NMS Capital has launched Asurgence Medical, a new surgical suite maintenance, repair and overhaul platform, through the recapitalization of ENDOCORP and concurrent acquisition of Medical Optics from Probo Medical.
ENDOCORP and Medical Optics will continue operating under their existing brands and leadership teams as subsidiaries of Asurgence. Financial terms were not disclosed.
Southfield, Michigan-based ENDOCORP was founded in 1996 and supplies flexible endoscope repair parts and related services, including CCD imaging repair. The company offers more than 15,000 SKUs to independent service organizations and repair facilities nationwide.
Medical Optics, founded in 1997 and based in Tamarac, Florida, provides depot repair, service and equipment resale for flexible and rigid endoscopes and surgical instruments. Its capabilities span major OEM brands, with customers including hospitals, ambulatory surgery centers, physician groups, asset managers and equipment dealers.
Combining the companies gives Asurgence capabilities across hard-to-source components, subassemblies, multi-OEM repair, service and equipment for the surgical suite.
NMS plans to invest in organic growth and additional capabilities while pursuing its broader investment thesis around equipment lifecycle management. The firm pointed to aging equipment fleets, rising procedure volumes and pressure on healthcare costs as drivers of demand for third-party repair and replacement-part providers.
Michael Asmer has been appointed CEO of Asurgence. He brings more than 30 years of medical-equipment MRO experience and previously founded MedCorp before serving as CEO of Probo Medical. Najeeb Haddad will remain President of ENDOCORP.
TPG Twin Brook Capital Partners provided financing for the transaction, while McDermott Will & Schulte advised NMS Capital.
NMS manages more than $2 billion and has completed over 150 investments and follow-on acquisitions since its founding in 2010.
KEY QUOTES:
“Together, they give customers one partner across parts, repair, service, and equipment for the whole surgical suite.”
Michael Asmer, CEO of Asurgence Medical
“Partnering with NMS lets us invest in capacity, capability, and people at a pace we could not fund on our own, while keeping the service standards our customers count on.”
Najeeb Haddad, President of ENDOCORP
