GTCR Portfolio Company, Devicor Medical Products, Inc., Acquires Ethicon-Endo Surgery Breast Care Business
Acquisition Bolsters Partnership with Medical Device Industry Veteran Tom Daulton
CHICAGO, July 12, 2010 – GTCR, one of the country’s leading private equity firms, announced today the successful completion of the acquisition of the Breast Care Business of Ethicon-Endo Surgery (“EES”) by Devicor Medical Products, Inc (“Devicor”), a GTCR portfolio company. The Breast Care business sells products designed to help physicians diagnose breast cancer at early stages while minimizing patient discomfort. The business will formally be known as Mammotome, a Devicor Medical Products company.
The EES Breast Care product portfolio is sold in 50 countries around the world and includes the MAMMOTOME Breast Biopsy system and tissue markers (MammoMARK, MicroMARK, and CoreMARK) used for breast disease diagnostic sampling and management. As part of the agreement, Devicor also acquired marketing and distribution rights for Neoprobe Gamma Detection Systems.
Devicor is a management partnership formed between GTCR and Tom Daulton, a former senior executive at Cardinal Health and previous member of its Global Leadership Team. Daulton will serve as Chief Executive Officer of Devicor and Mammotome.
“The acquisition of the Breast Care business is the first step in achieving our objective of building a global medical device business,” said Dean Mihas, Principal of GTCR. “Given Tom Daulton’s impressive track record leading and growing medical device businesses, we’re delighted to be a partner in this acquisition and are looking forward to providing the resources to further strengthen Mammotome’s market-leading position through organic growth and strategic expansion.”
“I look forward to deepening Devicor’s partnership with GTCR through the Breast Care business acquisition,” noted Daulton. “GTCR’s significant healthcare expertise, experience with successful corporate carve-out transactions and commitment to the medical device industry will help us achieve our vision of building a leading medical device business focused on minimally invasive procedures. Today, we are excited to begin the work of further developing the Mammotome brand globally.”
Kirkland & Ellis LLP and Arent Fox LLP served as legal counsel to GTCR and Devicor. Greenhill & Co. served as financial advisor to GTCR and Devicor. GTCR’s investment in Devicor to support this transaction will be made from GTCR Fund IX, a private equity fund with $2.75 billion of committed capital.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare and Information Services & Technology industries. The Chicago-based firm pioneered the “Leaders Strategy” – finding and partnering with world-class leaders as the critical first step in identifying, acquiring and building market-leading companies through acquisitions and organic growth. Since its inception, GTCR has invested more than $8.0 billion in over 200 companies. For more information, please visit www.gtcr.com.
About Devicor Medical Products, Inc.
Devicor is a newly formed company focusing on minimally invasive medical procedures, with an initial focus on the vacuum assisted breast biopsy market. The company is dedicated to building a global business through the investment in, and development of, tools and technologies that facilitate minimally invasive procedures. For more information, please visit www.devicormedical.com.