Medical Devices Acquisitions in 2023

Hudson Robotics and Art Robbins Instruments, an Argosy Healthcare Partners portfolio company, has acquired Tomtec Inc., a Hamden, Connecticut-based maker of automated liquid handling instruments for mass spectrometry sample preparation. The deal expands Hudson's liquid handling and sample-preparation capabilities—adding Tomtec's Quadra/Harvester products and opening new bioanalytics and mass-spectrometry workflows to Hudson's integrated automation solutions.

Lafayette Instrument Company, a portfolio company of Branford Castle Partners, has acquired Actimetrics, a Wilmette, Illinois-based maker of scientific instrumentation and software for circadian biology and animal behavioral neuroscience. Brookside Capital Partners provided subordinated debt and minority equity to support Lafayette in the bolt-on acquisition; terms were not disclosed.

EQT Private Equity (via its EQT X fund) has entered into an agreement to acquire Zeus Company, Inc., a global leader in advanced polymer components for medical devices, from the Tourville family. EQT plans to support Zeus with investments in production capacity, R&D, and operational improvements to accelerate growth in minimally invasive medical device markets.

Nordic Pharma Group B.V., through its U.S. subsidiary Amring Pharmaceuticals Inc., has completed the acquisition of Visant Medical, Inc., bringing the FDA-cleared hyaluronic acid canalicular occlusive device LACRIFILL into the Nordic Pharma portfolio. Nordic will launch and commercialize LACRIFILL in the United States, expanding its ophthalmology product offering and enabling future global regulatory filings.

Veranex has acquired T3 Labs, a preclinical laboratory based in Atlanta, Georgia. The acquisition expands Veranex's preclinical footprint in North America and deepens its medical‑device testing and therapeutic expertise to provide more integrated services to medtech clients.

Haemonetics Corporation completed its acquisition of OpSens Inc. in an all-cash transaction for CAD $2.90 per share, representing a fully diluted equity value of approximately USD $255 million. The deal expands Haemonetics' hospital/interventional cardiology portfolio with OpSens' fiber-optic sensor technology (including the SavvyWire and OptoWire); OpSens will be delisted and Haemonetics expects OpSens to contribute $55–$65 million in revenue in fiscal 2025.

PerkinElmer has acquired Covaris, a Woburn, Massachusetts-based developer of instruments, consumables, and reagents for high-throughput genomic and proteomic sample preparation. Both companies are majority owned by New Mountain Capital; the acquisition expands PerkinElmer's life-sciences portfolio and accelerates its entry into the diagnostics and NGS sample-preparation market. Terms were not disclosed.

Johnson & Johnson MedTech has completed the acquisition of Laminar, Inc., a privately held medical device developer focused on eliminating the left atrial appendage (LAA) in patients with non‑valvular atrial fibrillation, for $400 million upfront plus potential clinical and regulatory milestone payments. Laminar will join Johnson & Johnson MedTech’s Biosense Webster business to expand the company’s electrophysiology and interventional cardiology portfolio and accelerate development and commercialization of Laminar’s rotational LAA elimination technology.

Nevro Corp. acquired Vyrsa Technologies, a privately held medical technology company focused on minimally invasive sacroiliac (SI) joint fusion devices, in a deal that closed November 30, 2023. Nevro paid $40 million at closing and may pay up to an additional $35 million in cash or stock tied to development and sales milestones; the company said Vyrsa will broaden its product portfolio and is projected to be accretive in 2024.

Smith+Nephew (S&N) has agreed to acquire Israeli medtech CartiHeal for up to $330 million, adding CartiHeal's Agili‑C implant to its Sports Medicine/knee repair portfolio. CartiHeal, founded in 2009 and headquartered in Kfar Saba, Israel, employs about 25 people and has FDA breakthrough-designated technology for osteochondral repair.

Probo Medical, a provider of diagnostic imaging equipment and services backed by Avista Capital Partners, has acquired Davis Medical Electronics, Inc., a long-standing supplier of cardiology equipment and supplies founded in 1983. The deal expands Probo's cardiology-focused offering and strengthens its footprint in the western United States; financial terms were not disclosed.

Inari Medical (NASDAQ: NARI) completed the acquisition of LimFlow S.A., a pioneer in limb-salvage technology for chronic limb‑threatening ischemia (CLTI), for $250 million upfront plus up to $165 million in contingent payments. The deal expands Inari’s clinical capabilities and product portfolio into peripheral limb-salvage solutions and will be funded from Inari’s existing cash resources.

TekniPlex Healthcare has signed a definitive agreement to acquire Seisa Medical, a full-service contract manufacturer of Class II and III medical devices headquartered in El Paso, Texas. The deal expands TekniPlex Healthcare’s materials science and process technology capabilities into the medical device CDMO segment, adding Seisa’s ~2,000 employees and facilities in the U.S., Mexico and Slovakia; the closing is subject to regulatory approval.

AMETEK, Inc. has agreed to acquire Paragon Medical, a Pierceton, Indiana-based contract manufacturer of medical components and instruments, from private equity firm American Securities in an all-cash transaction valued at approximately $1.9 billion. The deal advances AMETEK’s capabilities and footprint in medical device manufacturing and is subject to customary closing conditions and regulatory approvals.

Ergotron, a global provider of ergonomic workflow solutions, has acquired Enovate Medical, a manufacturer of nurse-ready workstations and related services. The purchase expands Ergotron’s healthcare capabilities by adding Enovate’s hardware, mobile power systems and cloud-based workstation management software to its product and service portfolio; terms were not disclosed.

Aterian Investment Partners closed Aterian Opportunities II, LP, a ~$460 million single-asset continuation vehicle to purchase Vander-Bend Manufacturing from Aterian Investment Partners II (Fund II). The transaction provides approximately $90 million of incremental growth equity to Vander-Bend and is anchored by investors including J.P. Morgan Global Alternatives, Hollyport Capital and Blackstone Strategic Partners; Aterian management and certain Fund II LPs rolled meaningful equity.

Keensight Capital, A.P. Moller Holding and Bonit Capital have taken minority positions in Stockholm-headquartered Bentley Endovascular Group AB to support the company's US market entry and IPO preparation. The founding family and management retain majority control; Bentley—best known for covered stents and endovascular devices—will use the new capital to expand geographically and reinforce its product offering.

Laborie Medical Technologies has completed the acquisition of Urotronic, a Plymouth, Minnesota-based developer of the Optilume drug‑coated balloon technology for interventional urology. The deal includes an upfront cash payment (net $232 million to Laborie considering its prior minority stake) and up to $345 million in milestone payments, and brings Urotronic and its employees fully into Laborie to expand Laborie's interventional urology product portfolio globally.

Clinisupplies Limited has acquired the Aquaflush transanal irrigation (TAI) business from Renew Medical Inc. and Renew Medical UK Limited, expanding Clinisupplies' bowel management and chronic care product offering. The deal strengthens Clinisupplies' position as a UK-based chronic care organisation supported by prior investment from funds managed by KKR.

Silony Medical International AG completed the acquisition of Centinel Spine’s Global Fusion Business, including all cervical and lumbar fusion products and the STALIF technology platform. The deal gives Silony a major entry into the United States market, strengthens its anterior standalone cage offering, and the company will rebrand to Silony Spine to emphasize its focus on spinal fusion technology.

Addtronics, a mission-driven holding company backed by Kaho Partners, has acquired Sirius Automation, a Buffalo Grove, Illinois developer of laboratory robotic systems serving biotech and pharmaceutical customers. Sirius Automation's founder Justin Lu will remain as president as the business becomes the fourth strategic addition to the Addtronics platform to expand lab automation capabilities and end markets. Terms were not disclosed.

Getinge (Gothenburg, Sweden) has acquired 100% of Healthmark Industries Co. Inc. (Fraser, Michigan, USA) for approximately USD 320 million, a deal that closed following the HSR waiting period. Healthmark, a maker of instrument-care and infection-control consumables with ~400 employees and expected FY2023 net sales of about USD 126 million, will complement Getinge’s sterile reprocessing equipment, consumables and software and accelerate Healthmark’s international expansion.

Teleflex Incorporated completed its acquisition of Palette Life Sciences AB for $600 million in upfront cash plus up to $50 million in potential milestone payments. The deal adds Palette’s NASHA-based products — including the Barrigel rectal spacer, Deflux and Solesta — to Teleflex’s interventional urology portfolio; Palette’s standalone net revenue was expected to be about $56 million for 2023.

Cadence, Inc. acquired the Florida location of ARC Group Worldwide (ARC Florida) in DeLand, Florida. The acquisition adds Metal Injection Molding (MIM) and cleanroom plastic injection molding capabilities to Cadence’s medtech contract-manufacturing platform, expanding its vertical manufacturing services for medical devices, drug delivery and diagnostics.

Hamburg-based 3B Scientific has acquired Wallcur LLC, a San Diego-based provider of medical simulation products and educational materials. The acquisition expands 3B Scientific's medical simulation and anatomical-model product offering and keeps Wallcur operating under its existing brand with leadership continuity.

Sunrise Medical has completed the strategic acquisition of Ride Designs, a Denver-based maker of premium custom wheelchair seating systems. The deal expands Sunrise Medical’s seating and positioning portfolio, bringing Ride Designs’ clinical expertise, Aspen Seating Clinic services and advanced 3D printing capabilities into Sunrise’s global mobility platform.

Healthcare Holding Schweiz AG, a Winterberg Group-backed buy-and-build platform in Swiss medtech distribution, has acquired Winther Medical AG. The acquisition expands the platform's product range and presence in hospital, imaging and emergency care alongside its existing asset Senectovia Medizinaltechnik AG.

Acme United Corporation acquired selected assets of Hawktree Solutions, Inc., a supplier of first aid and survival kits, medical supplies, and training, for approximately $1.0 million. Hawktree — which held the exclusive Canadian Red Cross license for certain first aid/survival products and had prior annual revenues of about $4.0 million — was in receivership; Acme United will operate the business from its Laval, Canada facilities and expects the acquisition to be accretive in Q4 2023.

Enovis Corporation has agreed to acquire LimaCorporate from EQT Private Equity and its co-shareholders in a strategic combination to create a global orthopaedics leader. LimaCorporate, headquartered in San Daniele del Friuli, Italy, is a specialist orthopaedic implant manufacturer (notably in hip, knee and shoulder systems) that reported EUR 249 million in revenue in 2022 and sells products in 49 countries; the transaction is expected to close in early 2024, subject to customary approvals.

ATS Corporation has entered into a definitive agreement to acquire Avidity Science, a designer and manufacturer of automated water purification and delivery systems for biomedical and life science applications, for US$195 million. The acquisition strengthens ATS's life sciences capabilities and is expected to close in Q4 2023 subject to customary regulatory filings.

Boston Scientific Corporation agreed to acquire Relievant Medsystems, Inc. to expand its neuromodulation portfolio and add the Intracept intraosseous nerve ablation system for vertebrogenic chronic low back pain. The deal includes an $850 million upfront cash payment plus contingent payments tied to sales, and is expected to close in the first half of 2024; Relievant was projected to generate more than $70 million in sales in 2023.

Permobil has acquired Canada-based PDG Mobility, a designer and manufacturer of manual tilt-in-space wheelchairs, strengthening Permobil's manual wheelchair and seating portfolio. The deal, announced September 13, 2023, will expand Permobil's product offering and global reach; financial terms were not disclosed.

Marketlab, a family-owned manufacturer of specialty healthcare products based in Caledonia, Michigan, has acquired the assets of Medi‑Tech International Corporation, a Brooklyn, New York‑based manufacturer of wound care, labor‑and‑delivery, and patient safety products. The acquisition expands Marketlab’s medical‑surgical and laboratory product portfolio and brings additional products, distribution partnerships, and GPO contracts into its offering to better serve IDNs and other healthcare customers.

Novacyt, through its wholly-owned subsidiary Novacyt UK Holdings Limited, has completed the acquisition of Yourgene Health plc by way of a court-sanctioned scheme of arrangement. The deal brings together Novacyt's diagnostics capabilities with Yourgene's genomic technologies and services to create a larger, diversified international molecular diagnostics business headquartered in Manchester, UK.

Abbott has entered a definitive agreement to acquire Bigfoot Biomedical, a developer of smart insulin management systems that integrate continuous glucose monitoring with connected insulin pen caps and a cloud-based provider portal. The acquisition will combine Abbott’s FreeStyle Libre CGM technology with Bigfoot’s dosing-capable pen cap platform to further develop personalized, connected diabetes care solutions; the deal is expected to close in Q3 2023 and financial terms were not disclosed.

Veridian Healthcare, a PE-backed in‑home diagnostics and medical device distributor, has completed the acquisition of Zewa, a supplier of consumer retail, telehealth and remote patient monitoring (RPM) devices. The deal — an add-on to Veridian’s PE-backed platform — expands Veridian’s RPM, telehealth and consumer medical device capabilities and brings Zewa founder Thomas Zeindler into Veridian’s executive management team.

Durham-based Cell Microsystems has acquired Fluxion Biosciences, adding Fluxion's IonFlux, BioFlux and IsoFlux instruments and services to its CellRaft-based product portfolio. The deal is supported by a concurrent Series B financing led by Telegraph Hill Partners to provide growth capital and accelerate product and service integration for cellular analysis and electrophysiology workflows.

Theken Companies, a family of medical device companies based in Akron, Ohio, has acquired VisionAir Solutions from Cleveland Clinic. The acquisition brings VisionAir's proprietary cloud-based design software and 3D-printed patient-specific silicone airway stents into Theken's medical device portfolio to expand capabilities and commercialize the technology more broadly.

A newly formed subsidiary of Bimini Health Tech acquired substantially all assets of Ideal Implant, Inc., including intellectual property, regulatory approvals (FDA Class III for the breast implant), inventory and certain manufacturing capacity. The acquisition adds the Serene Breast Implant to Bimini’s plastic and reconstructive surgery portfolio and is intended to reposition the technology for the hospital setting to drive growth.

Inverness Graham, a Philadelphia-based private equity firm, has acquired Azer Scientific, a Morgantown, Pennsylvania provider of laboratory consumables and equipment. Azer will be combined with Inverness Graham portfolio company Electron Microscopy Sciences (EMS) to create a scaled life sciences and clinical diagnostics platform; terms were not disclosed.

SpiTrex Orthopedics has acquired Watershed Idea Foundry, a specialist in titanium additive manufacturing, and will rebrand the business as SpiTrex 3D. The acquisition expands SpiTrex's end-to-end capabilities in 3D printing for complex orthopedic implants, strengthening its contract manufacturing offering for spine, trauma and extremity markets.

Tallayne has agreed to acquire the Nufabrx brand and its retail business unit from Textile-Based Delivery, Inc. (DBA HealthWear) to accelerate commercialization and expand product distribution across North America and select international markets. The acquisition transfers the consumer-facing Nufabrx HealthWear product line—medicated, therapeutic apparel powered by patented smart-textile technology—to Tallayne, which will scale the brand's retail presence and distribution.

AGIC Capital completed a growth equity investment in Singapore-based AP Technologies, a contract manufacturer specializing in precision medical tubing and catheter assemblies. AGIC will partner with AP Tech's founders and management to accelerate global growth and bolster the company's technological capabilities; the deal is AGIC's first transaction in Asia with Fund II.

SHS Capital has acquired a majority stake in ESSERT GmbH, a Bruchsal-based developer of modular robotic automation (the ESSERT MicroFactory) focused on pharmaceutical, life science and industrial customers. ESSERT's founder/CEO Christopher Essert will remain a significant shareholder as SHS looks to accelerate growth and expand the company's customer base using sector expertise from its SHS VI fund.

ReWalk Robotics Ltd. entered a definitive agreement to acquire AlterG, Inc., a maker of Anti-Gravity rehabilitation systems, for approximately $19 million in cash plus potential revenue-based earnouts. The deal—expected to close August 11, 2023—adds AlterG's product lines to ReWalk's neurorehabilitation portfolio to expand commercial scale and accelerate the company's path to profitability; AlterG reported about $20 million in revenue for fiscal 2022.

MicroCare, a Heartwood Partners-backed company, acquired Infection Control Technology, LLC (ICT), a Clearfield, Utah-based manufacturer of infection control chemistries focused on the dental market. The add-on strengthens MicroCare's medical infection prevention portfolio, adds private-label and concentrate capabilities, and retains ICT management including founder Nathan Johnson.

A consortium led by ATHOS, a Munich-based single family office, together with co-investors including Bitburger Holding, agreed to acquire Schülke from EQT Private Equity. Schülke, headquartered in Norderstedt, Germany, is a leading provider of infection prevention and treatment solutions for healthcare and life sciences, employing ~1,200 people and operating in more than 80 countries; the deal is expected to close in Q4 2023 and is subject to regulatory approvals.

Capitala Group, a Charlotte-based private markets firm, made a debt and equity co-investment in Veridian Healthcare, a Gurnee, Illinois-based specialty distributor of diagnostic and durable medical equipment. The investment provides growth capital to support Veridian’s operations and expansion within the healthcare provider market.

Hamburg-based 3B Scientific has acquired Lifecast Body Simulation, a maker of hyper-realistic medical manikins designed and produced at Elstree Film Studios (London) and Sarasota, Florida. The deal brings Lifecast's lifelike simulation products into 3B's global manufacturing and distribution platform to accelerate product development and expand market reach in medical education and simulation.

DuPont de Nemours, Inc. agreed to acquire Spectrum Plastics Group from AEA Investors in a definitive buyout expected to close in Q3 2023; the purchase is funded from DuPont's existing cash balances. Spectrum is a contract design and advanced manufacturer of specialty medical devices and components (serving top medical device OEMs) and will expand DuPont's healthcare and medical-device materials and manufacturing capabilities.