Water Street Facilitates Market-Leading Merger
Key Surgical, Inc. and Interlock Medizintechnik GmbH announced today that they have merged to create one of the world’s leading providers of sterile processing and operating room supplies. Water Street led the merger of the U.S. and European providers and invested in the newly combined company.
“We are tremendously excited about the combination of our companies and the benefits it will bring to our customers,” said Scot Milchman, chief executive officer, Key Surgical. “Key Surgical and Interlock are highly regarded in the U.S. and Europe for our expertise, broad product offering and exceptional customer service. Together, we will offer hospitals and surgical centers a comprehensive portfolio of products and supplies that support the industry’s highest quality standards for patient care and safety in the surgical setting.”
Key Surgical has grown to become a premier U.S. provider of products that clean, protect and identify surgical instruments since it was founded in 1988. Interlock, a leading European provider to central sterile supply departments, recently expanded its portfolio and geographic reach with its acquisition of Clinipak Ltd. in the United Kingdom last year. As one company, Key Surgical and Interlock will offer a broad range of sterile processing and operating room products and supplies to nearly 10,000 hospitals and surgical centers around the world.
Brian O’Connell, president and chief operating officer, Key Surgical, said: “We have the unique opportunity to bring together three highly respected, high-quality brands that are market leaders in their respective countries. As one entity, Key Surgical and Interlock will be the only global organization dedicated to providing hospitals with products and supplies that support their goals for surgical and patient safety. In addition, our partnership with Water Street will allow us to gain access to a highly regarded team with deep medical product and distribution expertise and a network of resources to support our growth.”
Kevin Swan, partner, Water Street, added: “Increasing numbers of hospitals are investing in infection prevention and patient safety initiatives. The combination of Interlock, Clinipak and Key Surgical creates a strong and extensive global platform for us to build on. We plan to work together to invest in the company’s infrastructure and pursue acquisition opportunities that will strategically expand our product portfolio and geographic footprint.”
Mr. Milchman will serve as CEO of the newly combined company, Mr. O’Connell as president and COO, and John Savage as CFO. Mads Fiig, a longtime healthcare executive, will serve as managing director of European operations. Gerhard Baum, one of the founders of Interlock, will remain with the company to focus on customer and supplier relationships. Key Surgical, Interlock and Clinipak will continue to operate and serve customers under their existing names and brands.
Financial terms of the transaction are not being disclosed.
About Key Surgical
Key Surgical is a leading U.S. provider of sterile processing and operating room supplies. The company offers a broad suite of more than 3,000 products and supplies that clean, protect and identify surgical instruments to over 5,000 customers in 30 countries. Key Surgical was founded in 1988 by nurses who identified a need for a company specializing in products that serve hospitals’ sterile services and operating room departments. The company is headquartered in Eden Prairie, Minnesota. For more information, visit keysurgical.com.
Interlock is a premier provider of products to the central sterile supply department (CSSD) of hospitals throughout Europe. The company provides 4,000 products and support to more than 4,000 hospitals and surgical centers in 70 countries. Interlock acquired Clinipak in 2016 to extend its European presence and expand its product offering. The company is headquartered in Lensahn, Germany. For more information, visit interlockmed.com and clinipak.co.uk.