Acquisition positions GI Supply for continued growth and enhances LABORIE's gastroenterology business globally
BURLINGTON, Mass., Sept. 1, 2020 /PRNewswire/ -- Laborie Medical Technologies (LABORIE), a leading diagnostic and therapeutic medical technology company, in partnership with Signet Healthcare Partners, a growth equity firm specializing in healthcare investments, signed an agreement to acquire GI Supply, a leader in specialty endoscopy and paracentesis products for gastroenterologists, colorectal surgeons, and interventional radiologists. The acquisition is expected to close once approved by regulatory authorities.
GI Supply and LABORIE will continue to operate independently. GI Supply will continue to be led by its CEO Kristi Dahlke, and its existing leadership team. The combined GI Supply and LABORIE product portfolio and commercial capabilities will enable the organizations to reach a larger customer base and offer healthcare practitioners a broad portfolio of innovative products that support relief from some of the most prevalent medical issues they encounter in their practice.
"At LABORIE, we are committed to helping improve lives by enabling our clinical customers and their patients with relevant solutions for their needs. We do this organically as well as through strategic acquisitions," said Michael Frazzette, President & CEO. "With the acquisition of GI Supply, we immediately enhance LABORIE's gastroenterology product offering and sales channel in the U.S. and internationally. This is an important step in the evolution of our GI business."
Kristi Dahlke, CEO of GI Supply added, "GI Supply was founded on the desire to improve physician efficiency and patient satisfaction. This acquisition will further enhance our commitment to healthcare practitioners around the world by increasing the scope of our product portfolio. We are excited about what the future holds."
"Patricia Industries is excited to continue supporting LABORIE's long-term growth with this acquisition, which aligns with our purpose of creating value for people and society by building strong and sustainable businesses," said Yuriy Prilutskiy, Managing Director at Patricia Industries, a part of Investor AB. "We look forward to partnering with Signet Healthcare Partners and the LABORIE and GI Supply management teams to help patients and healthcare professionals globally benefit from greater access to the companies' combined product portfolio."
Concurrently with the acquisition, Ashley Friedman, Managing Director at Signet Healthcare Partners, will join the board of directors at GI Supply. "We are very excited to partner with GI Supply, LABORIE, and Patricia Industries to support in building a growing specialty gastroenterology business through both organic and non-organic initiatives," said Ashley Friedman.
ABOUT LABORIE MEDICAL TECHNOLOGIES
Globally headquartered in Boston, Massachusetts, LABORIE is a leading global developer, manufacturer and marketer of diverse, innovative medical technology used in the diagnosis and treatment of disorders in the Urology, Gynecology, Colorectal, and Gastrointestinal fields. With its recent acquisition of Clinical Innovations, LABORIE is also a leader in medical technology developed for Labor and Delivery and Neonatal Intensive Care. LABORIE is a portfolio company of Patricia Industries. For more information visit www.laborie.com.
ABOUT GI SUPPLY
As a physician-founded company, we strive for deep clinical input into all that we do. GI Supply is broadening our portfolio with solutions that allow physicians to perform more-advanced procedures safely, efficiently, and economically. We help doctors do their jobs faster, safer, and simpler. For more information visit www.gi-supply.com.
ABOUT PATRICIA INDUSTRIES
Patricia Industries, a part of Investor AB, makes control investments in best-in-class companies with strong market positions, brands and corporate cultures within industries positioned for secular growth. Our ambition is to be the sole owner of our companies, together with strong management teams and boards. We invest with an indefinite holding period and focus on building durable value and capturing organic and non-organic growth opportunities. For more information visit www.patriciaindustries.com.
ABOUT INVESTOR AB
Investor, founded by the Wallenberg family in 1916, is an engaged owner of high-quality, global companies. We have a long-term investment perspective. Through board participation, as well as industrial experience, our network and financial strength, we work continuously to support our companies to remain or become best-in-class. Our holdings include among others ABB, Atlas Copco, Ericsson, Mölnlycke and SEB. For more information, visit www.investorab.com.
ABOUT SIGNET HEALTHCARE PARTNERS
Signet Healthcare Partners is an established provider of growth capital to innovative healthcare companies. Signet invests in commercial-stage healthcare companies that are revenue generating or preparing for commercial launch. The firm's focus has primarily been on the pharmaceutical sector and medical technology companies. Signet maintains a disciplined, yet flexible investment approach. As an active investor, Signet partners closely with its companies to build their value including facilitating activities between portfolio companies. During Signet's 18-year history, it has developed a strong reputation and track record of successful investments. Signet has raised four funds with total capital commitments of over USD 400 million and has invested in more than 45 companies. More information about Signet Healthcare Partners can be found at www.signethealthcarepartners.com.
SOURCE Laborie Medical Technologies