M&A Deal Summary

Agfa-Gevaert Acquires Heartlab

On April 19, 2005, Agfa-Gevaert acquired medical products company Heartlab from Halpern Denny and MedEquity Capital for 133M USD

Acquisition Highlights
  • This is Agfa-Gevaert’s 2nd transaction in the Medical Products sector.
  • This is Agfa-Gevaert’s largest (disclosed) transaction.
  • This is Agfa-Gevaert’s 4th transaction in the United States.
  • This is Agfa-Gevaert’s 1st transaction in Rhode Island.

M&A Deal Summary
Date 2005-04-19
Target Heartlab
Sector Medical Products
Buyer(s) Agfa-Gevaert
Sellers(s) Halpern Denny
MedEquity Capital
Deal Type Add-on Acquisition
Deal Value 133M USD

Target

Heartlab

Westerly, Rhode Island, United States
Heartlab, Inc. is a provider of digital imaging and archiving products and services for cardiac catheterization laboratories. Heartlab, Inc. develops and markets systems for management and archiving of cardiac catheterization images and related patient information. It develops application software and integrates systems using industry-standard computer hardware.

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Buyer(S) 1

Buyer

Agfa-Gevaert

Mortsel, Belgium
Category Company
Founded 1867
Sector Machinery
Employees4,819
Revenue 1.2B EUR (2023)
DESCRIPTION

Agfa-Gevaert is a developer, produces and distributes an extensive range of analog and digital imaging systems and IT solutions, mainly for the printing industry and the healthcare sector, as well as for specific industrial applications. Agfa-Gevaert was incorporated in 1867 and is based in Mortsel, Belgium.

DEAL STATS #
Overall 7 of 11
Sector (Medical Products) 2 of 2
Type (Add-on Acquisition) 7 of 10
State (Rhode Island) 1 of 1
Country (United States) 4 of 4
Year (2005) 1 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-11-01 Symphonie On Line S.A.

Artigues-pres-Bordeaux, France

Symphonie On Line S.A. is a French public hospital IT solutions provider. Its main product is an ERP platform which provides a number of core modules designed for the needs of public hospitals.

Buy €42M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-01 Med2Rad S.r.l.

Marche, Italy

Med2Rad S.r.l. is a developer and supplier of information systems for radiology in Italy.

Buy -

Seller(S) 2

SELLER

Halpern Denny

Boston, Massachusetts, United States
Category Private Equity Firm
Founded 1991
PE ASSETS 600M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Halpern, Denny & Co. is a private equity investment firm that targets management buyouts and high growth, late stage expansion financings. In general, investments range between $5 million to $50 million per portfolio company. Investments less than $5 million are considered if the potential for return is either very high or if there is a follow-on investment opportunity. Moreover, investments up to $100 million can be completed with Halpern Denny co-investors. Industries of particular interest to Halpern, Denny & Co. include consumer, media/communications, distribution, specialty manufacturing, and healthcare. Halpern, Denny & Co. was formed in 1991 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 2 of 12
Sector (Medical Products) 1 of 2
Type (Add-on Acquisition) 2 of 6
State (Rhode Island) 1 of 1
Country (United States) 2 of 12
Year (2005) 1 of 3
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-02-07 Beacon Hospice

Charlestown, Massachusetts, United States

Beacon Hospice is a hospice company in New England. The Company provides palliative care to patients in acute care, long term care and home settings.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-20 Bridge Medical

Solana Beach, California, United States

Bridge Medical provides patient safety software and services to the healthcare industry. It offers point-of-care patient safety system, which uses bar-code scanning, clinical bases, wireless networking, and integration to help nurses to intercept clinical errors at the patient bedside. The company’s products are used in hospitals and health systems.

Sell $11M
SELLER

MedEquity Capital

Wellesley Hills, Massachusetts, United States

Investor Investor Investor

Category Private Equity Firm
Founded 1999
Size Middle-Market
Type Sector Focused
DESCRIPTION

MedEquity Capital LLC is a specialist private equity firm that invests in mid- to late-stage healthcare service and product companies. MedEquity's focus within healthcare services includes provider based services, out-sourced non-core services, infrastructure-focused businesses, product companies with low technology risk, and technology driven service companies. MedEquity will consider both control and non-control investments and looks invest between $5 and $30 million per transaction. Investment funds are typically used to support recapitalizations, acquisitions, and growth. MedEquity Capital LLC was formed in 2002 and is based in Wellesley Hills, Massachusetts.

DEAL STATS #
Overall 3 of 9
Sector (Medical Products) 1 of 1
Type (Add-on Acquisition) 3 of 8
State (Rhode Island) 1 of 1
Country (United States) 3 of 9
Year (2005) 2 of 2
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-03-23 OpenNetwork Technologies

Clearwater, Florida, United States

OpenNetwork Technologies, Inc. provides security infrastructure software for compliance with federal privacy regulations.

Sell $18M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-21 Oncure Medical

Englewood, Colorado, United States

Oncure Medical Corp. owns, operates and manages treatment centers exclusively focused on providing the most state-of-the-art radiation treatment alternatives. Oncure partners with radiation oncologists to support leading edge cancer care at its treatment centers, and provides its physicians and hospital partners with capital, management and clinical expertise.

Sell -
Mergr

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