FOR IMMEDIATE RELEASE
Rockwood Equity Partners and SYNEO Team Partner on Management Buyout
WEST PALM BEACH, FL – February 4, 2019 – SYNEO announced today the successful completion of a management buyout transaction led by its management team with support from Rockwood Equity Partners. The transaction has provided SYNEO with an appropriate funding structure to facilitate the exit of non-participating shareholders, and will help to support the management team’s future growth strategy.
“A partnership with Rockwood is a perfect strategic fit for SYNEO,” said Tyler Wackman, CEO. “SYNEO and Rockwood are well-aligned in our vision to become the first choice for automated processing solutions and services to customers in life-advancing industries. The SYNEO management team and I are ready to roll our sleeves up with Rockwood and take SYNEO to the next level. We are particularly excited about partnering with Rockwood’s River Guide network to open new doors and accelerate our growth in the coming years.”
“We feel strongly about the outlook for both segments of SYNEO’s business. SYNEO’s medical device business is well-positioned to benefit from the tailwinds around minimally invasive surgery and leverage its proprietary sharpening capabilities, and its electronics business offers innovative automation solutions that are second to none.” said Brett Keith, Managing Partner of Rockwood. “The SYNEO and Rockwood partnership marries a hard-charging and focused management team with Rockwood’s expertise in accelerating the growth of lower middle market businesses.”
As part of the growth strategy, SYNEO is seeking add-ons and partnership opportunities for both SYNEO’s medical and electronics businesses. Potential opportunities should be directed to Kate Faust, Partner, Business Development, at [email protected]
SYNEO is a vertically-integrated designer and manufacturer of machine and cutting tool products for the medical device and electronics manufacturing services (EMS) industries. SYNEO’s installed machine base is comprised of 2,500+ machine installations, serving the manufacturing needs of top-tier medical device manufacturers and printed circuit board manufacturers. SYNEO’s cutting tool division supplies more than 250,000 hole-making products annually, serving medical manufacturing and R&D institute precision hole-making needs. SYNEO maintains two manufacturing facilities in the United States and has deployed sales and service teams in Europe and Asia.