Teleflex, a provider of specialty medical devices for a range of procedures in critical care and surgery, has sold its Marine business to an affiliate of HIG Capital for $121.6m.
Marine is a global provider of steering and throttle controls and engine and drive assemblies for the recreational marine market.
Teleflex president and CEO Benson Smith said with the deal they took another step towards achieving strategic objective of becoming a pure-play medical technology company and continuing to focus on the development of portfolio of quality medical technology products.
"As a result of this transaction, our medical technology products are expected to represent approximately 90% of our total revenues for 2011," Smith said.
"Proceeds from this transaction will be used to continue to reduce outstanding debt and further invest in our medical platform."