is a vertically integrated machine, tooling and services company focused on the interventional medtech industry as well as specialty “press-fit” printed circuit board applications. Syneo has thousands of automation systems installed with medical device OEMs and contract manufacturers globally, and offers tooling and services from its factories in West Palm Beach, Fla., and Angleton, Texas. The company also has sales and service offices in Galway, Ireland, and Shenzen, China.
Syneo also provides component processing and assembly services for catheter and guidewire applications, using its in-house production equipment and tooling. CEO Tyler Wackman will continue to lead Syneo. Arcline also owns Glebar Company, which provides centerless grinding and electrochemical grinding systems used primarily in the production of medical guidewire and minimally invasive surgical components.
“We are excited to partner with Tyler and the rest of the Syneo management team to continue building a market leader in interventional medical device manufacturing equipment, components and services,” Arcline said in a news release. “Tyler and his team’s mantra of building a company that is meaningful to its customers and employees meshes perfectly with our mandate to identify and invest in companies that are meaningful to the world.”
“We are thrilled at what lies ahead for Syneo, our customers and our employees,” added Wackman. “We believe Arcline is the ideal partner to support us on our aggressive growth trajectory and look forward to working with them, and the Glebar team, to create something truly special in the interventional medical device and minimally invasive surgery industry.”
Cain Brothers, a division of KeyBanc Capital Markets, acted as financial advisor to Arcline. Terms of the transaction were not disclosed.
