New York, NY – October 20, 2022 – Tenex Capital Management (“Tenex”) is pleased to announce the sale of Ohio Medical, LLC (“Ohio Medical” or the “Company”), a manufacturer of oxygen regulators and central gas systems, to ESAB Corporation (NYSE: ESAB), a global fabrication and gas control technology company.
With over 100 years of history, Ohio Medical’s operations date back to 1910. The Company’s brands include Ohio Medical and Amvex, across a wide array of products including medical suction regulators, air and oxygen flow meters, medical air and vacuum pumping systems, and portable suction equipment.
Ohio Medical CEO Tony Wieczorek commented, “Under our partnership with the Tenex team, investment into Ohio Medical has significantly transformed the Company, supercharging new product development, leveraging analytics to create a performance-oriented culture, implementing new systems to enhance transparency, and upgrading our manufacturing capabilities. This marks an exciting milestone for Ohio Medical, and joining ESAB will help us accelerate our expansion globally, while allowing us to better serve our customers.”
Tenex Principal Ryan MacIntyre remarked, “Tony and the team at Ohio Medical have been great partners. Their leadership during the pandemic is something to be admired.” Tenex Managing Director Joe Cottone added, “We wish them continued success under the ESAB umbrella, which we hope will be a beneficial launching pad for furthering the distribution of these industry leading products.”
The transaction closed on October 14, 2022. Baird served as exclusive financial advisor to the Company.
About Ohio Medical:
Ohio Medical manufactures and distributes medical suction and oxygen (“SOT”) products and source equipment (“Systems”). SOT product offering includes branded suction/vacuum regulators, flow meters, and medical gas hoses. Systems includes medical gas pipelines, service, and source equipment. Ohio Medical is headquartered in Gurnee, IL, and was originally founded in 1910 in Cleveland, OH. For additional information, please visit www.ohiomedical.com.
About Tenex Capital Management:
Tenex Capital Management is a private equity firm that invests in middle market companies. Tenex uses an in-house team of hybrid investment professionals skilled in operational leadership, investing, and capital markets structuring to maximize long-term value creation. Tenex’s deep operating experience allows the firm to collaborate with management teams to capitalize on business and market opportunities. Tenex has successfully invested in a diverse range of industries, including industrials, business and tech-enabled services, healthcare, building products, and auto aftermarket, among others. For additional information, please visit www.tenexcm.com.