ESCONDIDO, Calif. and NEW YORK, July 2, 2013 /PRNewswire/ -- Avista Capital Partners ("Avista"), a leading private equity firm, and ZEST Anchors, Inc. ("ZEST" or "the Company") have signed a definitive agreement under which Avista will acquire ZEST from The Jordan Company. ZEST is a leading global designer and manufacturer of LOCATOR® branded overdenture abutment solutions used in the treatment of edentulous patients. Terms of the transaction were not disclosed.
Sriram Venkataraman, Partner at Avista, said, "The technological differentiation and brand power of ZEST's core LOCATOR® portfolio provide a strong foundation for growth. ZEST is well positioned to continue delivering valuable innovation to the dental community. Steve Schiess and the ZEST team have created a market leading business, and we look forward to working together to drive the next phase of the Company's growth."
Steve Schiess, the CEO of ZEST, said, "Our Company is committed, in partnership with our OEM and distribution partners, to continuing to improve the lives of edentulous patients with our existing product portfolio as well as new products focused on overdenture treatment options that we plan to bring to the marketplace. We believe that Avista, which has deep expertise and an impressive track record in the healthcare space, is the ideal partner to help us achieve our goals."
"We congratulate and thank the entire ZEST management team on a fantastic partnership. Centered on the foundation and world-class product portfolio created by Paul Zuest and Scott Mullaly, Steve and the rest of the ZEST team should be commended for their ability to successfully introduce exciting new products and execute upon the growth plan we helped to establish for the business. We wish the ZEST team and their new owners well and expect that the Company will continue to build upon their strong performance," said Jeb Boucher, Managing Partner of The Jordan Company.
Barclays and Sagent Advisors acted as financial advisors to ZEST, and Mayer Brown LLP acted as its legal counsel. Avista was advised by and secured acquisition financing from Deutsche Bank, and Weil, Gotshal & Manges LLP acted as its legal counsel.
About ZEST Anchors
ZEST Anchors, Inc. is a global leader in the manufacturing and distributing of dental solutions for the treatment of edentulous patients. For more than 40 years, ZEST Anchors has been leading the way in innovative solutions for overdenture attachments, receiving worldwide acclaim for pioneering the self-aligning design of the LOCATOR® Attachment. The LOCATOR Attachment is interface compatible with more than 350 implant products and is distributed in more than 45 countries. Continuing its spirit of innovative technologies for overdenture patients ZEST Anchors most recently introduced the LOCATOR Overdenture Implant System (LODI), a narrow diameter implant system exclusively designed for overdenture treatment. ZEST Anchors is located in Escondido, California and has global distribution through OEM implant companies and distributor networks.
About Avista Capital Partners
Avista Capital Partners is a leading private equity firm with over $5 billion under management and offices in New York, Houston and London. Founded in 2005, Avista's strategy is to make controlling or influential minority investments in growth-oriented energy, healthcare, communications & media, industrials, and consumer businesses. Through its team of seasoned investment professionals and industry experts, Avista seeks to partner with exceptional management teams to invest in and add value to well-positioned businesses.
About The Jordan Company
The Jordan Company, founded in 1982, is a middle-market private equity firm with over $5 billion of committed capital assets under management and a 30-year track record of investing in and contributing to the growth of many businesses across a wide range of industries. The senior investment team has been investing together for over 20 years and they are supported by the Operations Management Group, which was established in 1988 to initiate and support operational improvements in portfolio companies. Headquartered in New York, The Jordan Company also has offices in Chicago and Shanghai.
Media Contact for Avista Capital Partners and ZEST Anchors:
Kekst and Company
Media Contact for The Jordan Company:
Stanton Public Relations & Marketing
SOURCE ZEST Anchors, Inc.; Avista Capital Partners