Medical Devices Acquisitions in 2021

Altaris Capital Partners has entered into an agreement to acquire Meridian Medical Technologies from Pfizer. Meridian, a pioneer in emergency response drug-device combination products and auto-injectors with facilities in St. Louis, Missouri and Columbia, Maryland and more than 750 employees, will become an Altaris portfolio company to expand the firm's capabilities in medical countermeasures and emergency response solutions.

Argentum Medical, a Shore Capital‑backed medical device company and maker of Silverlon dressings, has acquired Anacapa Technologies' antimicrobial wound cleansers, gels and irrigation product lines, including the Anasept and Silver‑Sept brands. The deal, completed on December 29, 2021, expands Argentum's wound‑care portfolio and integrates Anacapa's topical antimicrobial solutions into Argentum's existing product lineup for surgical, burn and chronic wound care.

Essity has acquired US-based advanced wound care company Hydrofera for USD 116 million, with a potential additional earnout of up to USD 15 million. Hydrofera, headquartered in Manchester, Connecticut with about 90 employees, brings Hydrofera Blue antibacterial wound dressings and distribution relationships across hospitals, clinics and long-term care—supporting Essity's Medical Solutions capability expansion.

Corcym, a global medical device company focused on structural heart solutions, closed a €45 million growth financing arranged by funds managed by Hayfin Capital Management. The financing (preferred equity plus a senior credit facility) will support Corcym's international expansion and strategic growth initiatives alongside existing investor Gyrus Capital.

Zynex, Inc. acquired 100% of Kestrel Labs, Inc. in a transaction that closed December 22, 2021 for approximately $31.0 million (about $16.0 million cash financed by Bank of America and $15.0 million in Zynex common stock). Kestrel Labs develops laser-based, noninvasive patient monitoring devices (NiCO CO‑Oximeter and HemeOx) that are not yet FDA-cleared; Zynex said it will integrate the technologies into its monitoring portfolio and pursue regulatory clearance and commercialization.

Los Angeles-based private equity firm Vance Street Capital has acquired Plastic Design Corporation (PDC), a Scottsdale, Arizona-based contract manufacturer of micro-molded plastic components for the MedTech and life sciences markets. Founder Mark Kinder will resume as President, and Vance Street intends to leverage PDC's micro-molding and over-molding capabilities to expand its medtech manufacturing platform and serve medical device OEMs and microfluidics customers.

Essity has acquired AquaCast Liner, a privately held US maker of waterproof cast liners based in Newark, Delaware. The acquisition expands Essity’s orthopedics product portfolio and strengthens its position in fracture management by adding waterproof and water-resistant cast liner products to its offering.

UFP Technologies, Inc. (Nasdaq: UFPT) has acquired DAS Medical, Inc., a contract manufacturer of single‑use surgical equipment covers, robotic draping systems and fluid control pouches. The acquisition expands UFP's MedTech capabilities—adding thin film converting and near‑shore manufacturing in the Dominican Republic—and provides additional low‑cost manufacturing options for shared customers.

France-domiciled Sterimed Group has acquired Westfield Medical Group, a Somerset-based manufacturer of single-use sterilisation barrier packaging, from private equity owner Maven. The sale — which follows Maven's 2016 MBO of Westfield — is described as a strategic fit to expand Sterimed's product and geographic footprint; Maven and its co-investors generated a reported 2.2x blended return on exit.

Medical Manufacturing Technologies (MMT), a portfolio company of Arcline Investment Management, has acquired R&D Engineering from Biomerics to expand its catheter manufacturing and automation technologies. R&D Engineering will continue to operate in Brooklyn Park, Minnesota, and the acquisition strengthens MMT's end-to-end medical device manufacturing solutions; Cowen served as financial advisor to MMT.

Boyd Corporation has acquired MBK Tape Solutions to deepen its medical-grade skin-contact materials expertise for applications including biosensors, transdermal patches and medical wearables. The deal expands Boyd's ISO 13485‑certified manufacturing and material science capabilities to accelerate customer time‑to‑market in regulated medical end markets.

ZOLL Medical Corporation, an Asahi Kasei company, has completed the acquisition of Itamar Medical Ltd., a developer of at-home sleep apnea diagnostic devices and digital health solutions. ZOLL acquired all outstanding shares for $1.0333333 per ordinary share (approximately $31 per ADS), and Itamar will be delisted from Nasdaq and TASE and operate as a business division within ZOLL.

Argon Medical Devices, a U.S.-based medical device manufacturer, acquired Matrex Mold and Tool, a Portage, Wisconsin custom mold and tool manufacturer. The acquisition vertically integrates Argon's manufacturing capabilities, enabling in-house production of prototype and production molds to improve quality control and shorten time-to-market.

Royal Philips has signed an agreement to acquire Vesper Medical Inc., a US-based maker of minimally-invasive peripheral venous stent devices and a portfolio company of Gilde Healthcare. The acquisition will add Vesper's DUO Venous Stent System to Philips' image-guided therapy and peripheral vascular portfolio; the deal is expected to close in Q1 2022 and includes roughly 20 Vesper employees joining Philips.

Avanos Medical, Inc. has entered into a definitive agreement to acquire OrthogenRx, Inc. for $160 million ($130M cash at closing plus up to $30M contingent on milestones). The acquisition adds OrthogenRx's FDA-approved viscosupplementation products GenVisc 850 and TriVisc to Avanos' chronic pain portfolio to expand its continuum-of-care offerings for knee osteoarthritis patients.

Baxter International has completed its acquisition of Hillrom, paying $156.00 per share for a purchase price of $10.5 billion (approximately $12.5 billion enterprise value including assumed debt). The deal brings Hillrom's products and digital health capabilities into Baxter's portfolio to expand global reach, drive connectivity and analytics-enabled care, and pursue cost synergies and growth opportunities.

Healthcare Holding Schweiz AG, a newly founded Swiss healthcare platform backed by Winterberg Group, has acquired Senectovia Medizinaltechnik AG, a Swiss provider of anti-decubitus medical mattresses and beds. The acquisition is the inaugural step in a buy-and-build strategy to build a MedTech distribution and services platform across Switzerland.

London-based GHO Capital has invested in Biocare Medical, a California-headquartered developer of immunohistochemistry reagents and diagnostic instrumentation, alongside existing investor Excellere Partners. The capital will be used to accelerate R&D, expand the instrument offering, and support international expansion to capture growing demand for oncology diagnostics.

Gener8 LLC, a portfolio company of Sverica Capital Management, has completed the acquisition of The RND Group, an Indianapolis-based provider of software development for medical device and life sciences products. The acquisition adds full-lifecycle regulated software capabilities — including cloud solutions, verification & validation, quality system compliance, and LIS/EHR integration — to Gener8's existing instrument, consumable and firmware offerings to extend services off-instrument and accelerate customer development timelines.

EQT Private Equity (via the EQT IX fund) agreed to acquire a 20% minority stake in Copenhagen-based digital dentistry leader 3Shape from the company's founders, who remain majority shareholders. The investment will provide growth capital and access to EQT's digitalization and global healthcare expertise to accelerate 3Shape's international expansion and roll-out of additional digital services.

Veranex, a global tech-enabled product development services provider backed by Summit Partners, has acquired Worrell, a 46-year-old human-centered design firm focused on healthcare innovation. The acquisition expands Veranex's human-centered design and human factors capabilities and broadens its geographic footprint with Worrell's offices in Minneapolis, Providence, the San Francisco Bay Area, London, and Shanghai.

Blue Sea Capital has completed an acquisition of WillowWood Global LLC, a long-established designer and manufacturer of prosthetic products, from DW Healthcare Partners. The investment positions WillowWood for accelerated growth — with management retaining meaningful ownership — and signals Blue Sea's intent to support organic growth and pursue acquisition-driven expansion in the prosthetics market.

Funds managed by Carlyle have acquired a significant minority equity stake in Resonetics, valuing the specialized medical device contract manufacturer at approximately $2.25 billion. Carlyle will join existing investor GTCR as a meaningful shareholder while Sverica retains a minority position; the investment will support Resonetics’ continued organic growth, international expansion and add-on acquisition strategy.

Corza Medical, a GTCR portfolio company, has acquired Katena Products from Audax Private Equity. Katena is a Parsippany, New Jersey–based manufacturer of precision ophthalmic instruments, single-use devices and specialty biologics with more than 200 employees and sales in over 110 countries. Audax, which acquired Katena in 2015, supported the company's operational and M&A-driven growth during its ownership.

Hilco Vision, a portfolio company of Windjammer Capital Investors, acquired Belgium- and Netherlands-based Simovision BV effective November 17, 2021; terms were not disclosed. Simovision is a distributor of ophthalmic consumables and equipment serving hospitals, clinics, surgeons and opticians across the Benelux and will remain based in Overijse with founder Marc Simonet and his team continuing with the business.

ADDvise Group AB (publ) has completed the acquisition of all shares in Southern Life Systems, Inc. (SLS). The purchase price is approximately USD 11.0 million (USD 7.6m initial cash consideration plus potential earn-outs), financed with ADDvise's own funds; SLS reported about USD 11.56 million revenue and ~USD 1.68 million adjusted EBITDA for 2020.

Protective Industries, a Berwind operating company, has acquired Medbio LLC from Graham Partners. Medbio, headquartered in Grand Rapids, Michigan, is a clean-room contract manufacturer specializing in injection molding and assemblies for medical device, life sciences and biotech customers; the acquisition expands Protective Industries' medical device manufacturing capabilities while representing a portfolio exit for Graham Partners.

MGC Diagnostics Corporation, a portfolio company of Altus Capital Partners, has acquired Lemon Medical GmbH, a German manufacturer of single‑patient disposable viral and bacterial filters and non‑invasive cardiorespiratory diagnostic systems. Financial terms were not disclosed; the acquisition strengthens MGC's in‑house manufacturing capabilities, product offering and European footprint.

Klingel medical metal group, owned by IK Partners, has signed an agreement to acquire Ruetschi Technology Holding AG, a Swiss contract manufacturer for medical devices that employs more than 200 people across three sites in Switzerland and Germany. The deal expands Klingel's MedTech CMO capabilities—particularly sterile packaged single-use procedure kits for orthopedic, spinal and dental surgery—and is the fourth acquisition for Klingel since IK Partners invested in 2018.

NeoLight LLC, an Arizona State University spinout and Scottsdale-based newborn medical device company, has acquired Phoenix Technology Group LLC (PTG), a provider of ophthalmic imaging devices and a telemedicine platform for retinopathy of prematurity (ROP) screening. The deal expands NeoLight’s product portfolio to include the Phoenix ICON camera systems and the Phoenix CONNECT telemedicine platform and aims to leverage PTG’s global distribution to accelerate adoption of NeoLight’s Skylife neonatal phototherapy products.

Trans-Atlantic private equity firm ARCHIMED has acquired a majority stake in Cardioline, a Trento, Italy-based maker of cardiology devices and Europe's largest provider of cardiology-focused telemedicine. The investment, made through ARCHIMED's MED III Fund, will support Cardioline's product and software development, international expansion and potential add-on M&A while founders retain a significant minority stake and remain in management.

RoundTable Healthcare Partners’ portfolio company Healthcare Components Group (HCG) has acquired Endoscopy Development Company (EDC), a Maryland Heights, Missouri-based manufacturer of replacement and repair parts for flexible endoscopes. The add-on deal (financed with incremental senior debt and an incremental equity injection from RoundTable’s Equity Fund V) expands HCG’s endoscopy component portfolio and brings EDC’s ~100 employees and global distribution into the HCG platform.

Getinge has acquired Verrix LLC, a San Clemente, California-based medical device company developing sterility assurance and infection-control technologies. Outcome Capital served as exclusive strategic and financial advisor to Verrix; Getinge said the acquisition secures its entry into the hospital sterility monitoring segment and expands its infection-control product offering.

Mirion Technologies, Inc. (NYSE: MIR) has signed a definitive agreement to acquire Computerized Imaging Reference Systems, Inc. (CIRS), a Norfolk, Virginia–based maker of medical imaging and radiation therapy phantoms. CIRS (≈80 employees) will be integrated into Mirion's Medical segment; the transaction is expected to close in Q4 2021 for approximately $54 million and is intended to expand Mirion's medical product and services capabilities and drive margin synergies.

CSAT Solutions Holdings, LLC, an Insight Equity portfolio company, has acquired USOC BioMedical, LLC. USOC, an Irvine-based provider of medical device repair, sales and leasing services, will expand CSAT's medical-device capabilities and geographic footprint across the United States and Canada.

LumiThera, a commercial-stage ophthalmic medical device company, entered a definitive merger agreement to acquire Diopsys in a stock-for-stock transaction under which Diopsys will become a wholly owned subsidiary of LumiThera. The deal combines Diopsys' visual electrophysiology diagnostic systems with LumiThera's photobiomodulation treatment platform to create a coordinated light-based theranostic approach for diagnosing, treating and monitoring ocular disease.

ARCH Medical Solutions (an ARCH Global Precision company and Jordan Company platform) has acquired Medical Machining Specialists (MMS), a surgical-instrument manufacturer based in Olive Branch, Mississippi. The acquisition adds MMS’s 20,000-square-foot facility and ~65 employees to ARCH Medical Solutions’ Memphis footprint, expanding capabilities in precision surgical instruments for spine, orthopedic and trauma markets.

Coloplast has agreed to acquire Atos Medical from private equity firm PAI Partners for an enterprise value of approximately €2.2 billion. Atos Medical, headquartered in Malmö, Sweden, is a global leader in laryngectomy and tracheostomy products with ~1,150 employees and a direct presence in 30 countries; the deal is subject to customary regulatory approvals and was anticipated to close in Q1 2022.

Funds managed by Apollo Global Management have entered into a definitive agreement to acquire Global IID Holdco, LLC and its subsidiaries, including 1A Smart Start, LLC (Smart Start), the leading global provider of ignition interlock and alcohol monitoring solutions. Apollo's Impact platform will support Smart Start's efforts to deepen its market position across in-vehicle and portable alcohol monitoring offerings and scale the business; financial terms were not disclosed.

Ottobock has acquired 100% of suitX, a US-based developer of occupational and medical exoskeletons spun out of UC Berkeley. suitX will join Ottobock Bionic Exoskeletons to combine product portfolios, expand Ottobock's North American footprint, and accelerate adoption of occupational and medical exoskeleton solutions.

GHO Capital Partners LLP has made a majority investment in Sanner Group (Sanner GmbH), a Germany‑based manufacturer of active packaging solutions and components for pharmaceutical, diagnostic, nutraceutical and medtech customers. GHO will partner with the Sanner family and existing management to accelerate global expansion—including capacity expansion in Germany and China and entry into the U.S.—and to invest in product development, sustainability and sales growth.

Blue Wolf Capital Partners has agreed to acquire CIVCO Radiotherapy, a maker of radiotherapy patient positioning and immobilization equipment, from Roper Technologies. CIVCO Radiotherapy, headquartered in Iowa with ~115 employees and serving hospitals and cancer centers globally, will be led by Nat Geissel as CEO following close; terms were not disclosed and the deal is expected to close by year-end.

Fremman has acquired a majority stake in Palex, the leading distributor of high value-added MedTech equipment and solutions in Spain and Portugal, from Ergon Capital Partners and Corpfin Capital. Management, Ergon and Corpfin will remain minority shareholders as Fremman partners with the Palex team to pursue further consolidation and geographic expansion across Iberia and Europe.

LLR Partners completed a growth investment in Genesee Scientific, a San Diego–based manufacturer and distributor of life-science consumables and laboratory equipment. The partnership will fund expansion of Genesee's product portfolio and scaling of its national footprint; Audax Private Debt provided unitranche financing to support the transaction.

Hologic, Inc. agreed to acquire Bolder Surgical, a Colorado-based developer of advanced energy vessel sealing and dissection devices, for approximately $160 million and has completed the previously announced transaction. The acquisition adds laparoscopic vessel sealing, dividing and dissecting devices (including pediatric-focused 3 mm and 5 mm tools) to Hologic’s Surgical portfolio, enabling capability expansion and broader commercialization into OB/GYN and hospital markets; Bolder was expected to generate about $10 million of product revenue in the calendar year.

UFP Technologies, Inc. (Nasdaq: UFPT) has acquired Contech Medical, Inc., a Providence, Rhode Island–based designer and manufacturer of class III medical device packaging for catheters and guidewires. Contech, founded in 1987 with partner manufacturing in Costa Rica and approximately $18 million in annual sales, will expand UFP's MedTech capabilities and is expected to be accretive to earnings.

Laborie Medical Technologies Corp., a specialist medical technology company headquartered in Portsmouth, New Hampshire, has acquired Pelvalon, Inc., a Redwood City, California-based medical device company. Pelvalon’s Eclipse System is an FDA-cleared, non-surgical, patient-controlled device for women with fecal incontinence; the acquisition expands Laborie’s portfolio in pelvic floor and women’s health therapies.

Veranex, a global concept-to-commercialization service provider for the MedTech industry, has acquired IMMR, a Paris-based preclinical science organization providing GLP-compliant preclinical research, pathology evaluation and surgical training. The acquisition expands Veranex's preclinical capabilities with IMMR's FDA-inspected and AAALAC-accredited facilities and expert surgical teams; financial terms were not disclosed.

SteriPack Group has acquired Frederick, Colorado-based Halleck‑Willard, Inc. (HWI) to expand its medical device design and engineering capabilities. HWI — a turnkey R&D and engineering firm specializing in electronics, firmware, embedded software, IoT, RF and microminiature design for medical and other industries — will become SteriPack's electronics and software design center, augmenting SteriPack's product lifecycle services from concept through regulatory navigation and manufacturing.

AURELIUS Wachstumskapital SE & Co. KG (AURELIUS Growth Investments) has acquired a majority stake in Sasse Elektronik GmbH, a Schwabach-based full-service developer and manufacturer of complex electronic and mechatronic systems for the medical-technology market (e.g., X‑ray systems, infusion pumps). AURELIUS will support Sasse’s next growth stage with additional financial backing and an international buy‑and‑build strategy, while Sasse’s management (including Prof. Dr. Armin Bolz and Dirk Rimane) remain involved in running the business.