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.
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“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.
Source: BusinessWire