News

05/12/2020

Dickinson Williams advises on the sale of Precept Medical Products

Dickinson Williams & Company served as the exclusive financial advisor to Precept Medical Products, Inc. in its sale to Aspen Surgical Products, Inc., a portfolio company of Audax Private Equity.

Precept is a leading North American manufacturer of single-use surgical and procedure face masks, isolation gowns, and other related infection prevention products, marketed under the Precept® brand name.  With manufacturing and distribution operations in Agua Prieta, Mexico, and Douglas, Arizona, Precept has demonstrated a consistent track record of driving revenue growth through its diverse customer base, producing close to 100 million disposable face masks and 13 million isolation gowns annually.  The acquisition of Precept strengthens Aspen’s broad portfolio of medical disposables and patient and staff safety products sold into the acute care market.

“It has been a privilege to advise the Precept team through this transaction, particularly given their tireless work providing critical personal protective equipment needed to keep medical providers and patients safe during the COVID-19 pandemic,” said James Gilmore, Managing Director of Dickinson Williams.

“The team at Dickinson Williams guided Precept through the sale process with skill and perseverance,” said John Sopcisak, Chief Executive Officer of Precept.  Mike Hardy, Chairman of Precept, added, “The board of Precept chose Dickinson Williams based on their proven track record.  We were especially pleased with their service and diligence.  We could not have achieved such a positive outcome without Dickinson Williams.”

Clark Hill PLC served as legal counsel to Precept on the transaction, and Dixon Hughes Goodman LLP served as Precept’s tax and accounting advisor.

 About Precept Medical Products:

Precept designs, manufactures, and markets nonwoven, single-use disposable protective medical apparel that addresses infection control challenges faced by healthcare professionals, with a strong emphasis on the U.S. market.  The Arden, North Carolina based company is a leader in the U.S. surgical face mask market with its high-quality Fogshield® brand, and also offers a full line of procedure face masks, non-surgical isolation gowns, lab jackets, scrubs, coveralls, patient gowns, lab coats, and cold therapy packs.  For more information, please visit preceptmed.com.

About Aspen Surgical Products:

Established in 1999, Aspen Surgical is a leading worldwide manufacturer of surgical disposable products with an emphasis on surgical efficiency and safety.  The company’s extensive portfolio of specialty medical products and surgical instruments includes Bard-Parker® Blades and Scalpels, O.R. accessories, patient and staff safety products, basic wound care products, and instrument care products.  Aspen facilities in Caledonia, Michigan, and Las Piedras, Puerto Rico, offer vertically integrated, domestic manufacturing capabilities including injection molding, die cutting, converting, assembly and packaging as well as blade stamping, grinding, and finishing.

About Dickinson Williams & Company:

Dickinson Williams & Company is an independent investment banking firm led by industry veterans with over 80 years of combined investment banking, financing, and operating experience.  The firm provides objective, experience-based advisory services to lower middle market companies with enterprise values typically up to $150 million.  The firm provides sell-side, buy-side, private placement, recapitalization, and strategic advisory services to family and closely held businesses, corporations, and private equity groups, and has a broad cross-section of transaction and industry experience in the industrials, business services, distribution, healthcare, and consumer sectors.

John C. Dickinson
Managing Director
jdickinson@dickinsonwilliams.com
804.588.3412

James A. Gilmore
Managing Director
jgilmore@dickinsonwilliams.com
804.588.3414

Harold J. Williams III
Managing Director
hwilliams@dickinsonwilliams.com
804.588.3413