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Posts Categorized / Medical Device

  • Apr 24 / 2017
  • Comments Off on Deal Alert: Becton Dickinson to acquire CR Bard
Company Sale, Deal Brief, Medical Device

Deal Alert: Becton Dickinson to acquire CR Bard

Becton Dickinson (NYSE:BDX) announced on April 23, 2017 it will acquire CR Bard (NYSE:BCR) in a cash and stock deal totaling $24 billion. The price represents a 25% premium over Bard’s $253.07 Friday closing price per share.

The acquisition gives BD additional exposure in urology and oncology products. The combined companies are estimated to have over $16 billion in revenues in 2017. Bard’s revenues in 2016 were $3.7 billion.

The transaction continues the trend of large medical device OEMs combining as a means of extending growth and gaining dominance in specific market segments. In addition, BD hopes to gain $300 million in “synergies” in the coming years.

For more information, please contact Richard W. Sager, Managing Director, Manning Advisors at rsager@manningadvisors.com or at (585) 315-8413 directly.

  • Feb 21 / 2017
  • Comments Off on Deal Alert: Vention Medical Sells Units to Nordson and MedPlast
Deal Brief, Medical Device

Deal Alert: Vention Medical Sells Units to Nordson and MedPlast

Vention Medical has arranged to sell two of its core medical contract manufacturing units in a pair of Presidents’ Day transactions. Vention Advanced Technologies (AT), the company’s device design and build group, is to be acquired by Nordson Corporation (Nasdaq: NDSN) in a $705 million all cash deal. With announced sales $150 million and 2016 EBITDA of $48 million the proposed deal values Vention AT at 14.7X EBITDA.

Simultaneously, Vention will be selling its device manufacturing services business to Medplast Inc., a $275 million molder with a strong medical focus. The terms of the Vention-MedPlast deal were not announced but the transaction is expected to more than double Medplast’s size.

While a double transaction is unusual, the more telling messages are the interest of large players in medical components and assemblies to further build scale well into the hundreds of millions of dollars in revenue. Further, the extensive asset base made possible by the transactions cements positions with major OEMs, making it more challenging for smaller firms to retain their direct-to-OEM relationships.

For more information see the following:

To discuss this Deal Alert or the medical supply chain in general please contact Richard W. Sager, Managing Director, Manning Advisors at rsager@manningadvisors.com or at (585) 315-8413 directly.

  • Dec 09 / 2015
  • Comments Off on Manning Deal Alert: Technimark acquires Ci Medical
Acquisition, Deal Brief, Market Letters, Medical Device

Manning Deal Alert: Technimark acquires Ci Medical

Technimark LLC has acquired Ci Medical, formerly Classic Industries, as Technimark moves into the medical device supply chain.

Key points:

· Ci Medical offers Technimark a vertically integrated, plastics based medical contract manufacturer with services ranging from device design through molding and fulfillment

· Technimark gains plants in the United States, Mexico, Puerto Rico, and the United Kingdom

· This is a deal between private equity companies. Alteris, a longtime investor in CI Medical, is selling to the Pritzker Group, an established investor in the manufacturing companies

Terms of the transaction were not announced. The transaction indicates that there is still significant interest among diversified precision manufacturers in entering the medical supply chain. Manning Advisors will be releasing its study of the value and risk of diversification and specialization of the precision manufacturing fields in the next few weeks.

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  • Aug 28 / 2015
  • Comments Off on Greatbatch to Acquire Lake Region Medical for $1.73 Billion
Acquisition, Deal Brief, In the News, Medical Device

Greatbatch to Acquire Lake Region Medical for $1.73 Billion

GBgraphic

Greatbatch (NYSE:GB) announced it will acquire Lake Region Medical for $1,73 billion, creating the world’s largest medical device contract manufacturer with sales of over $1.5 billion. The transaction, scheduled to close in the fourth quarter, breaks down between cash, stock, and debt assumption. Specifically:

  • Lake Region shareholders will receive $478 million in cash
  • Additionally, Greatbatch will issue 5.1 million shares of stock, giving the Lake Region shareholders approximately 17% of the combined entity
  • Greatbatch will assume approximately $1 billion in Lake Region debt

The deal was estimated by industry watchers to have been done at 11.6X adjusted EBITDA.

The acquisition of Lake Region (which includes the former Accellent) by Greatbatch will prove a turning point in the evolution of the medical supply chain. The combination of two industry leaders in CV, neuro, MIS, and arguably ortho to form the first billion dollar plus contract manufacturer of its kind reflects the twin trends of OEM and supplier consolidation. While smaller contract manufacturers can thrive as specialists or by offering superior performance, it may be time for larger CMs to review strategy in light of this deal.

For more information on medical supply chain trends or to exchange views please contact Richard W. Sager at (585) 315-8413 or at rsager@manningadvisors.com.

Read more information on the transaction here.

  • Feb 17 / 2015
  • Comments Off on Talk of the MD&M West Show
Medical Device

Talk of the MD&M West Show

Medical device contract manufacturers challenged to add new marquee OEMs to their customer lists.

Despite years of investment in new facilities, expanded capabilities, and new quality systems many supply chain companies have had difficulty convincing large OEMs to place orders. Ongoing consolidation among the big-name OEMs has created a smaller pool of highly desirable sales prospects. Contract manufacturers point to excess capacity, perceived switching risk, and shifting priorities among OEMs as their greatest challenges. A number of strategies are debated.

Contact Manning Advisors for a fuller discussion of the issue.

  • Oct 17 / 2013
  • Comments Off on Helix Medical acquires MedVenture Technology Corp.
Deal Brief, Medical Device

Helix Medical acquires MedVenture Technology Corp.

Helix Medical LLC announced the acquisition of MedVenture Technology Corp., a 260 person medical device design and manufacturing firm specializing in catheter technology.

Manning Advisors advised Helix on this transaction.

  • Jun 25 / 2013
  • Comments Off on Royal DSM completes acquisition of Kensey Nash
Deal Brief, Life Sciences, Medical Device

Royal DSM completes acquisition of Kensey Nash

Royal DSM, a 9 billion euro specialty materials company servicing the pharma, food, life sciences, and automotive markets has acquired Pennsylvania-based Kensey Nash. Kensey Nash focuses on regenerative medical products including specialty polymers and collagen-based products used in a host of medical practice areas.

Royal DSM paid approximately $360 million or $38.50 per share for Kensey Nash stock. Manning Advisors estimates the deal multiple at 12.7X EBITDA.

  • Oct 17 / 2012
  • Comments Off on Helix Medical acquires MedVenture Technology Corp.
Deal Brief, Medical Device

Helix Medical acquires MedVenture Technology Corp.

Helix Medical LLC announced the acquistion of MedVenture Technology Corp., a 260 person medical device design and manufacturing firm specializing in catheter technology.

Manning Advisors advised Helix on this transaction.

  • Aug 09 / 2012
  • Comments Off on Helix Medical to acquire 50% of Cambus Medical
Deal Brief, Medical Device

Helix Medical to acquire 50% of Cambus Medical

Helix Medical LLC announced an agreement to acquire 50% of Cambus Medical, an Irish medical components manufacturer specializing in hypotubes. Helix already holds a 50% of VistaMed, an Irish medical contract manufacturer with ties to Cambus.

Helix will provide Cambus with expansion financing in 2012 and plans to complete the equity transaction in January, 2013.

  • Jul 18 / 2012
  • Comments Off on Tecomet acquires Teleflex OEM ortho business unit
Deal Brief, Medical Device

Tecomet acquires Teleflex OEM ortho business unit

Teleflex will sell the orthopedics segment of its Teleflex Medical OEM business unit to Tecomet for $42.5 million. The Wisconsin-based ortho segment focuses on components and assemblies. 2011 revenues were reported at $36 million by American City Business Journals.

The transaction will be all cash.

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