M&A Deal Summary

Steris Acquires Key Surgical

On October 6, 2020, Steris acquired medical products company Key Surgical from Water Street Healthcare Partners for 850M USD

Acquisition Highlights
  • This is Steris’ 4th transaction in the Medical Products sector.
  • This is Steris’ 2nd largest (disclosed) transaction.
  • This is Steris’ 7th transaction in the United States.
  • This is Steris’ 1st transaction in Minnesota.

M&A Deal Summary
Date 2020-10-06
Target Key Surgical
Sector Medical Products
Buyer(s) Steris
Sellers(s) Water Street Healthcare Partners
Deal Type Add-on Acquisition
Deal Value 850M USD
Advisor(s) Piper Sandler & Co. (Financial)
Winston & Strawn (Legal)

Target

Key Surgical

Minneapolis, Minnesota, United States
Key Surgical LLC is a provider of sterile processing and operating room supplies. Key Surgical LLC offers a broad suite of thousands of products and supplies focused on instrument reprocessing, operating room, and patient procedures to over 10,000 facilities in 70 countries.

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Buyer(S) 1

Buyer

Steris

Dublin 2, Ireland
Category Company
Founded 1985
Sector Medical Products
Employees18,000
Revenue 5.1B USD (2024)
DESCRIPTION

Steris is a provider of pre-eminent infection prevention, decontamination, and surgical and critical care company. Steris healthcare services through knowledgeable people and innovative infection prevention, decontamination and health science technologies, products and services. Steris was founded in 1985 and is based in Dublin, Ireland.

DEAL STATS #
Overall 8 of 10
Sector (Medical Products) 4 of 6
Type (Add-on Acquisition) 8 of 9
State (Minnesota) 1 of 1
Country (United States) 7 of 9
Year (2020) 1 of 1
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-01 Steris - Applied Infection Control Business

Leicester, United Kingdom

Steris Plc - Applied Infection Control Business is a provider of commercial skin care, surface cleaning products and surgical prep brands, including Alcare Plus®, Alcare®, Kindest Kare®, Cal Stat®, Soft ‘N Sure®, CV®, BactoShield® and Lotion Soft®.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-12 Cantel Medical

Little Falls, New Jersey, United States

Cantel Medical Corp. is a provider of medical device reprocessing systems for endoscopy and renal dialysis, advanced water purification equipment, sterilants, disinfectants and cleaners, sterility assurance monitoring products for hospitals and dental clinics, disposable infection control products primarily for dental and GI endoscopy markets, dialysate concentrates, hollow fiber membrane filtration and separation products. Cantel Medical was formed in 1963 and is based in Little Falls, New Jersey.

Buy -

Seller(S) 1

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 29 of 31
Sector (Medical Products) 10 of 10
Type (Add-on Acquisition) 17 of 19
State (Minnesota) 1 of 1
Country (United States) 29 of 30
Year (2020) 1 of 1
Size (of disclosed) 3 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-11 Solvias

Kaiseraugst, Switzerland

Solvias is contract research, development, and manufacturing. The industries the company serves include pharmaceuticals, biotech, medical device, and cosmetics. Solvias was founded in 1999 and is based in Kaiseraugst, Switzerland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-11 Medical Guardian

Philadelphia, Pennsylvania, United States

Medical Guardian is a provider of senior health solutions. The company offers a full suite of connected care medical alert systems that empower older adults to live a life without limits. Medical Guardian provides nationwide support to more than 160,000 aging Americans who are ready to take on the next chapter of life while remaining safe in their own home. Whether it’s an in-home system, mobile device with GPS/Wi-Fi capabilities, or an all-in-one wearable medical alert smartwatch, Medical Guardian has the personal medical alert device to meet an array of needs and lifestyles. Medical Guardian was founded in 2005 and is based in Philadelphia, Pennsylvania.

Buy -
Mergr

Product

Company

Legal