Tenex Capital Management is buying Carex Health Brands for an undisclosed amount.
Carex offers pain therapy and medication compliance aid products under the Carex, Apex, Bed Buddy and Thera-Med brands, which are mainly used by home-care, mobility-challenged and senior patients.
The target will be merged with Roscoe Medical, a Tenex portfolio company. Strongsville, Ohio-based Roscoe manufactures and distributes health care products for home care patients, including pain management products and medical equipment.
New York-based Tenex is a private equity fund that invests in middle market companies. Tenex's other investments include GreenFiber, JPW Industries and Rush Overland. The firm was spun out of Cerberus Capital Management in 2009.
Carex was sold by private equity firms Ancor Capital Partners and Merit Capital Partners, which bought the brand in 2010. Together, Ancor and Merit made three add-on acquisitions, including Detach N' Go, Uplift Technologies and Thermionics Inc.
Ancor, headquartered in Fort Worth, Texas, focuses on investing in lower middle market manufacturing and distribution companies. Chicago-based Merit manages about $1.7 billion and invests in debt and equity in middle market companies. Carex was the companies' fifth deal together.
Other recent medical products deals include AirStrip Technologies' purchase of Sense4Baby Inc., which makes a pregnancy monitoring system, and GSI Group Inc.'s (Nasdaq: GSIG) purchase of Jadak Technologies Inc. and Jadak LLC for $94 million.