Funds advised by EQT – EQT Mid Market US and EQT Mid Market Asia III – (“EQT”) announced an agreement to sell Clinical Innovations for an enterprise value of $525m to LABORIE Medical Technologies (“LABORIE”), a leading developer and manufacturer of medical diagnostics and devices.
During EQT’s three-year ownership, Clinical Innovations successfully transitioned from a distributor selling model to a direct sales force in select key markets, expanded its product offering through product acquisitions in the Neonatal Intensive Care sector, and built a foothold in China. EQT Mid Market US fund had held a majority stake in the company.
Clinical Innovations,founded in 1993, is a leading global supplier of labor & delivery and neonatal intensive care medical devices. It is headquartered in Salt Lake City, Utah, and has over 250 employees in satellite offices in the US, Europe, Australia and China.
Ken Reali, President and CEO of Clinical Innovations, said: “With the support of EQT, Clinical Innovations has significantly grown its global footprint and strengthened its product offering. We look forward to continuing our growth journey with LABORIE and are confident that, together with our new partners, we will be well positioned to further positively impact mothers, babies and healthcare professionals on a large scale.”
The transaction is subject to customary regulatory approvals and is expected to close in early 2020.