M&A Deal Summary

Stryker Acquires Serf

On December 18, 2023, Stryker acquired medical products company Serf from Keensight Capital and Trail Capital

Acquisition Highlights
  • This is Stryker’s 34th transaction in the Medical Products sector.
  • This is Stryker’s 3rd transaction in France.

M&A Deal Summary

Date 2023-12-18
Target Serf
Sector Medical Products
Buyer(s) Stryker
Sellers(s) Keensight Capital
Trail Capital
Deal Type Add-on Acquisition

Target

Serf

Décines-Charpieu, France
Serf is a designer, developer, manufacturer and markets orthopaedic reconstructive devices and dental implants. Serf focuses on restoring mobility, alleviating pain and improving the quality of life for patients. Serf was established in 1973 and is based in Décines-Charpieu, France.

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Buyer(S) 1

Buyer

Stryker

Portage, Michigan, United States

Category Company
Founded 1941
Sector Medical Products
Employees52,000
Revenue 22.6B USD (2024)
DESCRIPTION
Stryker's headquarters in Portage, Michigan.
Stryker's headquarters in Portage, Michigan.

Stryker is a medical technology company that offers innovative products and services in MedSurg, Neurotechnology and Orthopaedics including implants, surgical equipment, and surgical navigation systems, endoscopic and communications systems, patient handling and emergency medical equipment, neurosurgical, neurovascular and spinal devices. Stryker was founded in 1941 and is based in Portage, Michigan.


DEAL STATS #
Overall 45 of 49
Sector: Medical Products M&A 34 of 36
Type: Add-on Acquisition M&A Deals 39 of 43
Country: France M&A 3 of 3
Year: 2023 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-13 Stryker - Juvenile Tumour System

Kalamazoo, Michigan, United States

Stryker's Juvenile Tumour System is a device that allows for non-invasive lengthening of the implant post-surgery over time in a clinical setting. The design eliminates the need for multiple lengthening surgeries, anesthesia, or sedation, and therefore helps reduce the risk of complications and costs associated with limb reconstruction surgery.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-03 Artelon

Sandy Springs, Georgia, United States

Artelon provides soft tissue fixation products for foot and ankle and sports medicine procedures. Artelon was formed in 2013 and is headquartered in Sandy Springs, Georgia.

Buy -

Seller(S) 2

SELLER

Keensight Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 5.5B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Keensight Capital is a private equity investment firm focused on majority and minority growth capital investments in Western European companies. Keensight makes equity investments in a number of situations including the provision of capital to finance growth, either organically or through acquisitions, or the buying out of existing shareholders. The Firm looks to invest €10 to €600 million and will consider business with up to €400 million in revenue. Keensight Capital was formed in 2000 and is based in Paris.


DEAL STATS #
Overall 21 of 24
Sector: Medical Products M&A 4 of 4
Type: Add-on Acquisition M&A Deals 10 of 11
Country: France M&A 15 of 15
Year: 2023 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-27 Bentley InnoMed

Hechingen, Germany

Bentley InnoMed is a global provider of covered stents for the endovascular treatment of peripheral vascular and aortic disease. Its focus lies on covered balloon-expandable stents used notably to treat peripheral arterial disease and abdominal aortic aneurysms. Bentley InnoMed was founded in 2009 and is based in Hechingen, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-31 Vision Box

Canas, Portugal

Vision-Box is a provider of automated border control and electronic identity solutions. Vision-Box is based in Canas, Portugal.

Sell €320M
SELLER

Trail Capital

Paris, France

Investor Investor Investor Investor


Category Private Equity Firm
Founded 2007
PE ASSETS 750M EUR
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Trail Capital is a private equity firm focused on small to medium-sized French companies. Trail looks to make control equity investments and seeks to commit €20 to €50 million per transaction. The Firm is a 'hands on' investor and looks to work alongside management in building companies. Trail Capital was formed in 2007 and has offices in Paris, Beijing, and Luxembourg.


DEAL STATS #
Overall 18 of 18
Sector: Medical Products M&A 1 of 1
Type: Add-on Acquisition M&A Deals 4 of 4
Country: France M&A 18 of 18
Year: 2023 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-02 Mazarine

Paris, France

Mazarine is a communication agency dedicated to luxury and premium brands. It provides a variety of communications services for luxury brands, advising on digital strategy, advertising campaigns, product design, and large event planning. Mazarine was founded in 1992 and is based in Paris, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-31 Marcadé

Courbevoie, France

Marcadé agency specializes in the design, production and staging of special events for major luxury brands. Marcadé was founded in 1989 and is based in Paris, France.

Buy -