Montagu, a leading private equity firm, has announced that it has agreed to acquire the carved-out Medical Device Components business (MDC) of Johnson Matthey Plc.
MDC develops and manufactures miniature components for minimally invasive medical devices used in high-growth clinical specialties. It focuses on complex and high-precision components made from Platinum Group Metals and Nitinol, with decades of expertise in the metallurgy, micro-machining, and coating of these specialty alloys. As one of the few suppliers globally with the ability to design and produce these specialty components with the required scale and quality, MDC plays a crucial role in its markets and is uniquely positioned to support its blue-chip customers to accelerate innovation and improve patients’ lives. With manufacturing sites in the USA (San Diego), Mexico (Mexicali) and Australia (Tullamarine), MDC supports its customers on a global basis.
After the transaction closes, MDC will operate as a new standalone company, led by its existing management team.
MDC Chief Executive Don Freeman said: “We are delighted to be partnering with Montagu in the next phase of MDC’s development. They bring a significant amount of expertise in healthcare and in particular IP-led medical devices, and they share our ambitions for the business over the coming years, both organically and through M&A.”
We are delighted to be partnering with Montagu in the next phase of MDC’s development. They bring a significant amount of expertise in healthcare and in particular IP-led medical devices.
Adrien Sassi, Partner at Montagu said: “The carve-out of MDC aligns strongly with Montagu’s approach. MDC has rare and hard to replicate capabilities that enable it to handle the most complex and demanding precision-engineered components at scale. With support from Johnson Matthey, Don and his team have positioned the business to capitalize on the fast growth of its underlying markets and blue-chip OEM customers. We look forward to supporting their ambitious expansion plans.”
We look forward to supporting their ambitious expansion plans.
The transaction is subject to customary regulatory approvals and closing conditions.
This is Montagu’s second carve-out transaction announcement in three months. The firm completed its acquisition of Cook Medical’s biotech business unit in January and its subsequent merger with RTI Surgical. Since 2002, Montagu has initiated and successfully implemented over 30 carve-outs.
Raymond James & Associates, Inc. acted as financial advisor, Kirkland & Ellis LLP as legal advisor, and PwC as transaction advisor to Montagu.