Medical Devices Acquisitions in 2020

Dentsply Sirona acquired Byte in an all-cash transaction valued at $1.04 billion. The deal adds Byte's direct-to-consumer, doctor-directed clear aligner platform and nationwide network of licensed dentists to Dentsply Sirona's SureSmile clear aligner business, increasing scale and R&D/supply-chain capabilities; Byte's CEO Neeraj Gunsagar and the existing management team will remain in place.

Argosy Private Equity made a growth investment in Bionix, LLC, a Toledo-area (Maumee), Ohio manufacturer of disposable ear, nasal and wound care medical devices. The transaction — the first investment from Argosy's sixth lower middle market fund — will fund new product introductions, deeper sales-channel penetration and potential add-on acquisitions.

Collagen Matrix, a Linden Capital Partners portfolio company, has acquired Sunstar's Degradable Solutions division, including the GUIDOR-branded synthetic bone graft substitutes and bioresorbable membranes. The acquisition expands Collagen Matrix's regenerative product portfolio and electrospinning capabilities to support new combination products and broader dental market applications.

Avista Capital Partners, a New York-based private equity firm focused on healthcare, has completed its acquisition of Solmetex, the leading provider of amalgam separators and dental waste-compliance products and services. The deal (terms undisclosed) transfers ownership from prior investors including AVALT and Gemini Investors (and referenced Riveria Investment Group), with Avista planning to invest in product development and accelerate domestic and international expansion.

Curiteva, a spine implant manufacturer based in Alabama, has acquired FossiLabs, a start-up that developed a proprietary Fused Filament Fabrication process for 3D-printed PEEK spinal implants. FossiLabs founder Todd Reith joined Curiteva to lead commercialization of the technology as Curiteva pursues FDA 510(k) clearance and integrates the capability following a recent private funding round.

Cirtec Medical Corporation has acquired NovelCath, a vertically integrated manufacturer of catheter delivery systems based in Brooklyn Park, Minnesota. The acquisition expands Cirtec's capabilities in minimally invasive interventional and structural heart device manufacturing and establishes the NovelCath facility as Cirtec's Center of Excellence for Catheters and Delivery Systems.

Integra LifeSciences agreed to acquire regenerative-medicine company ACell, Inc. for $300 million upfront in cash plus up to $100 million in revenue-based milestones. The acquisition adds ACell's MatriStem porcine urinary bladder matrix platform to Integra's tissue technologies portfolio and is expected to close in Q1 2021, subject to customary conditions.

Spinal Elements announced it has acquired the assets of Benvenue Medical, including the Luna XD expandable lumbar fusion implant, the Orbit articulating discectomy system, and related manufacturing equipment. Spinal Elements plans to relocate operations to its Carlsbad, California headquarters, integrate the technologies into its MIS Ultra platform, and relaunch the products in 2021.

Arcline Investment Management, a growth-oriented private equity firm, has acquired a controlling stake in Engineering by Design (EBD) from founders Dale and Judy Henson. EBD will join Arcline's medical-oriented manufacturing equipment platform (including Glebar, Everite Machine Products, SYNEO and Cath-Tip), expanding Arcline's capabilities in precision equipment and consumables for interventional medical device manufacturing.

Rhythmlink International, LLC acquired California-based Chalgren Enterprises, a long-running manufacturer of neurodiagnostic electrodes and consumables, in a deal completed December 11, 2020. The acquisition expands Rhythmlink's product portfolio across EEG, EMG, epilepsy monitoring and other neurodiagnostic and intraoperative monitoring supplies and brings Chalgren's manufacturing expertise into Rhythmlink's operations.

Machine Solutions Inc. has acquired all outstanding stock of Switzerland-headquartered BW-TEC AG, a designer and manufacturer of catheter-forming, laser-welding, necking, testing and coating equipment for the medical device industry. The deal expands Machine Solutions' product offering and geographic service capabilities by adding BW-TEC's European engineering and manufacturing resources to Machine Solutions' global sales and service network.

German life‑science group Sartorius, via its subgroup Sartorius Stedim Biotech, has acquired U.S.-based purification specialist WaterSep BioSeparations LLC. The deal, valued at approximately $27 million plus an earn‑out of up to $9 million, adds hollow‑fiber crossflow filtration and single‑use bioprocessing devices aimed at gene and cell therapy, vaccine production and intensified bioprocessing to Sartorius' separation portfolio.

Adaptas Solutions, a portfolio company of Ampersand Capital Partners, has acquired Cadence Fluidics to broaden its product family of fluidic modules and custom valve solutions for life-science OEM instrument manufacturers. Cadence's manufacturing will be transitioned into Adaptas' 90,000 sq. ft. Palmer, Massachusetts campus; financial terms were not disclosed.

Vander-Bend Manufacturing, a portfolio company of Aterian Investment Partners, has acquired Swiss Precision Machining (SPM), a Wheeling, Illinois-based precision manufacturer of swiss screw machined components used in robotic surgery and other high-technology end markets. The deal is an add-on acquisition that expands Vander-Bend’s consumable medical instrument capabilities, swiss-screw machining capacity, and customer relationships in med-tech.

Motion Dynamics LLC, a portfolio company of Vance Street Capital, has acquired ViaMed Holdings LLC in the platform’s first strategic add‑on acquisition. The deal expands Motion Dynamics’ micro‑precision manufacturing capabilities (coiling, braiding, nitinol shape‑setting) for medical device OEMs and contract manufacturers; terms were not disclosed.

Klingel medical metal GmbH, an IK Investment Partners portfolio company based in Pforzheim, has acquired 100% of puracon GmbH from SHS Gesellschaft für Beteiligungsmanagement mbH. The acquisition adds sterile packaging and validation services to Klingel's medtech value chain and enables a one-stop-shop offering for medical device customers; puracon is based in Rosenheim and specialises in packaging and validation for implants and instruments.

Exactech acquired Muvr Labs Inc., a developer of patient wearables, mobile apps and chatbot communication tools, to integrate the Muvr portfolio into its Active Intelligence platform. The deal expands Exactech's digital health and remote patient-monitoring capabilities for joint replacement care; Muvr's pilot launch was slated for early 2021 following the December 2020 acquisition announcement.

Zimmer Biomet completed the acquisition of A&E Medical Corporation from private equity owner Vance Street Capital for $250 million. A&E Medical, headquartered in Farmingdale, New Jersey, is a designer and manufacturer of sternal closure systems, cardiac pacing wires and related disposable surgical products; the deal expands Zimmer Biomet's capabilities and product portfolio in cardiovascular and cardiothoracic surgical devices.

TTG Imaging Solutions, LLC announced the acquisition of Southwestern Imaging Systems & Service (SWISS), including its California operations, expanding TTG's national footprint in diagnostic imaging equipment sales, parts and field service. The deal broadens TTG's service engineer base and capabilities, reinforcing its position as a large independent full-service diagnostic imaging equipment company in the United States.

Aspen Surgical Products, a manufacturer of surgical disposable products, has acquired Protek Medical Products, a Coralville, Iowa-based maker of single-use ultrasonic probe covers and needle guides. The acquisition expands Aspen’s portfolio of patient- and staff-safety consumables, adds Protek’s patented Pull-Up probe cover technology and R&D capabilities, and supports cross-selling into hospital, surgery center and OEM imaging channels.

Paramit Corporation, a portfolio company of Altaris Capital Partners, acquired Emphysys, Inc., a Boston-area technology development firm specializing in medical device, life sciences and industrial product development. The acquisition expands Paramit's upstream product development capabilities and adds a Greater Boston presence to support growth in medical device and life sciences markets.

Martis Capital has made a growth equity investment in DCN Dx, a Carlsbad, California-based lateral flow diagnostics developer and contract developer of rapid point-of-care tests. As part of the transaction, Charlie Mamrak will join DCN Dx as CEO; the capital will be used to accelerate growth and expand the company's diagnostic capabilities. Financial terms were not disclosed and Pegasus Capital and TM Capital advised on the deal.

STERIS completed the acquisition of Key Surgical, a Minnesota-based provider of consumable surgical and sterile-processing products, from private equity owner Water Street Healthcare Partners. The deal expands STERIS's consumables portfolio and global reach by adding Key Surgical's ~8,000-product offering, ~13,000 healthcare customers and approximately $170M in revenue.

Therabody (formerly Theragun) has acquired RP Sports, the maker of the clinical pneumatic compression product line RecoveryPump, and will integrate the technology into its recovery and whole-body wellness portfolio. The acquisition brings FDA‑approved medical-grade compression devices to Therabody's consumer channel and supports the launch of the Therabody Recovery Lounge to offer integrated recovery solutions to teams, facilities, and consumers.

Los Angeles-based private equity firm Vance Street Capital acquired Wytech Industries, a Rahway, New Jersey manufacturer of specialty core wires and precision tube-based components for interventional medical devices. The Casalino family (founders) retain an ownership stake alongside Vance Street; terms were not disclosed. The deal represents Vance Street's first platform investment from Fund III and a strategic entry into a medical-device component manufacturing platform.

Young Innovations, a portfolio company of The Jordan Company, has acquired Preat Corporation, a Santa Maria, California-based provider of dental implant components, attachments and tools. The deal expands Young Innovations’ implant prosthetic and oral surgery product offerings and will keep Preat’s management team in place to support continued growth.

Arcline Investment Management acquired a controlling stake in Integrated Medical Holdings (IMH) from founder Bob Winters. IMH provides catheter tipping and hole-punching equipment as well as vertically integrated catheter contract manufacturing services and will join Arcline’s medical-oriented manufacturing equipment platform alongside Glebar, SYNEO and Everite Machine Products.

Swedish medtech company OssDsign AB acquired Scottish bone-graft developer Sirakoss Ltd for an initial USD 11 million plus milestone and royalty payments. The acquisition adds Sirakoss's Osteo3 ZP Putty (which has FDA 510(k) clearance) to OssDsign's craniomaxillofacial portfolio and supports immediate commercial activity in the US.

Milton Street Capital, a Houston-based private equity firm, acquired the Life Sciences business of Worthington Industries (Theodore, AL) and International Cryogenics, Inc. (Indianapolis, IN) and combined them to form IC Biomedical. The new company will be led by Steve Shaw (CEO) and Jim Hoppel (CFO) and will focus on manufacturing cryogenic storage freezers, dewars and shippers for biomedical, pharmaceutical and research markets.

MedCap AB has acquired 100% of the shares in UK-based Multi-Ply Components Ltd, a developer and manufacturer of carbon-fibre components for medical x-ray and mammography equipment. The deal closed 29 October 2020 with an initial cash payment of £5.5m plus an earn‑out of up to £3.3m; the company will relocate to a new consolidated production facility and the founders will remain operationally engaged.

Teleflex Incorporated acquired Z-Medica, LLC — a Wallingford, Connecticut-based manufacturer of QuikClot hemostatic products — from private equity owners Linden Capital Partners and DW Healthcare Partners. The deal, first announced in October 2020 and reported closed in December 2020, expands Teleflex’s trauma and emergency medicine product portfolio and represents an exit for Linden and DWHP.

Repligen Corporation has agreed to acquire privately-held ARTeSYN Biosolutions for approximately $200 million (about $130 million cash and $70 million in Repligen stock). The purchase expands Repligen's single-use downstream bioprocessing systems portfolio — ARTeSYN was projected to generate roughly $30 million in pro forma 2020 revenue and the deal complements Repligen's recent EMT and NMS acquisitions.

Hong Kong-based Prenetics, via its UK entity DNAFit Life Sciences Limited, has acquired Oxsed, an Oxford University spin-out that developed a rapid RT-LAMP COVID-19 testing platform. The acquisition gives DNAFit/Prenetics exclusive global rights to the Oxsed technology to accelerate R&D, scale manufacturing and deploy rapid point-of-care testing (including airport trials) worldwide.

Arcline Investment Management, a growth-oriented private equity firm, acquired a controlling stake in SYNEO from Rockwood Equity Partners. SYNEO is a vertically-integrated machine, tooling and services company serving the interventional medical device and specialty press-fit PCB markets, with manufacturing facilities in West Palm Beach, Florida and Angleton, Texas and forward-deployed sales/service offices in Europe and Asia.

Paramit Corporation, a Silicon Valley–based designer and manufacturer of electronics-based medical devices and life science instruments, has agreed to acquire Austrian embedded-systems specialist S.I.E. SOLUTIONS (System Industrie Electronic GmbH) and its German subsidiary. The acquisition establishes Paramit's European headquarters in Lustenau, Austria and is intended to expand Paramit's local manufacturing and development capabilities in Europe; the deal is expected to close in Q4 2020 subject to regulatory approvals.

Avidity Science, a ShoreView portfolio company, has acquired Lab Products, Inc. and its divisions — Bio Medic Data Systems, Hydropac and Harford Systems — expanding its portfolio of water purification and delivery products, control and monitoring solutions, and vivarium equipment for biomedical research. The transaction is the fifth add-on completed under ShoreView's ownership and is intended to broaden Avidity's product capabilities and geographic presence in the life-science research market.

Havencrest Capital Management, a Dallas-based healthcare private equity firm, has completed the acquisition of ThermoTek, Inc., a Flower Mound, Texas-based designer and manufacturer of temperature management devices for medical and industrial end markets. Havencrest plans to support ThermoTek's growth by expanding its product portfolio, entering adjacent markets and pursuing complementary acquisitions, with Oxford Finance providing debt financing.

Katena Products, a global provider of ophthalmic instruments and devices (PE-backed by Audax Private Equity), has acquired Micro-Select Instruments, a St. Clair, Missouri-based manufacturer of high-precision ophthalmic surgical instruments. Katena will combine Micro-Select with its prior St. Louis instrument acquisition to expand its instrument manufacturing capabilities and support its buy-and-build strategy.

Rosen's Diversified, Inc. (RDI) announced its offer for Collagen Solutions plc became wholly unconditional, and Collagen Solutions will join the RDI group. Collagen Solutions will be integrated into RDI’s life sciences division (Scientific Life Solutions), providing expanded tissue and biomaterials manufacturing capacity and international distribution reach for RDI's porcine and bovine supply chain.

Calibre Scientific, a global provider of life-science reagents and consumables, has acquired Lorne Laboratories Limited, a UK-based manufacturer of blood grouping reagents and diagnostic test kits. The acquisition bolsters Calibre's diagnostics catalogue and expands its capabilities serving hospitals, blood transfusion services and government health agencies including the UK NHS.

Machine Solutions Inc., the medical‑device equipment platform owned by BW Forsyth Partners, completed three add‑on acquisitions in 2020: Crescent Design Inc., Beahm Designs Inc. and Switzerland‑based BW‑TEC AG. The deals expand Machine Solutions' catalog of catheter manufacturing and test equipment and broaden engineering and aftermarket service capabilities for medical device manufacturers.

BVI, a PE-backed global ophthalmic medical device company, has acquired Benz Research & Development and its customized contact lens subsidiary SpecialEyes, both based in Sarasota, Florida. The deal expands BVI's intraocular lens (IOL) materials and contact lens capabilities — leveraging Benz's proprietary molding technology and materials (used in 50+ million implants) to increase IOL production scale and end-to-end capability.

Patricia Industries, part of Investor AB, has completed the acquisition of US-based Advanced Instruments, a global leader in osmolality testing instrumentation and consumables, from Windjammer Capital. The deal values Advanced Instruments at an enterprise value of USD 780 million; Patricia Industries injected roughly USD 619–620 million of equity for majority ownership. Advanced Instruments (headquartered in Norwood, Massachusetts) serves clinical, biopharmaceutical and food & beverage markets and reported approximately USD 72 million in sales for the 12 months ending June 30, 2020.

Ampersand Capital Partners completed a majority recapitalization of American Laboratory Products Company (ALPCO) to provide growth capital for expanding ALPCO's diagnostics test kit offering, geographic reach, and R&D/production capabilities. Founders Richard and Jan Conley will remain shareholders, Sean Conley will continue as CEO, and Larry McCarthy, PhD was named Board Chairman.

Regulatory and Quality Solutions LLC (R&Q) acquired Maetrics LLC on September 10, 2020 to create an enlarged global regulatory and quality consultancy focused on medical devices, diagnostics, and pharmaceuticals. The combination brings together R&Q's regulatory services with Maetrics' international footprint and expertise to form the largest medical device–focused regulatory and quality consultancy.

ILC Dover, Inc. has acquired Solo Containment Ltd, a UK-based specialist manufacturer of flexible film isolators used in pharmaceutical and biopharmaceutical manufacturing. The deal broadens ILC Dover's single-use containment and aseptic isolator capabilities, establishes a European center of excellence, and complements its HPAPI containment offerings; Solo founder Martyn Ryder will remain with the business.

Patricia Industries, part of Investor AB, has signed an agreement to acquire Advanced Instruments, LLC from Windjammer Capital for an enterprise value of $780 million. Advanced Instruments, headquartered in Norwood, Massachusetts, is a manufacturer of scientific and analytical instruments serving the clinical, biotechnology and food & beverage markets; the transaction is expected to close in Q4 2020 subject to regulatory approvals.

Royal Biologics, an ortho-biologics company based in Hackensack, New Jersey, completed the acquisition of the FIBRINET system from Vertical Spine LLC. The FIBRINET system uses a patient’s autologous blood to create a platelet-rich fibrin matrix (PRFM) for use in spinal fusion and expands Royal Biologics’ portfolio of autologous and live cellular therapies to support orthopedic and spinal fusion procedures.

Graham Partners’ portfolio company Medbio, an outsourced medical device manufacturer based in Grand Rapids, Michigan, has acquired Polymer Conversions, Inc., a Western New York contract molder. The add‑on expands Medbio’s geographic footprint and injection‑molding and assembly capabilities, creating cross‑selling opportunities and expected operational synergies for the combined medical‑device manufacturing platform.

Mirion Technologies, a San Ramon-based, PE-backed provider of radiation detection and measurement solutions, acquired Biodex Medical Systems, Inc. effective September 1, 2020. Biodex, a manufacturer of nuclear medicine instruments, medical imaging equipment and rehabilitation systems headquartered in Shirley, New York, will expand Mirion's medical device and imaging capabilities as part of Mirion's strategic plan to grow its medical business.