Medical technology firm ConvaTec to buy 180 Medical Holdings for $321 mn
01 Sep 2012
Medical technology firm ConvaTec yesterday agreed to buy catheters and urologic medical products maker 180 Medical Holdings Inc, for $321 million.
Privately-held 180 Medical is one of America's fastest growing "Nationally Accredited" providers of sterile use catheters, urologic and disposable medical supplies.
The Oklahoma City-based company makes products for patients with chronic medical diagnoses such as urinary incontinence, spinal cord injuries, multiple sclerosis, transverse myelitis, spina bifida, and many other urologic conditions that require catheterization.
ConvaTec is owned by private equity firms Nordic Capital and Avista Capital Partners, who had acquired the New Jersey-based company in 2008 from Bristol-Myers Squibb Co.
The company operates in four key business units - ostomy care, wound therapeutics, continence and critical care, and infusion devices.
ConvaTec, which was created as a division of E.R. Squibb & Sons, Inc, has more than 8,000 employees in over 100 countries.
ConvaTec said that the transaction is subject to regulatory approval and customary closing conditions, and is expected to close late third quarter 2012.