Add-on Acquisition • Medical Products

GE Healthcare Acquires ONI Medical Systems

On November 6, 2009, GE Healthcare acquired medical products company ONI Medical Systems from Ivy Capital Partners and Galen Partners

Acquisition Context
  • This is GE Healthcare’s 6th transaction in the Medical Products sector.
  • This is GE Healthcare’s 8th transaction in the United States.
  • This is GE Healthcare’s 1st transaction in Massachusetts.

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M&A Deal Summary

Date November 6, 2009
Target ONI Medical Systems
Sector Medical Products
Buyer(s) GE Healthcare
Sellers(s) Ivy Capital Partners
Galen Partners
Deal Type Add-on Acquisition

Target Company

ONI Medical Systems

Wilmington, Massachusetts, United States
ONI Medical Systems, Inc. is a developer and marketer of magnetic resonance imaging systems.
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Buyer Overview 1

Buyer

GE Healthcare

Westborough, Massachusetts, United States

Category Company
Founded 1994
Sector Medical Products
DESCRIPTION

GE Healthcare, a unit of General Electric Company is a provider of medical technologies and services. GE Healthcare has expertise in medical imaging and information technologies, medical diagnostics, patient monitoring systems, performance improvement, life sciences, drug discovery, and biopharmaceutical manufacturing technologies. GE Healthcare is based in Westborough, Massachusetts.


Deal Context for Buyer #
Overall 11 of 34
Sector: Medical Products 6 of 13
Type: Add-on Acquisition 10 of 29
State: Massachusetts 1 of 3
Country: United States 8 of 22
Year: 2009 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-07-24 Vital Signs

Totowa, New Jersey, United States

Vital Signs is a manufacturer of single-patient-use consumables for respiratory care and anesthesiology. The company also markets products for temperature management and patient monitoring consumables.

Buy $860M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-12-01 Living Independently Group

New York, New York, United States

Living Independently Group, Inc. offers a home monitoring system for the elderly care called QuietCare that enables caregivers to monitor a senior or patient remotely, recognize potential health problems, and intervene to avoid emergencies or more serious medical problems.

Buy -

Seller Profiles 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 Context for Seller #
Overall 5 of 12
Sector: Medical Products 4 of 10
Type: Add-on Acquisition 3 of 9
State: Massachusetts 2 of 3
Country: United States 4 of 9
Year: 2009 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-09-25 Highlands Acquisitions

Montvale, New Jersey, United States

Highlands Acquisition, Corp. headquartered in Montvale, NJ, was a special purpose acquisition company (SPAC) organized to acquire one or more healthcare operating businesses. The Company was formed as a partnership between Ivy Capital Partners and Kanders & Company, a private investment firm that utilizes a private equity approach to building public companies. Highlands was a publicly-traded company on the AMEX under the ticker symbol HIA.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-02-04 Serica Technologies

Medford, Massachusetts, United States

Serica Technologies, Inc. is a growth stage medical device company pioneering sophisticated silk-based biomaterial platforms for tissue rejuvenation.

Sell -
SELLER

Galen Partners

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1990
PE ASSETS 1.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Galen Partners is a private equity firm that targets investments in the healthcare industry. Areas within healthcare that Galen will consider include medical devices & technology, specialty pharmaceuticals, and information technology/services. Galen typically invests between $10 and $30 million per transaction in companies with a proprietary product or service that have attained revenues above $10 million. Prospective transactions include growth equity investments, complete buyouts, family business or other recapitalizations, going-private transactions, roll-overs of a portion of existing equity, and management buyouts. Galen Partners was formed in 1990 and is based in Stamford, Connecticut.


Deal Context for Seller #
Overall 12 of 26
Sector: Medical Products 2 of 6
Type: Add-on Acquisition 11 of 22
State: Massachusetts 1 of 3
Country: United States 12 of 26
Year: 2009 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-11-01 Nautilus Neurosciences

Bedminster, New Jersey, United States

Nautilus Neurosciences, Inc. is a neurology-focused specialty pharmaceutical company that identifies and develops drugs that could benefit those affected by neurological disorders.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-11-19 Unisyn Medical Technologies

Golden, Colorado, United States

Unisyn Medical Technologies, Inc. is a provider of products and services to the diagnostic imaging industry. Unisyn leverages its proprietary technologies and advanced technical capabilities to provide solutions for its customers across multiple modalities and vendor platforms. Unisyn Medical Technologies, Inc. is headquartered in Golden, Colorado.

Buy -