Arcline Investment Management (“Arcline”), a growth-oriented private equity firm, today 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 medical device industry as well as specialty “press-fit” printed circuit board applications. The Company has thousands of automation systems installed with leading medical device OEMs and contract manufacturers globally, and supports its installed base with industry leading tooling and services from its manufacturing facilities in West Palm Beach, Florida and Angleton, Texas, as well as its forward-deployed sales and service offices in Galway, Ireland and Shenzen, China. SYNEO also provides world-class component processing and assembly services for catheter and guidewire applications utilizing its in-house production equipment and tooling. SYNEO will continue to be led by CEO Tyler Wackman and joins Arcline’s family of investments in the interventional medical device equipment, component and service space, including Glebar Company, the leading provider of centerless grinding and electrochemical grinding systems used primarily in the production of medical guidewire and minimally invasive surgical components.
Arcline commented, “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. 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.”
Mr. Wackman added, “We are thrilled at what lies ahead for SYNEO, our customers and our employees. 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.”
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Cain Brothers, a division of KeyBanc Capital Markets, acted as financial advisor to Arcline.