Norwest Mezzanine Partners Supports Gemspring Capital’s Acquisition of Zavation Medical Products
July 19, 2021
Minneapolis, Minnesota – Norwest Mezzanine Partners (NMP) has invested a combination of subordinated debt and equity securities to support Gemspring Capital Management LLC (Gemspring) in its acquisition of Zavation Medical Products, LLC (Zavation).
Zavation designs and manufactures a comprehensive portfolio of spinal hardware and biologics that provide medical solutions to improve and enhance quality of life for patients around the world. The Company serves nearly 400 hospitals and ambulatory surgical centers through a network of over 300 distributors and approximately 100 employees. Since its founding in 2012, Zavation has developed into a vertically integrated manufacturer with a differentiated product portfolio and unparalleled customer service, resulting in a tremendous growth trajectory and attractive cash flow characteristics. The Company is based in Flowood, Mississippi and has an additional facility in Tampa, Florida.
Don Gerne, Managing Director at Gemspring, commented, “NMP has proven a reliable and flexible partner throughout the investment process, and we look forward to working with them as we continue to grow and support Zavation and the management team.”
“We are excited to complete our first investment alongside Gemspring,” said Sean Stevens, NMP Partner. “Jeffrey Johnson and the Zavation management team have a deep knowledge of the spinal surgery market and have built an impressive company offering a range of quality products and superior customer service. We are confident in Gemspring’s ability to continue the growth trajectory of the company by partnering with the management team through this next chapter.”
For more information, visit Zavation’s website at www.zavation.com.
Gemspring Capital, a Westport, Connecticut-based private equity firm with $1.1 billion of capital under management, provides flexible capital solutions to lower middle market companies. Gemspring partners with talented management teams and takes a partnership approach to helping drive revenue growth and value creation. Target companies have up to $500 million in revenue and are in the aerospace & defense, business services, consumer services, financial and insurance services, healthcare services, industrial services, software and tech-enabled services, or specialty manufacturing sectors. For more information, visit www.gemspring.com.