LABORIE to acquire Clinical Innovations from EQT for $525m
LABORIE acquisition of Clinical Innovations : LABORIE Medical Technologies has agreed to acquire Utah-based Clinical Innovations for $525 million from EQT Mid Market US fund and the EQT Mid Market Asia III fund (jointly EQT).
Headquartered in Salt Lake City, Clinical Innovations provides medical devices for the labor and delivery (L&D) and neonatal intensive care unit (NICU) specialties. The medical equipment manufacturer is majority-owned by EQT Mid Market US fund.
On the other hand, LABORIE develops and manufactures medical diagnostics and devices in the areas of pelvic health and gastroenterology.
Comments on LABORIE acquisition of Clinical Innovations
Commenting on LABORIE acquisition of Clinical Innovations, Michael Frazzette -President and CEO of LABORIE Medical Technologies, said: “The acquisition of Clinical Innovations supports the successful evolution of our business and advances LABORIE’s strategy to invest in market leading technologies that address high-growth medical specialties, delivering clinical, access and/or economic advantages.
“Clinical Innovations provides LABORIE with a strong global presence in the L&D and NICU specialties, and the company’s diversified and differentiated market-leading product portfolio truly makes a difference for clinicians and their patients.”
Some of the medical devices manufactured by Clinical Innovations are the Kiwi Vacuum-Assisted Delivery System, ebb Complete Tamponade System, ROM Plus Rupture of Membranes Test, Koala Intrauterine Pressure Catheter, and babyLance. These medical devices are said to be used by clinicians across 90 plus countries for the welfare of mothers and babies. (Also read : Diet and care during pregnancy).
Earlier this month, the medical equipment manufacturer launched the SweetUms sucrose solution and the BoogieBaby oral and nasal suction device to its NICU product lineup.
Clinical Innovations, which has a medical equipment manufacturing factory in Utah, has nearly 250 employees across the world.
Brendan Scollans – Partner at EQT Partners and Investment Advisor to EQT Mid Market US, commenting on LABORIE acquisition of Clinical Innovations, said: “Clinical Innovations and the global network of clinicians who rely on its devices every day are crucial contributors to the health of mothers and babies.
“We have been proud to support the development and growth of the company in partnership with the management team and look forward to following its continued success.”
For EQT and Clinical Innovations, the financial advisor for the deal is Moelis & Company, while Simpson Thacher & Bartlett is the legal advisor. On the other hand, Piper Jaffray is the financial advisor and Cleary Gottlieb Steen & Hamilton is the legal advisor to LABORIE Medical Technologies.
LABORIE acquisition of Clinical Innovations will be subject to customary approvals and is expected to be completed in early 2020.