Kuits advises on international healthcare innovation deal08 Nov 2018
Manchester commercial law firm Kuits has advised the shareholders of Astek Innovations on their sale to Young Innovations, a US-based global supplier of dental equipment.
Based in Altrincham, Astek is a leading supplier of cutting-edge dental products, including Pro-Matrix®, Pro-Tip® and inSafe branded products.
This is the twelfth acquisition in four years for Young Innovations, Inc., which sits within the portfolio of New York-based middle-market private equity firm, The Jordan Company.
Senior associate Helen Mather and solicitor Kate Gledhill of the Kuits corporate team provided comprehensive legal and commercial advice to the shareholders of Astek on this cross-border transaction, including father and son team Alan and Antony Segal.
Partner Stephen Lopeman and senior associate Mark McKeating advised on the commercial property and employment aspects of the deal, respectively.
“Having built Astek into the UK’s premier producer of dental products over the last 30 years, Antony and I are proud to see it join the Young Innovations family”, said Dr. Alan Segal, CEO of Astek. “I am confident that Young is the best steward for Astek’s continued success, and for the success of our customers and employees.”
Antony Segal will continue as Director of Astek and operations will continue in Manchester at Astek House.
Helen Mather said: “Manchester is fast becoming a world leader in the healthcare innovation sector, of which Astek is a prime example, and we expect to see a significant upsurge in M&A and investment activity in this space in the coming years. It has been our pleasure to work closely with the shareholders of Astek on this transaction and we look forward to seeing its continued success with Antony at the helm.”
This is the second international deal that healthcare specialist Kuits has advised on in this sector in recent months, having represented Contact Lens Precision Laboratories (CLPL) on its sale to Tokyo Stock Exchange listed contact lens manufacturer SEED in April.