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M&A Deal Summary

Covidien Acquires Scandius BioMedical

On November 8, 2007, Covidien acquired medical products company Scandius BioMedical from Ivy Capital Partners and NewSpring Capital

Acquisition Highlights
  • This is Covidien’s 3rd transaction in the Medical Products sector.
  • This is Covidien’s 3rd transaction in the United States.
  • This is Covidien’s 2nd transaction in Massachusetts.

M&A Deal Summary
Date 2007-11-08
Target Scandius BioMedical
Sector Medical Products
Buyer(s) Covidien
Sellers(s) Ivy Capital Partners
NewSpring Capital
Deal Type Add-on Acquisition

Target

Scandius BioMedical

Littleton, Massachusetts, United States
Scandius BioMedical, Inc. headquartered in Littleton, Massachusetts, designs, manufactures, and markets products for the orthopedic sports medicine market. The Company is focused on accelerating innovative solutions for minimally invasive orthopedic sports medicine procedures. With its STRATIS? ACL Femoral Fixation Implant and its TriTis? Tibial Fixation System and Implant the Company is able to offer surgeons a complete solution for their soft tissue ACL reconstruction needs. Both technologies offer surgeons a simplified approach to repairing the single most common sports-related orthopedic joint injury - the reconstruction of a torn anterior cruciate ligament. Scandius maintains a strong R&D pipeline focused on procedure specific products that treat a variety of sports-related injuries, with future developments addressing the areas of meniscal repair, articular cartilage and arthroscopic shoulder surgery.

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Buyer(S) 1

Buyer

Covidien

Dublin, Ireland
Category Company
Sector Medical Products
Employees38,500
Revenue 10.2B USD (2013)
DESCRIPTION
Covidien office in Plymouth, Minnesota.
Covidien office in Plymouth, Minnesota.

Covidien plc is a global healthcare technology and medical supplies provider. Covidien was formed as a spin-off from Tyco in 2007 and is based in Dublin, Ireland.

DEAL STATS #
Overall 4 of 21
Sector (Medical Products) 3 of 15
Type (Add-on Acquisition) 2 of 17
State (Massachusetts) 2 of 3
Country (United States) 3 of 16
Year (2007) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-01 Confluent Surgical

Waltham, Massachusetts, United States

Confluent Surgical, Inc.develops products to address the need for surgical sealing and post-surgical adhesion prevention applications.

Buy $236M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-05-08 VNUS Medical Technologies

San Jose, California, United States

VNUS Medical Technologies, Inc. is a provider of medical devices for the minimally invasive treatment of venous reflux.

Buy $440M

Seller(S) 2

SELLER

Ivy Capital Partners

Montvale, New Jersey, United States
Category Private Equity Firm
Founded 2002
Size Small
Type Sector Focused
DESCRIPTION

Ivy Capital Partners is a specialized private equity firm that seeks investments in companies that operate in the musculoeskeletal sector of the healthcare industry. Specific areas of interest within the musculoskeletal sector include sports medicine, joint implants, rehabilitation products and services, trauma, spine and therapeutics. The Firm will consider both mid to later stage investment situations. Ivy Capital Partners is a unit of investment firm Ivy Equities and is based in Montvale, New Jersey.

DEAL STATS #
Overall 2 of 12
Sector (Medical Products) 2 of 10
Type (Add-on Acquisition) 2 of 9
State (Massachusetts) 1 of 3
Country (United States) 1 of 9
Year (2007) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-29 ONI Medical Systems

Wilmington, Massachusetts, United States

ONI Medical Systems, Inc. is a developer and marketer of magnetic resonance imaging systems.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-24 Alliance Surgery

Atlanta, Georgia, United States

Alliance Surgery owns, develops, and operates ambulatory surgery centers (ASC) and specialty surgical hospitals (SSH).

Buy -
SELLER

NewSpring Capital

Radnor, Pennsylvania, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
PE ASSETS 3.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

NewSpring Capital is a private investment firm focused on growth companies in the Mid-Atlantic US. The Firm can provide both growth equity and junior capital to prospective companies. NewSpring's target investment size for both mezzanine and equity financing is $2 to $5 million, although for new ventures, the Firm can commit up to $10 million. Sectors of interest include specialty manufacturing, technology, business services, information technology, life science, healthcare services, and medical devices. NewSpring Capital was formed in 1999 and is based in Radnor, Pennsylvania with an additional office in Short Hills, New Jersey.

DEAL STATS #
Overall 2 of 87
Sector (Medical Products) 1 of 4
Type (Add-on Acquisition) 1 of 48
State (Massachusetts) 1 of 8
Country (United States) 2 of 86
Year (2007) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-09-25 LiquidHub

Wayne, Pennsylvania, United States

LiquidHub, Inc. is a digital customer engagement firm that specializes in developing and delivering compelling customer experiences. LiquidHub, Inc. was established in 2000 and is based in Wayne, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-01 NutriSystem

Fort Washington, Pennsylvania, United States

NutriSystem is a provider of dieters with a simple, effective, and convenient weight loss program. NutriSystem weight loss program consists of prepackaged, calorie-controlled, shelf-stable food packages containing a complete week of meals and snacks, as well as online and telephonic counseling and support for dieters. NutriSystem was formed in 1971 and is based in Fort Washington, Pennsylvania.

Sell -
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