Tuesday, RoundTable Healthcare Partners, an operating-oriented private equity firm signed a definitive agreement to sell one of its portfolio companies, Ascent Healthcare Solutions to Stryker Corp.(SYK) for $525 million in cash. Prior to closing, Ascent will distribute $35 million of cash from its balance sheet to its shareholders, taking the total proceeds from the sale to approximately $560 million.
Ascent is the independent third-party reprocessor of single-use medical devices in the healthcare industry. It was created through a merger of Vanguard Medical Concepts, Inc. and Alliance Medical Corp. in December 2005. RoundTable acquired a majority interest in Vanguard in September 2001.
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