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Surgical Specialties acquires German needle, suture manufacturer

Surgical Specialties Corp. announced in a press release it has acquired all shares of Jestetten, Germany-based FSSB Chirurgische Nadein GMBH (FSSB) and affiliated entities.

FSSB provides a broad range of needles for use in surgery including micro, ophthalmic and standard surgical needles, according to the release.

“FSSB also works with partners to attach the needles to sutures used in ophthalmic, cardiovascular, and sternotomy procedures,” according to the release.

“The combination of FSSB and Surgical Specialties immediately creates one of the largest, if not the largest manufacturer of surgical needles globally,” Victor Diaz, president and chief operating officer of Surgical Specialties, stated in the release. “The combined companies will offer a broader range of products and services both in terms of bulk needles and needles sold with attached sutures to our OEM, branded and private label customers. The degree of FSSB process automation will ensure deliver of high quality needles to our customers in a flexible and cost effective fashion.”

A new $147 million commercial banking facility financed the transaction, by allowing Surgical Specialties to refinance its debt and finance the purchase of all outstanding FSSB shares, according to the release. Terms of the acquisition were not disclosed.

“FSSB is an example of our strategy to balance continuing organic growth with focused acquisitions that complement and strengthen our products and services while immediately adding to revenue and EBITDA growth,” John Barr, Surgical Specialties CEO, stated in the release.

Surgical Specialties is based in Braintree, Massachusetts, and develops and manufactures branded, private label and original equipment manufacturer surgical instruments, and includes products such as the Quill Knotless Tissue-Closure Device, according to the release.