US-based conglomerate 3M has completed the acquisition of wound care solutions provider Acelity and its KCI subsidiaries globally for around $6.7bn.
3M acquired the firm from a consortium of funds advised by Apax Partners, along with Canada Pension Plan Investment Board (CPPIB) and the Public Sector Pension Investment Board (PSP Investments).
The deal, announced in May, is part 3M’s strategy to boost presence in advanced and surgical wound care.
Acelity is a medical technology firm that offers advanced wound care and speciality surgical solutions under the KCI brand. The company focuses on areas with unmet clinical needs.
Initially, the company introduced a negative pressure wound therapy called VAC. The KCI product portfolio currently comprises advanced wound dressings and negative pressure surgical solutions.
Last month, KCI launched the Prevena Restor Bella•Form System for the healing and management of post-operative incisions and surrounding soft tissue.
3M noted that Acelity had around $1.5bn in annual revenue with year-to-date organic growth of 5% up to 30 September.
3M chairman and CEO Mike Roman said: “This is an exciting day as we bring together two premier and innovative companies that are focused on delivering comprehensive health care solutions to enable better outcomes for patients.
“We are excited to have the tremendous people of Acelity join the 3M team and are confident in the value that this acquisition will deliver to our customers and our shareholders. This addition further accelerates 3M as a leader in advanced wound care, which is a significant and growing market segment.”
Following transaction completion, KCI will become part of 3M’s Medical Solutions business, which leverages technologies to provide solutions that improve clinical outcomes and healthcare economics.
In addition to advanced and acute wound care dressings and products, the business provides medical tapes and patient prep and warming products, as well as sterilisation products.