Aurora Capital, a Los Angeles-based private equity firm, has signed a definitive agreement with HLTH to acquire its wholly owned subsidiary, Porex.
The transaction is subject to the satisfaction of customary closing conditions and is expected to close in the fourth quarter of this year.
Founded in 1961, Porex is a global developer, manufacturer and distributor of porous plastic products. The company primarily serves the healthcare and surgical end markets, and also supports high-performance applications in the consumer and industrial sectors.
Porex products serve filtration, venting, wicking, and diffusing functions in applications such as blood filters, catheter vents, fuel filters, writing instrument tips and consumable diagnostic tests. In addition, through its Medpor brand, Porex’s surgical products are the first FDA-cleared porous plastic implants for use in craniofacial and orbital reconstructive surgery.
Gerald L. Parsky, chairman of Aurora Capital, says: "We are delighted to partner with Porex, the leader in porous plastics. Aurora prides itself on its targeted approach to investing and Porex, with its strong market position, attractive growth opportunities and sustainable profitability, is an excellent fit with our acquisition criteria. I am confident that together we will be able to further strengthen Porex’s leading market position and generate continued success for our customers, employees and investors."
William Midgette, president and chief executive officer of Porex, says: "We are excited to be partnering with Aurora Capital. Aurora’s expertise in investing in and guiding market-leading companies, like Porex, will enable us to take our company to the next level of growth and innovation. I am also proud of our 600 plus employees and their dedication to our customers and the Porex mission. I am confident they share my enthusiasm for the significant opportunities that lie ahead for our customers, our company and this partnership."