NEW YORK, Dec. 17, 2020 /PRNewswire/ -- 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."
"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.
Kirkland & Ellis LLP served as legal counsel to Avista on the transaction.
About Avista Capital Partners
Founded in 2005, Avista Capital is a leading New York-based private equity firm with over $6 billion invested in more than 35 growth-oriented healthcare businesses globally. Avista partners with businesses that feature strong management teams, stable cash flows and robust growth prospects – investing in the medical devices and technologies, pharmaceuticals, outsourced pharmaceutical services, distribution, and consumer-driven healthcare sectors. Avista's Operating Executives and Advisors are an integral part of the team, providing strategic insight, operational oversight, and senior counsel, which helps drive growth and performance, while fostering sustainable businesses and creating long-term value for all stakeholders. For additional information, visit www.avistacap.com.
AVALT is a family office that invests only its own principals' capital in high quality companies that have significant long-term potential. We build truly collaborative partnerships with management teams so that we can lend our decades of private equity and industry experience to the work they do driving growth and change in their businesses. Our permanent and flexible capital then supports those companies as they achieve their full potential, without regard to any fund structure or fixed time horizon. For additional information, visit www.avalt.com
About Gemini Investors
Founded in 1993, Gemini Investors is a Massachusetts-based investor in smaller middle market private companies. Since inception, the firm has invested in excess of $650 million in more than 150 platform companies across a wide range of industries. Gemini makes both recapitalization and growth capital investments in established companies with strong management teams, and compelling growth prospects. For additional information, visit www.gemini-investors.com.
Solmetex provides waste management products and services through a series of specialized processes and systems that cost-effectively remove mercury from the waste stream and offers additional dental waste solutions. The company's NXT Hg5™ Series of Amalgam Separators and recycling program, which treat dental wastewater, is highly regarded as the best solution for regulatory compliance. Solmetex is widely recognized as the single trusted source for comprehensive environmental solutions for dental waste needs. For additional information, visit www.solmetex.com
Bill Gerety, Vice President, Marketing and Customer Experience
SOURCE Avista Capital Partners