Worldwide investment firm Carlyle has acquired a minority stake in medical device contract manufacturer Resonetics, in a deal which values the latter at USD 2.25 billion.
Following the transaction, for which deal values were not disclosed, Carlyle will work alongside fellow private equity firm GTCR which also has a stake in Resonetics.
NASDAQ-listed Carlyle received legal advice from Debevoise & Plimpton and financial advice from Barclays, while Resonetics and GTCR retained Kirkland & Ellis and Piper Sandler as its legal and financial advisers.
Washington, DC-headquartered Carlyle currently has USD 293 billion in assets under management across three business divisions.
Since its 1980 founding GTCR has deployed over USD 20 billion into more than 250 enterprises, and focuses on the business services, technology, healthcare and financial services sectors.
Established in 1987 in New Hampshire, and with assets in the United States, Costa Rica, Canada, Switzerland and Israel, Resonetics provides the medical devices sector with precision engineering and manufacturing solutions involving laser processing, precious metal tubing and fibre-optic sensors, among others.
In a statement, Carlyle’s head of global healthcare Steve Wise cited the deal’s “multiple avenues for future value creation”, while GTCR managing director Sean Cunningham said: “We look forward to working with the Carlyle team again to continue to aggressively pursue add-on acquisitions and seek to drive organic growth through commercial and operational initiatives.”
Debevoise used a team headed up by mergers and acquisitions partners Spencer Gilbert and Kevin Rinker, with assistance from partner Jennifer Chu and finance partner Jeffrey Ross. Peter Furci was the tax partner on the deal, with Paul Rubin leading on FDA regulatory requirements, and a host of other lawyers providing benefits, capital markets, intellectual property, litigation and environmental advice.
Leading the Kirkland team were corporate partners Christopher Thomas, Michael Weed and Sanford Perl.
Last month private equity firm Bowmark Capital completed an investment in United Kingdom-headquartered technology and data company Kubrick Group.