Australian private equity firm Navis Capital Partners has reportedly signed an agreement to acquire medical devices supplier Device Technologies, owned by Pemba Capital Partners, for around A$700m ($509m).

Founded in 1992, Device Technologies own more than 100 brands, including SI-Bone, RTI Surgical, Primal and Implanet, to hospitals and healthcare professionals.

“Navis Capital intends to fund the acquisition from its Asia-based funds, and expects to close the transaction by the end of this year, reported Australian Financial Review.”

It supplies more than 30,000 products to more than 5,000 customers across Australia and New Zealand. The company domestically manufactures medical equipment and device consumables as well as imports them from the US and Europe.

Device Technologies portfolio includes technologies and services in cardiovascular, pulmonary, critical care, gastroenterology, robotics, spine, orthopaedics, infection prevention and ophthalmic areas.

Navis Capital intends to fund the acquisition from its Asia-based funds, and expects to close the transaction by the end of this year, reported Australian Financial Review.

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The private equity is said to have secured the bid after investment bank Goldman Sachs, boutique firm Fort Street and law firm Gilbert + Tobin conducted an auction for Device Technologies.

Other bidders for the business included Swiss company DKSH, pharmacy supplier EBOS and Pacific Equity Partners.

Pemba Capital Partners invested in Device Technologies, along with its own founders. Since then, the medical instruments supplier completed more than ten acquisitions.

For the financial year 2018, Device Technologies is expected to report $429.3m in revenue and $57.5m EBITDA, which could rise to $475.9m and $63.3m, respectively, next year.

Navis Capital is anticipated to expand the business locally as well as across Asia.