GTCR Completes Sale of Devicor Medical Products
December 4, 2014
Deal reflects firm’s execution of The Leaders Strategy™.
GTCR, a leading private equity firm, announced today it has completed the previously announced sale of its portfolio company, Devicor Medical Products (“Devicor” or the “Company”), to Danaher Corporation’s (NYSE:DHR) Leica Biosystems, a leading provider of anatomical pathology solutions and automation used to advance cancer diagnostics.
Devicor is a leading global medical device company specializing in products for use in breast biopsy procedures. The Company is the global market leader in the vacuum-assisted biopsy segment of the breast biopsy market. Its products include the Mammotome® Breast Biopsy System, tissue markers and related products, which, to date, have enabled more than 4 million women to have a minimally invasive breast biopsy.
Devicor began as a management partnership formed as part of GTCR’s Leaders Strategy™ to build a leading medical device company focused on interventional procedures. In 2010, Devicor completed its initial platform acquisition with the successful corporate carve-out of the Mammotome breast care business from Johnson & Johnson (NYSE:JNJ). Through the complex, two-year carve-out, Devicor built dedicated manufacturing, transitioned a global business in more than 50 countries out of Johnson & Johnson, secured new regulatory permits in several countries, and reinvested heavily in new product research and development. As a result of the successful carve-out and transformation, Devicor was able to create a standalone, fully integrated, global medical device business and was able to leverage its commercial platform to complete several complementary tuck-in acquisitions.
“Our partnership with Devicor CEO Tom Daulton and the carve-out of the Mammotome business from Johnson & Johnson is another example of how GTCR executes on the Leaders Strategy™,” said GTCR managing director Dean Mihas. “We congratulate the Devicor and Danaher teams on the closing of this transaction, and believe Danaher is an excellent home for Devicor, where the Company can continue to grow and improve patient care.”
J.P. Morgan Securities LLC and Jefferies LLC served as Devicor’s financial advisors, and Piper Jaffray provided advice to GTCR. Kirkland & Ellis LLP served as legal counsel.
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 management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $10 billion in over 200 companies. For more information, please visit www.gtcr.com.
About Devicor Medical Products
Devicor Medical Products, headquartered in Cincinnati, Ohio, has more than 400 employees around the globe. The company is committed to advancing technology to help clinicians accurately diagnose breast disease, such as breast cancer, through minimally invasive procedures. Devicor’s product portfolio includes the world-renowned Mammotome® Breast Biopsy System, neo2000® Gamma Detection System (GDS) and tissue markers (MammoMARK™, MicroMARK®II, and CorMARK™) used in breast disease diagnostic sampling and management. These products are sold in more than 50 countries around the world. Since its introduction in 1995, more than 4 million women have had a minimally invasive breast biopsy in stereotactic, ultrasound or MRI-guidance imaging using the Mammotome® Breast Biopsy System. For more information, please visit www.devicormedical.com or www.mammotome.com.
About Leica Biosystems
Leica Biosystems is a global leader in workflow solutions and automation, striving to advance cancer diagnostics to improve patients’ lives. Leica Biosystems provides anatomic pathology laboratories and researchers a comprehensive product range for each step in the pathology process, from sample preparation and staining to imaging and reporting. Our easy-to-use and consistently reliable offerings help improve workflow efficiency and diagnostic confidence. The company is represented in over 100 countries. It has manufacturing facilities in eight countries, sales and service organizations in 27 countries and an international network of dealers. The company is headquartered in Nussloch, Germany. Visit www.LeicaBiosystems.com for more information.