Hong Kong-based investment firm ZQ Capital said on Monday it has sold U.S. diversified medical devices maker Surgical Specialties Corporation (SSC) to Chicago-based private equity firm GTCR.
ZQ Capital, which focuses on cross-border investment with a China angle, and global healthcare investment firm VIVO Capital led a consortium to acquire SSC in 2017.
The transaction, which was closed on Jan. 29, valued SSC at around $800 million including debt, said a person with knowledge of the situation, adding the sellers more than doubled their equity investment.
ZQ Capital, which exited SSC as its largest shareholder, did not disclose financial details in its announcement and declined to comment. GTCR did not immediately respond to a Reuters request for comment.
Headquartered in Westwood, Massachusetts, SSC has worldwide operations and produces speciality surgical consumables such as sutures and needles.
Piper Sandler & Co. was a financial advisor and Latham & Watkins served as legal advisor, respectively, to SSC and the investor consortium.
Other investors in the consortium included Aretex Capital Partners, China Orient Asset Management (International) Holding Ltd, Fung Shing Investments Ltd, FS KKR Capital Corp, Cathay Venture Inc and Nan Fung Group, ZQ Capital said.
Source: Reuters.com