M&A Deal Summary

Smiths Group Acquires Medex

On March 21, 2005, Smiths Group acquired medical products company Medex from Stonehenge Partners, Water Street Healthcare Partners and One Equity Partners for 925M USD

Acquisition Highlights
  • This is Smiths Group’s 2nd transaction in the Medical Products sector.
  • This is Smiths Group’s largest (disclosed) transaction.
  • This is Smiths Group’s 4th transaction in the United States.
  • This is Smiths Group’s 1st transaction in Ohio.

M&A Deal Summary

Date 2005-03-21
Target Medex
Sector Medical Products
Buyer(s) Smiths Group
Sellers(s) Stonehenge Partners
Water Street Healthcare Partners
One Equity Partners
Deal Type Add-on Acquisition
Deal Value 925M USD

Target

Medex

Hilliard, Ohio, United States
Medex, Inc. is a provider of system solutions for critical care medical products.

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Buyer(S) 1

Buyer

Smiths Group

London, United Kingdom

Category Company
Founded 1851
Sector Diversified
Employees15,156
Revenue 3.0B GBP (2023)
DESCRIPTION

Smiths Group is a provider of practical applications of advanced technologies. Smiths Group was founded in 1851 and is based in London, England.


DEAL STATS #
Overall 4 of 8
Sector (Medical Products) 2 of 2
Type (Add-on Acquisition) 4 of 7
State (Ohio) 1 of 1
Country (United States) 4 of 7
Year (2005) 1 of 1
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-06-01 DHD Healthcare

Canastota, New York, United States

DHD Healthcare is now part of its acquiring firm, Smith Medical. DHD Healthcare developed, manufactured and marketed plastic devices for respiratory therapy, including incentive spirometers and positive airway pressure devices.

Buy $55M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-09 Kelvin Hughes

London, United Kingdom

Kelvin Hughes designs produce and market radar sensors mainly for maritime and security applications. Among Kelvin Hughes products is the SharpEye™ solid-state high-performance pulse-Doppler radar family as well as the CxEye™ Command and Control software that allows the integration of multiple radar and camera sensors into a comprehensive display package.

Sell £52M

Seller(S) 3

SELLER

Stonehenge Partners

Columbus, Ohio, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1999
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Stonehenge Partners is a private equity firm that seeks equity and mezzanine investments in lower middle-market companies with at least $10 million in sales. Stonehenge looks to invest ranging from $10 million to $50 million of equity/junior capital to support management buyouts, leveraged acquisitions, recapitalizations, and growth capital financings. Stonehenge prefers businesses operating in manufacturing, distribution, business services and healthcare. Stonehenge avoids investing in real estate, oil and gas, high technology and 'industries that are susceptible to a high degree of cyclicality'. Stonehenge was formed in 1999 and is based in Columbus, Ohio.


DEAL STATS #
Overall 4 of 38
Sector (Medical Products) 1 of 1
Type (Add-on Acquisition) 1 of 17
State (Ohio) 2 of 8
Country (United States) 4 of 37
Year (2005) 1 of 3
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-03-01 Brilliance Audio

Grand Haven, Michigan, United States

Brilliance Audio, Inc. is an independent audiobook publisher in the United States. The company, founded by its current President and Publisher R. Michael Snodgrass in 1984, began with a mission to provide a quality listening experience at an affordable price, and continues that philosophy today.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-04-01 West Point Products

Valley Grove, West Virginia, United States

West Point Products is an organization is "To be the supplier of choice for Premium Replacement Imaging Supplies and related services that add value to our customers." In support of this goal, West Point Products aims to be the most customer-friendly organization in the imaging industry, acknowledging the fact that our customers deserve to do business with a supplier that treats them with respect and integrity, making their daily lives easier.

Buy -
SELLER

Water Street Healthcare Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 6.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Water Street is a specialist private equity firm that targets investments in healthcare companies. Specific areas of interest within healthcare include diagnostic devices, medical products, pharmaceutical services, specialty distribution, specialty pharmaceuticals, and specialty services. Water Street targets non-core units of larger corporations and private middle-market companies. Transactions are typically valued between $50 and $500 million. Water Street does not invest in biotechnology, traditional healthcare facilities (hospitals, nursing homes) or early-stage companies without positive cash flow. Water Street was formed in 2005 and is based in Chicago, Illinois.


DEAL STATS #
Overall 4 of 31
Sector (Medical Products) 3 of 10
Type (Add-on Acquisition) 4 of 19
State (Ohio) 1 of 3
Country (United States) 4 of 30
Year (2005) 1 of 2
Size (of disclosed) 1 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-09-15 AbilityOne

Bolingbrook, Illinois, United States

AbilityOne Corp. is a distributor of rehabilitation and assistive device products used to speed recovery, improve mobility and aid independence for injured, aging and physically-challenged adults and children.

Sell $575M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-05-09 Kendro Laboratory Products

Asheville, North Carolina, United States

Kendro Laboratory Products is a provider of sample preparation solutions to the life science industry. Products include centrifuges, bioprocess separators, incubators, freezers, ovens and clean air equipment.

Sell -
SELLER

One Equity Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2001
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

One Equity Partners (OEP) is a private equity firm that targets buyout and growth capital investments in North America, Europe, and Asia. OEP prefers to be the lead investor and typically commits $30 to $150 million per transaction. Sectors of interest include industrial products/services, consumer, retail, chemicals, media, communications, and healthcare. One Equity Partners was formed in 2001 and spun out of JP Morgan Chase in 2015. One Equity Partners is based in New York, New York.


DEAL STATS #
Overall 2 of 63
Sector (Medical Products) 1 of 4
Type (Add-on Acquisition) 2 of 36
State (Ohio) 1 of 2
Country (United States) 2 of 42
Year (2005) 1 of 1
Size (of disclosed) 7 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-03-04 Progress Rail

Albertville, Alabama, United States

Progress Rail is a provider of rail and transit products and services throughout North America.

Buy $405M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-05-03 Apollo Health Street

Americus, Georgia, United States

Create the dominant healthcare BPO company in a highly fragmented and growing space.

Buy -