SALT LAKE CITY--(BUSINESS WIRE)--Clinical Innovations, one of the largest medical device companies dedicated to labor and delivery and neonatal intensive care, has signed a definitive agreement to be acquired by LABORIE Medical Technologies for an enterprise value of $525M. The deal will support and strengthen Clinical Innovations' long-standing commitments to helping mothers and babies, product innovation and serving diverse markets around the world.
LABORIE is a leading global developer and manufacturer of medical diagnostics and devices in the pelvic health and gastroenterology market. LABORIE is owned by Patricia Industries, a part of Investor AB. Patricia Industries makes control investments in best-in-class companies with strong market positions, brands and corporate cultures within industries positioned for secular growth.
“This is a promising deal that will add scale to the overall business,” said Ken Reali, president and CEO of Clinical Innovations. “We share a similar vision for the continued growth of Clinical Innovations. The combination of Clinical Innovations and LABORIE will have a positive impact for mothers, babies and healthcare professionals.”
Clinical Innovations’ market-leading products are used in more than 90 countries to help millions of mothers and babies every year. Its devices include the Kiwi® Vacuum-Assisted Delivery System, babyLance™ Safety heel stick, ROM Plus® Rupture of Membranes Test, ClearView® Uterine Manipulator, Koala® Intrauterine Pressure Catheter and ebb® Complete Tamponade System. Clinical Innovations added SweetUms sucrose solution and the BoogieBaby oral and nasal suction device to its growing NICU product lineup earlier in December.
“Acquiring Clinical Innovations marks an important step in the evolution of our business and our continued investment in market-leading technologies for high-growth medical specialties that deliver clinical, access and economic advantages,” said Michael Frazzette, president and CEO of LABORIE Medical Technologies. “Clinical Innovations, which will form a stand-alone global business unit, immediately provides LABORIE with a strong global presence in the L&D and NICU specialties. The company’s diversified, differentiated product portfolio truly makes a difference for clinicians and their patients.”
Established in 1993, Clinical Innovations has quickly grown its global footprint in recent years, expanding to new territories while also building a direct commercial organization in more developed markets such as the United States, Western Europe, Australia and China. The company has 250 employees.
LABORIE has agreed to acquire Clinical Innovations from funds managed by EQT.
“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,” said Brendan Scollans, partner at EQT Partners and Investment Advisor to EQT Mid Market US. “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.”
The deal is expected to close in early 2020.
About Clinical Innovations
Founded in 1993, Clinical Innovations is one of the largest medical device companies exclusively focused on labor and delivery and neonatal intensive care. The company is a market-leader in several categories with products such as the Kiwi® Vacuum-Assisted Delivery System, SweetUms sucrose solution, BoogieBaby oral and nasal suction device, Koala® Intrauterine Pressure Catheter, ROM Plus® Rupture of Membranes Test, traxi® Panniculus Retractor, ClearView® Uterine Manipulator and the babyLance™ Safety heel stick. Clinical Innovations is expanding its global presence while directly researching and developing state-of-the-art technologies and innovative medical devices that fulfill its mission of improving the lives of mothers and their babies throughout the world. For more information, visit clinicalinnovations.com.
About EQT
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 41 billion in assets under management across 20 active funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
More info: www.eqtgroup.com
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About LABORIE Medical Technologies
LABORIE is a leading global developer, manufacturer and marketer of innovative medical technology and consumables used in gastrointestinal procedures and for the diagnosis and treatment of pelvic health in the Urology, Gynecology, and Colorectal fields. LABORIE is a portfolio company of Patricia Industries. For more information, visit laborie.com.
About Patricia Industries
Patricia Industries, a part of Investor AB, makes control investments in best-in-class companies with strong market positions, brands and corporate cultures within industries positioned for secular growth. Our ambition is to be the sole owner of our companies, together with strong management teams and boards. We invest with an indefinite holding period, and focus on building durable value and capturing organic and non-organic growth opportunities.
About Investor AB
Investor, founded by the Wallenberg family in 1916, is an engaged owner of high-quality, global companies. We have a long-term investment perspective. Through board participation, as well as industrial experience, our network and financial strength, we work continuously to support our companies to remain or become best-in-class. Our holdings include among others ABB, Atlas Copco, Ericsson, Mölnlycke and SEB. For more information, visit investorab.com.
