The EQT X fund has signed an agreement to acquire Zeus, a provider of fluoropolymer tubing for medical devices, from the Tourville family, for an undisclosed sum.
Established in 1966, Zeus is involved in the designing, development, and extrusion of fluoropolymer tubing for medical devices and select industrial applications.
The company provides mission-critical components to enhance the performance of complex catheters, which are utilised in minimally invasive medical procedures.
Hillrom former CEO and EQT industrial advisor John Groetelaars will become the executive chairman of Zeus after the deal is finalised.
EQT Private Equity's Advisory Team partner Ethan Waxman 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.”
Zeus operates in eight locations throughout the US, along with one facility in Letterkenny, Ireland.
The company caters to more than 300 customers, including medical device manufacturers and contract device manufacturing organisations, across more than 100 countries.
EQT intends to support Zeus by investing in more capacity, research and development, and operational excellence.
This support is expected to help meet the increasing demand in medical sectors that rely on minimally invasive technologies.
Zeus president and CEO Steve Peterson said: “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.”
Subject to regulatory approvals and customary closing conditions, the deal is anticipated to be completed in the first quarter of next year.
In April 2023, Zeus announced the opening of its new advanced manufacturing facility in Arden Hills, Minnesota, US.
