EBOS Group has agreed to acquire medical device distributor LifeHealthcare from funds advised by Pacific Equity Partners and other minority holders in a deal valued at around A$1.167bn ($833m).

Under the deal, EBOS will acquire 100% of LifeHealthcare’s Australian and New Zealand subsidiaries, as well as 51% of its Asian subsidiary Transmedic.

The remaining 49% stake in Transmedic will be retained by its co-founders.

LifeHealthcare independently distributes third party medical devices, consumables, capital equipment, and inhouse manufactured allograft material in Australia, New Zealand and South East Asia.

The company has two business divisions, including Australia and New Zealand (ANZ) Distribution and Allografts, and Asia Distribution.

EBOS CEO John Cullity said: d “The acquisition of LifeHealthcare represents an important step in EBOS’ medical devices strategy, providing greater exposure to this high growth sector as well as providing a measured entry into South East Asia.

“The enlarged medical devices business will remain part of EBOS’ existing Institutional Healthcare division, which will represent approximately 38% of EBOS’ gross operating revenue.”

The acquisition of LifeHealthcare will allow EBOS to expand and diversify its earnings by segment and geography, in addition to increasing exposure to the high growth medical devices sector.

It will also help EBOS to establish a measured entry into South East Asia, as well as create a platform to capitalise on additional future growth opportunities.

LifeHealthcare has reported A$326m ($232) in pro forma revenue and A$92m (65.7m) in pro forma EBITDA for the 12 months ended 30 June this year.

It is expected to generate between A$110m ($78.5m) and A$114m ($81.4m) EBIDTA in calendar year 2022, stated EBOS.

Subject to multiple closing conditions and regulatory approvals, the deal is expected to be completed by the end of fiscal year 2022.

EBOS is a diversified Australasian marketer, wholesaler and distributor of healthcare, medical and pharmaceutical products.