Medical Devices Acquisitions in Illinois

HealthpointCapital acquired a majority stake in ImmersiveTouch, Inc., the Chicago-based developer of the ImmersiveView VR/AR surgical planning and navigation platform. The investment will support commercialization and further development of ImmersiveTouch’s patient-specific surgical planning, 3D printing and AR guidance capabilities for craniofacial, neuro and trauma surgery.

Brookfield Asset Management's private equity business, together with Brookfield Business Partners and CDPQ, completed the acquisition of Antylia Scientific from GTCR for approximately $1.3–$1.34 billion. Antylia, headquartered in Vernon Hills, Illinois, is a diversified life‑sciences tools manufacturer and distributor serving biopharma, clinical diagnostics and environmental testing markets; the transaction represents a PE exit after a decade of GTCR partnership and transformational growth.

NanoVibronix, Inc. (NASDAQ: NAOV) completed a stock-for-stock acquisition of ENvue Medical Holdings Corp., adding ENvue's FDA 510(k)-cleared electromagnetic navigation enteral feeding system to NanoVibronix's medical device portfolio. The transaction, which issued NanoVibronix common and Series X preferred shares to ENvue holders and was accompanied by a $500,000 senior convertible debenture private placement, is intended to expand commercial reach, product capabilities and operational efficiencies in enteral feeding and guided medical navigation.

Funds managed by Carlyle, in partnership with Atmas Health, have signed a definitive agreement to acquire Baxter's Kidney Care segment (to be named Vantive) for $3.8 billion. The transaction, expected to close in late 2024 or early 2025 subject to regulatory approvals, will provide Baxter approximately $3.5 billion in cash (net after-tax proceeds estimated at ~$3.0 billion) and creates a standalone kidney care company with more than 23,000 employees and 2023 revenues of $4.5 billion.

UFP Technologies, Inc. (Nasdaq: UFPT) has acquired AJR Enterprises, LLC, a St. Charles, Illinois-based manufacturer of single-use safe patient handling systems, for $110 million. AJR generated approximately $70 million in 2023 (about $75 million LTM to March 31, 2024) and expands UFP's patient surfaces capabilities and geographic footprint.

StatLab Medical Products, a McKinney, Texas-based manufacturer of medical diagnostic supplies, has acquired Scientific Device Laboratory (SDL), a Chicago-area maker of printed diagnostic slides and consumables for anatomic pathology and microbiology. The acquisition expands StatLab's microbiology capabilities, adds a U.S. R&D/manufacturing hub, and creates a dual-continent footprint for glass-slide manufacturing to better serve hospital, OEM and research customers.

Haemonetics Corporation has agreed to acquire privately-held Attune Medical, the maker of the FDA-cleared ensoETM esophageal cooling device, for $160 million upfront plus contingent consideration. The acquisition will expand Haemonetics' electrophysiology and temperature-management capabilities and is expected to close in Haemonetics' fiscal 2025 first quarter.

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.

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.

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.

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.

SunMed, a Frazier Healthcare Partners–backed medical-device manufacturer headquartered in Grand Rapids, Michigan, agreed to acquire Vyaire Medical’s respiratory and anesthesia consumables business, a unit that makes airway management and operative-care consumables. The deal—announced March 28, 2023 and completed May 1, 2023—expands SunMed’s product portfolio, manufacturing footprint and global reach; terms were not disclosed.

BioDerm, a portfolio company of Mountaingate Capital, has acquired Argentum Medical and combined the business with BioDerm to create a larger wound-care and infection-prevention platform. Mountaingate supported the combination through its existing ownership of BioDerm and new investment in the combined entity, with Five Points Capital providing unitranche financing to support the refinancing and acquisition; Shore Capital Partners sold Argentum.

5th Century Partners has made a majority investment in LSL Healthcare, a U.S.-based manufacturer of single-use medical devices, IV start kits, surgical procedure kits and hospital supplies. As part of the transaction, new CEO Victor Bridgeman and CFO Colleen Mocko joined LSL's leadership while founder Ash Luthra moves to an advisory role; Kayne Anderson provided debt financing and Kroll served as sell-side advisor.

Integra LifeSciences agreed to acquire Surgical Innovation Associates (SIA), the developer of DuraSorb, a resorbable synthetic matrix for plastic and reconstructive (including implant-based breast) surgery. Integra will pay $50 million at closing with up to $90 million in contingent consideration to support its expansion into breast reconstruction and strengthen its soft tissue reconstruction portfolio.

ESAB Corporation (NYSE: ESAB) acquired Ohio Medical, LLC, a manufacturer of oxygen regulators and central gas systems, for $127 million in cash. The acquisition, purchased from a private investor group led by Tenex Capital Management, expands ESAB's medical gas control portfolio and is expected to be EPS accretive in the first year while providing cross-selling and global expansion opportunities.

Shore Capital Partners has completed a partnership with AA Medical, a Mokena, Illinois–based provider of reprocessed and pre‑owned medical device equipment with a second location in Miami, Florida. Shore will support AA Medical's next phase of growth — including board leadership and capital for organic growth and acquisitions — to expand the company’s aftermarket medical equipment and reprocessing capabilities.

SpotSee, a Harbour Group portfolio company, has acquired the assets of Biosynergy, Inc., a manufacturer of temperature indicators for the life sciences market. The deal expands SpotSee's product offering and customer relationships in temperature monitoring for blood bags and other life-sciences applications; terms were not disclosed.

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.

Avantor, Inc. agreed to acquire the Masterflex bioprocessing business and related assets from Antylia Scientific for $2.9 billion in an all-cash transaction (net purchase price approximately $2.7 billion after tax structure). Headquartered in Vernon Hills, Illinois, Masterflex is a manufacturer of peristaltic pumps and single-use fluid transfer technologies with estimated 2022 revenues of ~$300 million; the deal bolsters Avantor's single-use and bioproduction capabilities and is expected to be accretive to adjusted EPS in year one.

ILC Dover LP has agreed to acquire Flexan, LLC from Linden Capital Partners. Flexan is a global contract manufacturer of high‑precision silicone, thermoplastic, and specialty rubber components primarily serving medical device OEMs; the acquisition expands ILC Dover’s manufacturing capabilities and customer base in medical device components.

Diversified Medical Healthcare (DMH), a Greenville, South Carolina–based healthcare holding company, has acquired RapidRona, an at-home COVID-19 testing brand that received FDA EUA in December 2020. The acquisition — which closed in Q2 2021 — brings RT‑PCR at‑home testing capability and an associated CLIA lab network into DMH's portfolio to expand its consumer-facing home wellness and diagnostic offerings.

Medline Industries has agreed to receive a majority investment from a partnership of funds managed by Blackstone, Carlyle and Hellman & Friedman, with Singapore sovereign wealth fund GIC also investing. The Mills family will remain the largest single shareholder and management will stay in place; proceeds will be used to expand product offerings, accelerate international expansion and strengthen global supply chain infrastructure.

Katena Products, a global ophthalmic instruments and devices company (PE-backed by Audax Private Equity), has acquired ASICO, LLC, a 35-year-old maker of ophthalmic surgical instruments based in Westmont, Illinois. The acquisition expands Katena’s surgical portfolio and global reach by adding ASICO’s ~1,500-product instrument range and clinical key-opinion-leader network as an add-on to its platform.

Granite Creek Capital Partners, a Chicago-based private investment firm, announced a growth investment in Life Spine, Inc., a Huntley, Illinois-based medical device company that develops spinal implant solutions. The minority institutional capital raise (from Granite Creek’s FlexCap II fund) will support Life Spine’s commercial expansion and product development; Granite Creek partner Mark Radzik will join Life Spine’s board.

Hilco Vision, a portfolio company of Windjammer Capital Investors, has acquired M&S Technologies (MST), a developer of digital vision testing systems and clinical trial software. The acquisition — an add-on to Hilco Vision’s eyecare platform — will keep MST headquartered in Niles, Illinois, with founders Joe and Karen Marino remaining in leadership roles.

Broadtree Partners, a lower-middle market private equity firm based in Charlotte, North Carolina, has acquired Vital Care Industries, a family-run manufacturer and distributor of medical surgical supplies founded in 1984 and headquartered outside Chicago, Illinois. The transaction, supported by Live Oak Bank, positions Broadtree to accelerate Vital Care's growth while the founders (Henry and LeNita Johnson) and equity holder Paul Bistline remain involved in operations and leadership.

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.

Vonco Products LLC has acquired McFarlane Medical, Inc., a Geneva, Illinois-based contract manufacturer of Class I and II medical devices. The acquisition expands Vonco's contract manufacturing capabilities—adding specialized assembly, packaging, clean room, sterilization and distribution services—to better serve medical device and consumer products customers.

GTCR has signed a definitive agreement to recapitalize Cole-Parmer Instrument Company, acquiring a majority stake while Golden Gate Capital and CEO Bernd Brust with the Cole-Parmer management team retain significant minority ownership. The recapitalization will support Cole-Parmer's continued organic growth and strategic M&A in the life sciences, healthcare and environmental laboratory products markets; the company will remain headquartered in Vernon Hills, Illinois.

Nemera has acquired Insight Product Development, a Chicago-based healthcare-focused design and innovation consulting firm, and integrated it into Nemera’s newly branded Insight Innovation Center. The acquisition strengthens Nemera’s front-end innovation, human factors and design engineering capabilities and expands its North American development footprint to better serve drug delivery and medical device customers.

Inverness Graham Investments’ dental products platform, Vista Dental, has acquired Apex Dental Materials, a Lake Zurich, Illinois-based manufacturer of restorative dental materials. The add-on expands Vista’s restorative and endodontic product portfolio and aims to leverage Vista’s distribution, sales and marketing channels and KOL program to accelerate product commercialization.

Linden Capital Partners has acquired Avalign Technologies from Arlington Capital Partners, with Harvest Partners SCF, LP providing a non-control investment to support the transaction. Avalign, based in Bannockburn, Illinois, is a full-service manufacturer and distributor of orthopedic implants, specialty surgical instruments, proprietary coatings and related surgical systems; the buyers cited support for continued organic growth and M&A-driven value creation.