BOSTON, MA – August 29, 2016 – Audax Private Equity (“Audax”), together with its co-investors and management of Laborie Medical Technologies (“Laborie” or the “Company”), has entered into an agreement to sell Laborie to an affiliate of Patricia Industries, a part of Investor AB.
Headquartered in Mississauga, Ontario, Laborie Medical Technologies is a leading global provider of innovative medical devices for urological, pelvic health and gastrointestinal applications. The company’s products are used in the diagnosis and treatment of urinary incontinence and other urological and GI conditions. Laborie supplies physician offices, hospitals, and mobile providers on six continents. Since Audax’ initial investment in 2012, Laborie has completed 14 acquisitions to expand product lines and enter international markets.
Geoffrey Rehnert, Co-Chief Executive Officer, Audax Group, said, “Brian Ellacott and the entire Laborie team have done an extraordinary job transforming the Company through add-on acquisitions and product development from a manufacturer of capital equipment for urodynamic testing into a fully-integrated medical device company with a market-leading position in urology and a rapidly growing gastroenterology business. We are proud of the shared accomplishment and wish Laborie continued success with its new partner.”
*Brian Ellacott, *Chief Executive Officer, Laborie Medical Technologies, said, “Audax was a tremendously valuable partner to Laborie. Together we executed a transformational growth strategy which included 14 add-on acquisitions. We are excited to continue growing Laborie in partnership with Patricia Industries.”
Jefferies LLC. and Harris Williams & Co. served as exclusive financial advisors to Laborie and Audax. Kirkland & Ellis LLP and Stikeman Elliott LLP served as legal advisors to Laborie and Audax.
ABOUT LABORIE MEDICAL TECHNOLOGIES
Laborie is an industry-leading manufacturer and supplier of pelvic health and gastrointestinal medical equipment and consumables. Since its founding in 1967, Laborie has been committed to delivering innovative, complete solutions that provide better diagnostics and treatment outcomes to patients worldwide.
** ABOUT PATRICIA INDUSTRIES AND INVESTOR AB**
Patricia Industries, a part of Investor AB, makes control investments in best-in-class companies with strong market positions, brands and corporate cultures within industries positioned for secular growth. Its ambition is to be the sole owner of our companies, together with strong management teams and boards. Patricia Industries invest with an indefinite holding period, and focus on building durable value and capturing organic and non-organic growth opportunities.
Investor AB, founded by the Wallenberg family a hundred years ago, is the leading owner of high quality Nordic-based international companies. Through board participation, its industrial experience, network and financial strength, Investor AB strives to make its companies best-in class. Its holdings include, among others, Atlas Copco, SEB, ABB, Ericsson and Mölnlycke Health Care.