Platinum Equity Acquires ASP Global
Los Angeles-based Platinum Equity has announced the acquisition of ASP Global, a leading strategic partner to the healthcare industry that develops, sources and distributes consumable medical products for healthcare providers and distributors.
Financial terms were not disclosed.
ASP leverages its global sourcing network to provide high-quality products that are customized to meet the specific needs of health systems, labs, GPOs and distributors. The company’s capabilities give customers control over the design and functionality of their products, helping them meet patient experience goals in a cost-effective manner.
ASP’s portfolio spans a diverse range of consumable product categories, including lab supplies, blood collection, wound and injury protection, critical care, staff apparel and rehab mobility.
“Healthcare providers are intensely focused on managing costs and increasing control of their supply chains,” said Platinum Equity co-president Louis Samson. “By providing direct sourcing solutions featuring customized, quality products, ASP has created an attractive value proposition. Based on our assessment, ASP’s business model has resonated with customers and has significant room for growth.”
Platinum Equity managing director Jason Price praised the company’s leadership as key to its success.
“ASP has an experienced management team that has articulated a compelling vision for the future,” said Price. “We have a shared belief in what ASP can become and are excited to get to work.”
ASP Global president and CEO Doug Shaver will continue to lead the company going forward.
“We are proud of the business ASP has built and have ambitious long-term plans to continue growing,” said Shaver. “Platinum’s expanded access to capital, M&A resources and operational expertise can help us achieve our goals and create new opportunities for ASP to serve the evolving needs of our customers.”
“ASP has a lot of runway to continue expanding organically, and we expect to be active in pursuit of additional M&A opportunities, too,” added Price.
Platinum Equity currently owns healthcare products distributor NDC, which serves a different part of the medical supplies market. ASP and NDC will operate as separate, standalone companies in Platinum Equity’s portfolio.
Solomon Partners served as financial advisor to Platinum Equity on the ASP acquisition. Latham and Watkins served as legal counsel to Platinum Equity on the transaction.