Funds managed by global investment firm Carlyle have bought a minority stake in medical device maker Resonetics, valuing the latter at about $2.25bn.
Through this acquisition, Carlyle will join private equity company GTCR, an existing investor, as a shareholder in Resonetics.
Carlyle managing director and Global Healthcare head Steve Wise said: “With a long history of working alongside GTCR, we’re excited to partner with the talented Resonetics management team to accelerate the healthcare platform’s next chapter of growth.
“By leveraging Carlyle’s global network to open up new avenues of organic opportunities, such as international expansion and digitisation, as well as increasing scale through accretive acquisitions, we believe there are multiple avenues for future value creation.”
Since its inception, Carlyle has already invested more than $21bn in healthcare.
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The latest investment in Resonetics is a continuation of its long-term goal of committing to healthcare.
Carlyle’s previous investments in medical product businesses include Unchained Labs, Ortho Clinical Diagnostics, MicroPort and Medline.
Founded in 1987, Resonetics manufactures solutions for the life sciences industry.
Its core capabilities include nitinol processing, thin-wall tube fabrication, centreless grinding, electropolishing, metal fabrication, photochemical machining, laser processing and fibre optic sensors.
The company also has a focus on manufacturing technical components for complex medical device applications.
It serves MedTech end-markets that include interventional cardiology, neurovascular, diabetes, ophthalmology and structural heart.
Kirkland & Ellis and Piper Sandler served as legal advisor and financial advisor, respectively, to Resonetics and GTCR for the deal.
Debevoise & Plimpton and Barclays acted as legal advisor and financial advisor, respectively, to Carlyle.
In February 2019, Resonetics acquired contract medical device manufacturer Caribou Technologies for an undisclosed amount.