Medical technology firm Halyard Health has agreed to acquire Corpak MedSystems, a portfolio company of Linden Capital Partners, for $174m.
Based in Buffalo Grove of Illinois, Corpak develops, produces and sells a wide range of branded enteral access devices.
Corpak’s portfolio of nasogastric tubes expands Halyard’s existing enteral feeding products, allowing to create a complete offering of enteral feeding solutions for patients and caregivers.
Corpak had generated $54m sales in last fiscal year.
Halyard chairman and CEO Robert Abernathy said: "Corpak’s business aligns well with our existing medical devices segment with slightly higher sales growth and similar gross margins.
"This first acquisition is an important step in achieving our strategic vision of transforming Halyard into a leading medical devices company, and positioning our business for future growth."
Corpak CEO Frank McCaney said: "Corpak achieved above-market growth through our focus on innovation, team and culture, and strategic realignment to become the ‘Preferred Enteral Partner."
Subject to approval under the Hart-Scott-Rodino antitrust improvements act and other customary closing conditions, the deal is expected to complete in the second quarter of this year.
Through its surgical and infection prevention and medical devices segments, Halyard produces various products and markets in around 100 countries.
Image: Halyard Health to acquire US firm Corpak MedSystems. Photo: courtesy of adamr / FreeDigitalPhotos.net.