AVISTA Capital Partners (“Avista”), a leading private equity firm focused exclusively on healthcare, today announced that is has signed a definitive agreement to acquire Solmetex (“Solmetex” or “the Company”), the industry’s leading provider of amalgam separators and other waste compliance products to the U.S. and Canadian dental industries. Terms of the transaction were not disclosed.
For over 25 years, Solmetex has been an innovator in waste solutions, with a primary focus on ensuring dental practices remain compliant with the ever-changing regulatory landscape. The acquisition will enable Solmetex to continue its commitment to deliver best-in-class, environmentally responsible dental waste technologies and programs to its physician partners and the communities they serve, while fueling investment in the future growth of its products and offerings, as well as accelerating expansion globally.
“Our investment in Solmetex represents an attractive opportunity to acquire the clear market leader in an indispensable category within the dental industry”, said Sriram Venkataraman, Partner at Avista Capital Partners. “With deep customer relationships, strong recurring revenues, a durable portfolio, and a new product pipeline, we believe Solmetex has the potential for robust domestic and international expansion.”
“Our mission at Solmetex has always been to help dental practices achieve compliance in mercury removal and environmental waste reduction, for the health and safety of all patients”, said Solmetex CEO Nick Mozzicato. “We are honored to work with thousands of dental offices and the nation’s leading dental distributors and thank them for their continued business. Likewise, we are excited about working closely with Avista, a firm that fully recognizes our value proposition and has a demonstrated track record of partnering with healthcare companies.”
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“We can’t wait to begin our partnership with Solmetex and its team of exceptionally experienced and dedicated professionals”, said Steve Schiess, Operating Executive at Avista and former CEO of Zest Dental Solutions. “Avista looks forward to providing the requisite financial and operational assistance to accelerate Solmetex’s market leadership, in line with the Company’s current growth initiatives.”
“It has been a privilege to partner with the Solmetex management team as they have extended the Company’s track record of industry leadership”, said Marko Kivisto, Partner and Co-Founder of AVALT. “Solmetex has grown significantly under our ownership and the Company is very well positioned for continued success,” said Mark Verdi, Partner and Co-Founder of AVALT.
“It’s been deeply rewarding to see the Solmetex management team successfully execute on their growth strategy”, said Jimmy Rich, Managing Director of Gemini Investors. “In Avista, the management team has found an experienced and value-added partner to assist them in continuing Solmetex’s strong growth trajectory in the years ahead.”
Piper Sandler served as the financial advisor, Ropes & Gray LLP as the legal counsel and Alvarez & Marsal as the accounting advisor to Solmetex on the transaction.
Source: Biospace
