EQT Private Equity agrees to acquire Zeus Industrial Prds Inc., a leading global manufacturer of advanced polymer components used in medical devices and industrial applications. Zeus, founded in 1966, specializes in fluoropolymer tubing for minimally invasive medical procedures. This transaction demonstrates EQT’s commitment to investing in purpose-driven companies providing essential societal services.
Core Points:
– EQT X fund will acquire Zeus from the Tourville family and on completion, John Groetelaars will become Executive Chairman of Zeus.
– Zeus has grown from a collection of technologies over the past 100 years to a company now with circa $200 million in revenue.
Business Overview: Zeus, based in Orangeburg, S.C., and including nine facilities, employs roughly 2,400 people around the world. The company has over 300 active customers in over 100 countries including a number of top 30 medical device manufacturers.
Zeus – The Business Lens: Zeus designs precision extruded thin-walled tubing for devices such as catheters,encapsulated o-rings and numerous other applications which are used in minimally invasive medical procedures in the body which deliver better health outcomes at less cost than invasive surgeries.
Growth and Innovation: Zeus has grown considerably and is poised for ongoing growth due to the increasing need for advanced medical device technologies.
EQT to provide support: EQT will be investing in additional cylinders, R&D and operational excellence to help Zeus grow and innovate.
Leadership Statements: EQT and Zeus leaders convey enthusiasm over acquisition, highlighting opportunities to grow strategically, innovate with products, whilst also preserving Zeus quality heritage.
Financial and Legal Advisors: Piper Sandler Companies, Simpson Thacher & Bartlett LLP, Goldman Sachs & Co. LLC, Freshfields Bruckhaus Deringer LLP.
Transaction Particulars: The transaction is anticipated to close within the first quarter of 2024, contingent on regulatory endorsements. After EQT X closes the deal, EQT X fund is expected to be 25-30% invested.