Theken Companies, an Akron, Ohio-based group of four medical device companies, is in talks with potential buyers, founder and sole owner Randy Theken told Mergermarket.

The potential buyers are three strategics that have approached Theken, the executive said. Two are interested in Theken’s orthopedic business, which consists of three companies – NextStep, əCeramics and əCoating Antimicrobial – while a third is interested in the orthopedic lines and also in the fourth company in the group, VisionAir Solutions, which specializes in airway stents, he explained.

Theken said he could appoint an investment bank within the next 90 days to assist in the process. He has spoken with some banks, but it is interested in hearing from others with expertise in medical technology and orthopedics, he added.

The primary goal is to sell the orthopedics businesses ideally by the end of this year or by end of 2Q26, the founder said. If the sale of VisionAir Solutions does not happen at the same time, as the business is in a different sector and could attract different buyers, he will continue to run it and look to sell at a later date.

Theken, 62, founded his first orthopedics business in 1992. After many years in the business, he said he is looking to exit and move on. Theken is interested in strategic or financial buyers that will use and continue to develop the group’s technologies.

NextStep focuses on joint replacement and generates USD 12m in revenue and is at break-even, according to the founder. əCeramics, which makes an advanced ceramic for the orthopedic implant market, is expected to start generating revenues this year, while əCoating Antimicrobial, which is developing a coating solution to prevent infections during surgeries, is in the R&D phase. The three companies have a total of approximately 30 employees, Theken said.

Theken did not disclose the group’s valuation, but said he has invested, over the years, approximately USD 56m through loans to the various entities.

In a previous interview with this news service in February 2024, the executive said that he was preparing to sell the business in about 18 months and was focused on ramping up the companies. Since that time, NextStep launched a new product, a collared-stem hip implant; əCeramics completed a manufacturing facility, which is in the validation phase and will be operational in the second quarter; and VisualAir has grown its sales by 4x in the last 15 months, all according to the founder.

Theken said he has founded more than 10 medical implant device companies since 1992. Three of them – Theken Spine, Theken Disc and Therics – were acquired by Integra LifeSciences [NASDAQ:IART] in 2008 for what he said ended up being more than USD 200m.