ICU Medical has agreed to acquire Excelsior Medical from private equity firm RoundTable Healthcare Partners, for around $59.5m.
Based in Neptune of New Jersey, Excelsior produces intraluminal catheter care and disinfection products.
The firm, which is involved in producing pre-filled saline and heparin flush syringes, had developed and commercialized SwabCap and SwabFlush products.
SwabCap is a disposable cap developed to disinfect needle free connectors with 70% isopropyl alcohol when attached to an intravenous (IV) catheter, while SwabFlush is designed to improve compliance with disinfection protocols.
In connection with the deal, ICU has signed an agreement to sell the operating assets of SwabFlush and the pre-filled saline and heparin flush syringes to Medline Industries, for $27m.
This deal will be completed following the acquisition by ICU Medical of Excelsior.
Under the long-term exclusive supply contract, ICU Medical will serve Medline on an OEM basis as a supplier and innovation partner for SwabFlush business.
Excelsior Medical CEO Steve Thornton said: "RoundTable has been a tremendous partner for Excelsior since their initial acquisition of the Company in 2004.
"They have provided key access to customers and helped expand our product offerings. We look forward to partnering with ICU Medical and Medline to continue to achieve our growth objectives."
According to ICU Medical, both deals are expected to complete within a week.
ICU Medical develops, manufactures and markets medical technologies used in infusion therapy, oncology, and critical care applications.
Image: RoundTable to sell assets of Excelsior Medical to ICU Medical and Medline Industries. Photo: courtesy of stockimages/ FreeDigitalPhotos.net.