Resonetics has entered an agreement to acquire the Memry and SAES Smart Materials businesses in the US in a deal valued at $900m.
Acquired from SAES Getters in Italy, the businesses have US operations in Bethel, Connecticut; New Hartford, New York; and Menlo Park, California.
Resonetics is backed by funds managed by Carlyle and private equity firm GTCR.
GTCR Healthcare managing director and co-head Sean Cunningham said: “GTCR is eager to invest this additional equity in Resonetics to support the company’s continued strong growth and believe the acquisition of the SAES Medical Nitinol business will strengthen Resonetics’ portfolio of unique products and services to the medical device community.
“We look forward to partnering with the SAES Medical Nitinol team through our continued support of the Resonetics business.”
The deal expands nitinol and components manufacturing capabilities to meet the growing need for technological advances in the industry in various therapeutic areas.
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The Memry business will add expertise related to electric discharge machining (EDM), along with laser processing and nitinol tubing.
SAES Smart Materials converts the nitinol raw material created from nickel and titanium raw material into different form factors.
Resonetics president and CEO Tom Burns said: “The SAES Medical Nitinol business is a leading supplier to the medical device industry with a broad set of capabilities focused 100% on nitinol, a novel superelastic, shape-memory alloy that is enabling many technological advances in a growing array of therapeutic areas, including structural heart, peripheral vascular, electrophysiology, neurovascular and orthopaedics.
“Upon completion of the deal, Resonetics will have the supply and scale to better address the growing customer needs for nitinol material, components and implants.”
The transaction is subject to the receipt of regulatory approvals as well as the satisfaction of other closing conditions. It is slated for completion later in the year.
Each company will continue to run independently until the deal concludes.