New York, USA-based investment firm EQT Private Equity acquired Orangeburg, South Carolina-based supplier of custom polymer components, Zeus. The company announced the acquisition on December 18, 2023. However, it did not disclose the amount of the transaction.
In addition, EQT announced the appointment of John Groetelaars, former CEO of Hillrom and EQT Industrial Advisor, as Zeus’ Executive Chairman upon the closing of the transaction.
Purpose of the acquisition by EQT Private Equity
EQT seeks to support Zeus with investments in additional capacity, R&D, and operational excellence. It also has plans to further support the rapidly growing medical fields by leveraging minimally invasive technologies.
Besides, the investments enable the Company to continue its legacy and reputation of partnering with its clients’ research and development groups to remain at the forefront of next-generation technologies.
What the EQT official has to add
Ethan Waxman, Partner within EQT Private Equity’s Advisory Team, said, “EQT has tracked the medical device component industry closely for several years, and we believe Zeus is uniquely positioned within the end markets it serves due to its unmatched material science and process expertise. We are excited to partner with the Company and invest in its next phase of growth, its employees, and the communities it serves while maintaining Frank Tourville Sr.’s values and commitment to excellence, which are shared by EQT.”
What the Zeus official has to comment
Steve Peterson, President and CEO of Zeus, further added, “We are excited to join the EQT family. Zeus has gained significant momentum in recent years due to a strategic global expansion plan. This acquisition accelerates that momentum and growth by supporting future expansion, new product innovation, process improvements, technological transformation, and enhanced capabilities.”
Besides, John Groetelaars, the new chairman of Zeus, commented, “I am thrilled to embark on this journey with Zeus and EQT to build upon the Company’s impressive legacy and best-in-class, differentiated product portfolio. We are committed to strengthening the partnerships with the customers that Zeus serves and expanding capacity through investments, operational upgrades, and growth from new product innovations. In the near term, we intend to expand facilities and add personnel to increase production on behalf of our customers, and we’re excited to maintain our status as a key employer in the communities where we operate.”
What the Global Healthcare official has to add
Eric Liu, Partner, Head of North American Private Equity and Co-Head of Global Healthcare, further commented, “As one of the world’s leading healthcare investors, EQT invests in innovative companies that are addressing some of the most significant challenges in healthcare today, ranging from life science startups to scaled global businesses. 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.”
About EQT Private Equity & Zeus
Conni Jonsson and Thomas von Koch launched EQT Private Equity in 1994. Meanwhile, Zeus is a pioneer in the design, development, and extrusion of fluoropolymer tubing for medical devices and select industrial applications.
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