ORANGEBURG, S.C. — In 1966, Frank P. Tourville, Sr., founded a polymer extrusion company in Orangeburg, SC, for the manufacture of quality catheterization equipment. On Monday, Dec. 18, it was announced that Zeus, the now-global supplier of custom polymer components, will be sold to EQT Private Equity. Although no dollar amount has been mentioned in press releases from either company, the financial news service Bloomberg reports the sale to be worth $3 billion.
Over the years, Zeus' products have become instrumental for a wide range of polymer solutions -- from aircraft parts to your backyard grill. In the area of medical technology. Zeus polymer solutions include tubing, catheter componentry, heat shrinks, bioabsorbable and implantable medical products, sutures, fiber optics coatings, and much more. The company is headquartered in Orangeburg with eight facilities across the US and one in Letterkenny, Ireland, and employs over 2,400 people globally.
In a statement on the EQT website, John Groetelaars, former CEO of Hillrom and EQT Industrial Advisor, will serve as Zeus’ Executive Chairman upon closing of the transaction.
“I am thrilled to embark on this journey with Zeus and EQT to build upon the Company’s impressive legacy and best-in-class, differentiated product portfolio," Groetelaars said. "We are committed to strengthening the partnerships with the customers that Zeus serves and expanding capacity through investments, operational upgrades, and growth from new product innovations. In the near-term, we intend to expand facilities and add personnel to increase production on behalf of our customers, and we’re excited to maintain our status as a key employer in the communities where we operate.”
Steve Peterson, President and CEO of Zeus, said, “We are excited to join the EQT family. Zeus has gained significant momentum in recent years due to a strategic global expansion plan. This acquisition accelerates that momentum and growth by supporting future expansion, new product innovation, process improvements, technological transformation, and enhanced capabilities.”
Subject to regulatory approval a customary closing conditions, the sale is expected to close in the first quarter of 2024.
