An Altrincham firm which designs and makes dental products has been snapped up by a US supplier.
Astek Innovations, which is headed by father and son team Alan and Antony Segal, will now be part of Young Innovation, the Missouri headquartered global supplier of dental equipment.
This is the twelfth acquisition in four years for Young Innovations, which sits within the portfolio of New York-based middle-market private equity firm, The Jordan Company.
Dr Alan Segal, CEO of Astek, said: “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.
“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.
Manchester commercial law firm Kuits advised the shareholders of Astek Innovations on their sale to Young Innovations.
Senior associate Helen Mather and solicitor Kate Gledhill of the Kuits corporate team provided comprehensive legal and commercial advice to Astek on this cross-border transaction, including Alan and Antony Segal.
Partner Stephen Lopeman and senior associate Mark McKeating advised on the commercial property and employment aspects of the deal, respectively.
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.”
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.