Medical Devices Acquisitions in Canada

Kardium Inc., a Vancouver/Burnaby-based medical device company developing the Globe Pulsed Field System for atrial fibrillation, raised USD 250 million in a financing round led by the Qatar Investment Authority (QIA). The growth-capital raise, which included new investors Janus Henderson Investors, MM Capital, Piper Heartland Healthcare Capital, Eventide Asset Management, Eckuity Capital and participation from existing investors such as T. Rowe Price and Durable Capital, will fund regulatory approvals, the commercial launch and expansion of manufacturing capabilities.

HOYA Vision Care has acquired Centennial Optical, a Canadian distributor of ophthalmic frames, lenses, sunglasses, lab supplies and optical accessories. The deal will combine Centennial’s distribution network and customer relationships with HOYA’s products and technologies to strengthen service and support for the Canadian eye‑care market.

3B Scientific, the Hamburg-based manufacturer of medical and veterinary educational simulators, has acquired Veterinary Simulator Industries (VSI), a developer of realistic veterinary training simulators. The deal expands 3B Scientific's veterinary training product portfolio and global distribution reach to support veterinary education worldwide.

Stryker has completed the acquisition of MOLLI Surgical Inc., a privately held developer of wire-free soft tissue localization technology for breast-conserving surgery. The purchase brings MOLLI's MOLLI 2 localization system and small MOLLI Marker into Stryker's breast-cancer surgical portfolio, expanding its capabilities in oncology surgical solutions.

Key members of AccelLAB's management team acquired AccelLAB from Charles River Laboratories, and the business will operate independently as a standalone preclinical CRO serving the medical device and biologics markets. Fairmount Partners served as exclusive financial advisor to Charles River in the divestiture; AccelLAB employs approximately 100 staff across facilities in Boisbriand and Terrebonne, Quebec, Canada.

Stockholm-based Safe Life has acquired Canadian AED distributor AED4Life to strengthen its North American presence. The deal brings AED4Life's Canada-focused distribution, training and AED-management capabilities into Safe Life's growing global group.

Gentex Corporation announced an asset acquisition of eSight to develop and manufacture next-generation mobile electronic eyewear for people with visual impairments. Gentex said it will leverage its digital vision, software and manufacturing expertise to advance eSight technology and feature the next-gen devices at CES 2024.

Bruker Corporation has acquired Tornado Spectral Systems Inc., a Mississauga, Ontario-based maker of process Raman instruments, to expand Bruker’s biopharma Process Analytical Technology (PAT) product portfolio. Financial terms were not disclosed; Tornado’s HTVS-enabled Raman analyzers and probes will be integrated into Bruker’s spectroscopy and biopharma offerings to enhance process monitoring and quality control capabilities.

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.

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.

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.

Fortis Life Sciences, LLC has acquired Toronto-based International Point of Care, Inc. (IPOC). The acquisition adds IPOC’s 36,000 sq. ft. GMP and ISO 13485:2016 manufacturing facility and capabilities (lyophilized reagents, membranes, recombinant proteins, and controls) to Fortis’ diagnostics manufacturing platform, enabling end-to-end customizable solutions for immunodiagnostic and molecular diagnostic customers.

Avanos Medical, a medical device company headquartered in Alpharetta, Georgia, has entered into a definitive agreement to acquire Diros Technology Inc., a Toronto-based maker of radiofrequency (RF) products for chronic pain management. The purchase expands Avanos' RF product portfolio—adding Diros' Trident technology—to complement its COOLIEF cooled radiofrequency offering and strengthen its position in non-opioid, minimally invasive pain treatments.

Seal Shield, a provider of infection control and disinfection solutions, acquired the assets of CleanSlate UV (Limestone Labs, Inc. dba CleanSlate) to expand its UV-C sanitization product portfolio and intellectual property. The all-cash asset purchase strengthens Seal Shield's device-sanitization offerings and supports broader adoption across healthcare, education, retail and hospitality markets.

Lafayette Instrument, a portfolio company of Branford Castle Partners, has acquired Aurora Scientific, a Canada-based manufacturer of instrumentation and software for muscle physiology and neuroscience research. The bolt-on strengthens Lafayette’s life-science instrumentation offering and expands its product range into skeletal muscle physiology for universities and research institutions.

Shockwave Medical, a U.S.-based cardiovascular device company, agreed to acquire Canada-based Neovasc for approximately $100 million upfront plus a contingent value right of up to $12 per share tied to regulatory milestones. The acquisition adds the Neovasc Reducer System for refractory angina to Shockwave’s cardiology portfolio and is expected to close subject to customary conditions and shareholder approval.

Capsa Healthcare, a portfolio company of Levine Leichtman Capital Partners, has acquired Tryten Technologies Inc., a Canadian designer and manufacturer of lightweight mobile carts for telehealth and point-of-care applications. The transaction adds Tryten's mobile computing cart portfolio to Capsa's point-of-care and medication management solutions to expand virtual care, patient engagement, and mobility capabilities across healthcare settings.

CPS Fluidics, a Wallingford, Connecticut-based contract manufacturer focused on microfluidics for the life sciences, has acquired Hexano Corp, a microfluidic cartridge manufacturer founded in 2018. The acquisition brings Hexano founder Andre Babineau into CPS Fluidics as VP of Sales and is intended to expand CPS Fluidics' manufacturing, prototyping capabilities and domestic and international market reach.

Bruker Corporation has signed a definitive agreement to acquire 100% of Neurescence Inc., a Toronto-based developer of ultralight fiber‑bundle Multiscopes (Chromatone) for multi-region optical functional neuroimaging. The acquisition strengthens Bruker's preclinical neuroscience imaging capabilities and complements its existing Ultima multiphoton solutions and recently acquired Inscopix products; financial terms were not disclosed.

Montreal-based ELNA Medical has acquired m-Health Solutions, a Canadian provider of wearable ECG (Holter) devices and cloud-based remote cardiac monitoring and reporting services. National Bank Private Equity provided financing support for the transaction; CIBC Mid-Market Investment Banking acted as exclusive financial advisor to m-Health Solutions.

Molded Devices, Inc. (MDI), majority‑owned by TruArc Partners, acquired GlobalMed Inc. (Canada) and Schauenburg‑Truplast (China) from Schauenburg Hose Technology. The deal expands MDI’s extrusion and tubing capabilities for medical device OEMs, adding GlobalMed’s Canadian and Chinese production footprint and management team to MDI’s global manufacturing platform. Financial terms were not disclosed.

OrthoPediatrics Corp. agreed to acquire Pega Medical for up to $33 million (approximately $31 million cash plus $2 million in stock) to expand its pediatric trauma and deformity product portfolio, including the Fassier‑Duval Telescopic IM System. The deal brings Pega Medical — a pediatric orthopedic implant developer based near Montreal, Canada — into OrthoPediatrics' global offering and will be financed in part by an expanded credit facility.

Resonetics has acquired Agile MV, a Montreal-based product development and turnkey device assembly company focused on electrophysiology and cardiology catheters. The acquisition expands Resonetics' product development and finished device assembly capabilities and will rebrand the combined Design & Development Services business as AGILE Product Development with locations in Boston, San Diego, and Montreal.

Nicoya Lifesciences has completed the acquisition of University of Toronto spinout LSK Technologies, integrating LSK's high-throughput lab-in-a-box molecular testing platform into Nicoya's digital proteomics and point-of-need testing portfolio. The LSK team will join Nicoya to accelerate product development and expand the combined platform's capabilities for rapid, laboratory-quality molecular and antigen testing.

inTEST Corporation acquired substantially all of the assets of Z-Sciences Corp., a Montreal-based developer of ultra-cold biomedical refrigerators and freezers, to enter the medical cold chain market. The Z-Sciences business and staff will be integrated into inTEST's Thermal segment to add ultra-cold storage capabilities and expand the company's presence in life sciences; terms were not disclosed.

Boston Scientific Corporation agreed to acquire Baylis Medical Company Inc. for an upfront payment of $1.75 billion, subject to closing adjustments. The acquisition expands Boston Scientific’s electrophysiology and structural heart portfolios by adding Baylis’s RF NRG and VersaCross transseptal platforms and complementary guidewires, sheaths and dilators; Baylis was expected to generate nearly $200 million in net sales in 2022.

KSL Biomedical, Inc. has acquired Pulse Scientific, Inc., a Burlington (GTA), Ontario-based manufacturer and distributor of microbiology products and in vitro diagnostics, and incorporated KSL Biomedical Canada, Inc. The purchase expands KSL’s international distribution and regulatory footprint—leveraging Pulse Scientific’s ISO 13485 certification and Health Canada licensing to accelerate product distribution in Canada and other global markets.

Canon Inc. agreed to acquire Redlen Technologies Inc., making the British Columbia–based developer of Cadmium Zinc Telluride (CZT) semiconductor detector modules a wholly owned subsidiary. Canon said the acquisition will accelerate development and mass production of next-generation photon-counting CT systems and expand Canon’s medical component business by supplying CZT detector modules to medical equipment manufacturers worldwide.

Parata Systems, a portfolio company of Frazier Healthcare Partners, has acquired Synergy Medical, a Longueuil, Quebec-based developer of pharmacy blister-card automation technologies. The deal expands Parata’s pharmacy automation capabilities—adding Synergy’s blister automation systems and roughly 150 employees—to broaden offerings for retail, hospital, long-term care and direct-to-home pharmacies.

Flexpoint Ford has acquired Canadian Hospital Specialties Ltd. (CHS) from affiliates of Cortec Group (Cortec Fund V). CHS will remain headquartered in Oakville, Ontario, and continue to be led by CEO Mike Canzoneri and the existing management team as Flexpoint partners with management to support growth and expansion of the company's medical device manufacturing and distribution business.

Cytiva has acquired Vanrx Pharmasystems, a Canadian maker of robotic aseptic filling machines, adding drug‑product filling capability to Cytiva’s bioprocessing portfolio. The deal brings Vanrx’s ~120 employees into Cytiva and expands Cytiva’s end‑to‑end “idea to injection” offering for biopharmaceutical manufacturers.

Micron Waste Technologies Inc. entered into a definitive purchase agreement to acquire all of the shares of Covid Technologies Inc., a Canadian PPE and mask manufacturer. Covid's manufacturing assets and founder Harveer Sidhu will relocate to Micron's Delta, British Columbia facilities, with the PPE line expected to be self-financing while Micron continues R&D on its waste digesters.

Medline (through Medline Canada) acquired Médi-Sélect, a Quebec City–based medical and dental supplies distributor, effective Jan. 9, 2020. The deal consolidates Medline's footprint in Quebec — together with prior acquisitions — and positions Medline Canada as the market leader in the province; Médi-Sélect will operate as an independent subsidiary with its existing leadership and staff retained.