Genstar Capital, a San Francisco-based private equity firm, is set to buy the equipment manufacturing business of Symmetry Medical Inc. for $450 million.

Based in Indiana, that business is known as OEM Solutions. The target will be folded into Genstar portfolio company Tecomet Inc., a Wilmington Massachusetts-based medical device manufacturer that the financial sponsor bought in December.

Tecomet makes a variety of high-precision surgical instruments, orthopedic implants, sterilization cases and trays. It employs nearly 2,300 people and operates a total of 13 facilities across the U.S., the U.K., Ireland, France and Malaysia.

The transaction is slated to close in the fourth quarter.

UBS Investment Bank is acting as financial adviser, and Weil, Gotshal & Manges LLP is acting as legal adviser to Tecomet.

For more on the uptick in medical device M&A, see the August cover story, "5 Technologies Drive Health Care M&A."

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