Escondido, CA, and New York, NY, July 2, 2013 – Avista Capital Partners (“Avista”), a leading private equity firm, and ZEST Anchors, Inc. (“Zest” or “the Company”) have signed a definitive agreement under which Avista will acquire Zest from The Jordan Company. Zest is a leading global designer and manufacturer of LOCATOR® branded overdenture abutment solutions used in the treatment of edentulous patients. Terms of the transaction were not disclosed.
Sriram Venkataraman, Partner at Avista, said, “The technological differentiation and brand power of Zest’s core LOCATOR® portfolio provide a strong foundation for growth. Zest is well positioned to continue delivering valuable innovation to the dental community. Steve Schiess and the Zest team have created a market leading business, and we look forward to working together to drive the next phase of the Company’s growth.”
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Steve Schiess, the CEO of Zest, said, “Our Company is committed, in partnership with our OEM and distribution partners, to continuing to improve the lives of edentulous patients with our existing product portfolio as well as new products focused on overdenture treatment options that we plan to bring to the marketplace. We believe that Avista, which has deep expertise and an impressive track record in the healthcare space, is the ideal partner to help us achieve our goals.”
“We congratulate and thank the entire Zest management team on a fantastic partnership. Centered on the foundation and world-class product portfolio created by Paul Zuest and Scott Mullaly, Steve and the rest of the Zest team should be commended for their ability to successfully introduce exciting new products and execute upon the growth plan we helped to establish for the business. We wish the Zest team and their new owners well and expect that the Company will continue to build upon their strong performance,” said Jeb Boucher, Managing Partner of The Jordan Company.
Barclays and Sagent Advisors acted as financial advisors to Zest, and Mayer Brown LLP acted as its legal counsel. Avista was advised by and secured acquisition financing from Deutsche Bank, and Weil, Gotshal & Manges LLP acted as its legal counsel.