EBOS Group has signed an agreement to acquire medical device distributor LifeHealthcare from Pacific Equity Partners-advised funds and other minority stakeholders for about $835m (A$1.167bn).
Under the terms of the deal, the company will acquire 100% of LifeHealthcare’s Australian and New Zealand subsidiaries along with 51% of Transmedic, its Asian subsidiary.
LifeHealthcare distributes third party medical devices, in-house manufactured allograft material, consumables and capital equipment in New Zealand, Australia and South East Asia.
Australia and New Zealand (ANZ) Distribution and Allografts, and Asia Distribution are the company’s two primary business divisions.
The acquisition of LifeHealthcare will allow EBOS to substantially accelerate its medical devices strategy and diversify its existing portfolio.
It will also allow EBOS to increase its exposure to the high growth medical devices sector and create a platform to capitalise on further growth opportunities in the future.
EBOS CEO John Cullity said: “The acquisition of LifeHealthcare represents an important step in EBOS’ medical devices strategy, providing greater exposure to this high growth sector as well as providing a measured entry into South East Asia.
“The acquisition aligns with our strategy to build a medical devices platform and provides an opportunity for future growth across existing and adjacent therapeutic areas.”
The company expects LifeHealthcare to generate between $78.7m (A$110m) and $81.57m (A$114m) EBITDA in the calendar year 2022.
The transaction, which is subject to multiple closing conditions and regulatory approvals, is anticipated to be concluded before the end of the fiscal year 2022.
In 2019, LifeHealthcare and CMR Surgical announced a collaboration to launch the Versius robotic keyhole surgery system in Australia and New Zealand.