Standard Bariatrics' acquisition by Teleflex will accelerate development and commercialization of products for the surgical treatment of obesity.
CINCINNATI, Aug. 24, 2022 /PRNewswire-PRWeb/ -- The Board of Standard Bariatrics announced that it has entered in a definitive agreement with Teleflex Incorporated, a leading global provider of medical technologies, under which Teleflex will acquire Standard Bariatrics, a Queen City Angels portfolio company, upon the satisfaction of customary closing conditions, for an upfront cash payment of $170 million at closing, with additional consideration of up to $130 million payable upon the achievement of certain commercial milestones.
"We couldn't be prouder of Founder Dr. Jonathan Thompson and CEO Matt Sokany for all of their work to get Standard Bariatrics to this milestone," said Queen City Angels founder and chair Tony Shipley. "We are delighted to have supported Standard Bariatrics along their journey and believe the commercial potential for their important surgical offerings are enhanced by this transaction," added Shipley.
Queen City Angels was an initial investor in Standard Bariatrics in 2016. "Standard Bariatrics represents one of the largest investments in a single portfolio company in our 22-year history," said John Habbert, co-manager of QCA First Funds. "We've invested in six follow-on rounds to help fuel the company's progress. This underscores our confidence in the incredible work of Mr. Sokany and Dr. Thompson, and their entire team."
In addition to Queen City Angels, other angel groups who invested are North Coast Ventures, Ariel Savannah Angel Partners, Life Science Angels, and Accelerant Fund. Other investors include JobsOhio, CincyTech, RC Capital, US Venture Partners, Hatteras Venture Partners, Rivervest and Emergent Medical Partners.
Standard Bariatrics is another successful exit for a QCA portfolio company. "Since we started QCA more than 20 years ago, we have invested over $85 million in more than 100 companies, said Shipley. "Our investments have been leveraged with over $700 million of additional capital invested by others in our portfolio companies. Some of our earlier investments include Assurex Health (where we led the initial investment in the company), T-Pro Solutions, ConnXus, among a group of other successful companies."
"While we have a very strong current portfolio, we continue our work to identify additional investment opportunities," said Scott Jacobs, QCA Executive Director. "We continue to see strong 'deal flow,' both in the Cincinnati region and beyond."
Additional information on the Standard Bariatrics transaction can be found here: https://investors.teleflex.com/news/news-details/2022/Teleflex-to-Expand-Its-Surgical-Portfolio-with-Differentiated-Stapling-Technology-for-Bariatric-Surgery/default.aspx
Media Contact
Scott Jacobs, Queen City Angels, 513-373-6972, [email protected]
SOURCE Teleflex
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