ZQ Capital, which focuses on cross-border investment with a China angle, and global healthcare investment firm VIVO Capital led a consortium to acquire SSC in 2017 and the consortium more than doubled its equity investment, a person with knowledge of the situation said of the deal, which closed on Jan. 29.

GTCR said in a statement on Monday that it had acquired SSC, which is based in Westwood, Massachusetts and has operations worldwide producing surgical consumables such as sutures and needles, together with Georgory Lucier of Corza Health, which is a healthcare platform they jointly created in 2019.

SSC will merged with another of Corza Health's newly purchased assets, TachoSil Fibrin Sealant Patch to create a new company, Corza Medical, GTCR said.

Corza Health bought TachoSil from Takeda Pharmaceutical Co for 350 million pounds ($480 million), Takeda said in a statement on Monday announcing the completion of the deal.

ZQ Capital, which exited SSC as its largest shareholder, and GTCR did not disclose financial details in their announcements.

ZQ Capital declined to comment further. A GTCR spokeswoman did not immediately comment on the SSC valuation in the deal.

Piper Sandler was financial advisor and Latham & Watkins legal advisor, respectively, to SSC and the consortium.

Other investors in the consortium included Aretex Capital Partners, China Orient Asset Management (International) Holding Ltd, Fung Shing Investments Ltd, FS KKR Capital Corp, Cathay Venture Inc and Nan Fung Group, ZQ Capital said.

GTCR said Barclays acted as its financial advisor and Kirkland & Ellis its legal advisor.

(Reporting by Kane Wu; Editing by Krishna Chandra Eluri; Editing by Alexander Smith)

By Kane Wu