Zeus is officially under new ownership after private equity firm EQT closed on its acquisition of the medical tubing supplier.
“Today marks the start of a new chapter for our company, and we’re excited to share this update with you,” Zeus said in an email to “industry partners” announcing the deal’s finalization. “We believe this partnership will allow us to continue to grow and create innovative products to help our customers be successful. We remain focused on our people, our customers, and our partners.”
With the transaction’s closing, former Hillrom CEO John Groetelaars is now Zeus’ executive chair.
EQT and Zeus have not released the purchase price or other terms of the deal. Bloomberg reported in December that the deal valued Zeus at $3.4 billion, citing unidentified “people with knowledge of the matter.”
Earlier this week, EQT said their EQT X target fund hit a hard cap of €22 billion ($24 billion), including the Zeus deal. Other investments by the fund include Envirotainer, Billtrust, and Dechra Pharmaceuticals.
“We remain focused on backing and futureproofing companies in attractive and resilient sectors, such as healthcare and technology, and have proven our ability to perform and return capital across cycles,” EQT Private Equity Investment Committees Chair and EQT Head of Private Capital Europe and North America Per Franzén said in a news release. “We continue to invest in our sector expertise, sharpening our ownership model and developing our value-creation toolbox.”
“Our thematic investment strategy and strong local presence are competitive advantages when sourcing opportunities, not least in a slower deal-making environment,” Franzen continued. “EQT X is off to a strong start, having already announced four take-privates while offering substantial co-invest opportunities. We look forward to continuing to partner with our clients.”
Since its founding in 1966, Zeus has pioneered the design, development, and extrusion of fluoropolymer tubing for medical devices and select industrial applications. The Orangeburg, South Carolina–based company has eight facilities across the U.S. and one in Letterkenny, Ireland, with roughly 2,400 employees serving more than 300 customers in more than 100 countries. Its customers include leading medical device manufacturers, contract device manufacturing organizations and more.
— Executive Editor Chris Newmarker contributed to this report.