Medical Devices Acquisitions in Canada

Kardium Inc., a Vancouver-based developer of the Globe Pulsed Field System for treating atrial fibrillation, raised USD 250 million in a new financing round. Qatar Investment Authority (QIA) joined with new investors (including Janus Henderson Investors, MM Capital, Piper Heartland Healthcare Capital, Eventide Asset Management, and Eckuity Capital) and participating existing investors (including T. Rowe Price-related funds and Durable Capital Partners). The proceeds will support regulatory approvals, manufacturing expansion, and commercial launch preparation.

HOYA Vision Care announced the acquisition of Centennial Optical, a Canadian distributor of ophthalmic frames, eyeglass lenses, sunglasses, lab supplies, and optical accessories. The deal aims to combine Centennial Optical’s market presence with HOYA’s resources and technologies to strengthen service and customer support across the Canadian market.

Bausch + Lomb Corporation announced that an affiliate has acquired Elios Vision, Inc., the developer of the ELIOS minimally invasive glaucoma surgery (MIGS) procedure using an excimer laser. The transaction expands Bausch + Lomb’s glaucoma treatment portfolio and is intended to broaden adoption of the ELIOS system, which is CE marked and currently sold in the European Union while pursuing U.S. FDA approval.

Exosens has completed the acquisition of Quebec-based LR Tech, a developer and manufacturer of FTIR (Fourier Transform Infra-Red) spectroradiometers. The deal expands Exosens’ high-performance instrumentation portfolio (detectors, imagers, and now FTIR products) and supports its bolt-on acquisition strategy across science, environmental, and other demanding end markets.

Safe Life, a Stockholm-based provider of life-saving equipment and AEDs, has acquired AED4Life to expand its North American presence. AED4Life is described as a leader in the Canadian AED market, and its founders Russ and Lori King will join the Safe Life family of brands as part of the combination.

Bruker (Nasdaq: BRKR) announced it has acquired Tornado Spectral Systems Inc., a Canadian company specializing in process Raman instruments used primarily for pharmaceutical and biotech quality control applications. The acquisition expands Bruker’s biopharma process analytical technology (PAT) portfolio with Tornado’s Raman analyzers and probe technologies. Financial terms were not disclosed.

Haemonetics Corporation completed its previously announced all-cash acquisition of OpSens Inc., a cardiology-focused medical device company. Haemonetics acquired all outstanding OpSens shares for CAD $2.90 per share, implying a fully diluted equity value of approximately USD $255 million, and OpSens shares will be delisted from the Toronto Stock Exchange and withdrawn from the OTCQX.

Permobil has acquired PDG Mobility, a Vancouver, British Columbia-based designer and manufacturer of manual “tilt-in-space” wheelchairs. The deal expands Permobil’s manual wheelchair and complex rehabilitation portfolio by adding PDG’s tilt-in-space product range and related expertise. Financial terms were not disclosed.

Fortis Life Sciences, LLC acquired Toronto-based International Point of Care, Inc. (IPOC), a developer and manufacturer of diagnostic components such as lyophilized reagents, membranes, recombinant proteins, and controls. The acquisition expands Fortis’ ability to offer customizable, end-to-end solutions for immunodiagnostic and molecular diagnostic products and adds IPOC’s 36,000 sq. ft. GMP and ISO 13485-compliant facility as Fortis’ third such manufacturing site in North America.

Avanos Medical, Inc. entered into a definitive agreement to acquire Diros Technology Inc., a Toronto-based manufacturer of radiofrequency (RF) products used in neurosurgery and chronic pain management. The deal adds Diros’ Trident RF technology to complement Avanos’ COOLIEF cooled radiofrequency offering and is expected to close in the third quarter of 2023, subject to customary conditions. Avanos plans to fund the acquisition using a combination of its existing credit facility and available cash.

Allentown, LLC, a portfolio company of Aterian Investment Partners, acquired Northwestern Systems Corporation, doing business as BetterBuilt. Headquartered in Delta, British Columbia, BetterBuilt manufactures vivarium washing equipment and automation solutions for biomedical pre-clinical research and life sciences customers. The deal represents Allentown’s first strategic add-on acquisition since Aterian acquired Allentown in April 2022.

Branford Castle Partners’ portfolio company Lafayette Instrument, LLC acquired Aurora Scientific, Inc., a Canada-based manufacturer of life sciences instrumentation and software used in muscle physiology and neuroscience research. The deal is positioned as a bolt-on to expand Lafayette’s product offering and customer reach; financial terms were not disclosed.

Shockwave Medical, Inc. entered into a definitive agreement to acquire Neovasc Inc., adding Neovasc’s Reducer System technology for the minimally invasive treatment of refractory angina. Under the deal, Shockwave will acquire all outstanding Neovasc shares for $27.25 per share in cash (about $100 million enterprise value) plus a contingent value right (CVR) of up to an additional $12 per share tied to regulatory milestones.

Capsa Healthcare, a portfolio company of Levine Leichtman Capital Partners (LLCP), acquired Tryten Technologies Inc., a designer and manufacturer of lightweight mobile cart solutions used for telehealth and other point-of-care applications. Tryten, headquartered in British Columbia, expands Capsa’s mobile computing and workflow product portfolio and supports hospitals and clinics seeking expanded virtual care, improved patient engagement, and efficient device mobility.

Bruker Corporation signed a definitive agreement to acquire 100% of the shares of Neurescence Inc., a provider of ultralight fiber-bundle Multiscopes for multi-region optical functional neuroimaging. The acquisition is intended to bolster Bruker’s neuroscience research portfolio and create synergies with its existing Ultima multiphoton solutions and recently acquired Inscopix miniscopes. Financial terms were not disclosed.

Molded Devices, Inc. (MDI), backed by majority owner TruArc Partners, acquired two medical tubing and extrusion businesses from Schauenburg Hose Technology: GlobalMed Inc. (Canada) and Schauenburg-Truplast (China) (together referred to as “GlobalMed”). The acquisition expands MDI’s medical device OEM manufacturing capabilities by adding specialized plastic extrusion and medical tubing expertise; financial terms were not disclosed.

OrthoPediatrics Corp. entered into an agreement to acquire Pega Medical, adding the Fassier-Duval Telescopic Intramedullary System and expanding its pediatric trauma and deformity portfolio. The transaction is valued at up to $33 million, consisting of $31 million in upfront cash plus $2 million in stock with certain three-year restrictions, and is expected to be financed through OrthoPediatrics’ expanded credit facility.

Resonetics has acquired Agile MV, a Montreal, Quebec-based product development and turnkey finished medical device assembly provider serving the electrophysiology and cardiology catheter market. Following the deal, Resonetics will rebrand its Design & Development Services business as AGILE Product Development across Boston, San Diego, and Montreal to expand its development and finished device assembly capabilities. Resonetics is backed by private equity firms Carlyle and GTCR.

Nicoya Lifesciences announced it has acquired LSK Technologies, a University of Toronto startup known for its high-throughput “lab-in-a-box” molecular testing platform. The deal brings LSK’s amplification technology and related IP into Nicoya’s digital proteomics and portable diagnostics portfolio, with LSK’s team joining Nicoya and products to be offered under the Nicoya brand.

ASSA ABLOY entered into an agreement to acquire Vigil Health Solutions Inc., a provider of emergency call systems and resident monitoring solutions for senior living communities. Vigil’s software-and-hardware platform will strengthen ASSA ABLOY Global Solutions Senior Care offering, and the transaction is expected to close in the first quarter of 2022.

inTEST Corporation acquired substantially all of the assets of Z-Sciences Corp., a Montreal-based developer of ultra-cold storage solutions for the medical cold chain market. The deal adds biomedical refrigeration and freezer technology to inTEST’s thermal solutions platform and expands its presence in life sciences; financial terms were not disclosed.

Boston Scientific Corporation entered into a definitive agreement to acquire Baylis Medical Company Inc. for an upfront payment of $1.75 billion (subject to closing adjustments). The deal is intended to expand Boston Scientific’s electrophysiology and structural heart portfolios by adding Baylis’ RF-based NRG and VersaCross transseptal platforms and related left-heart access tools. The transaction was expected to close in the first quarter of 2022, subject to customary closing conditions.

KSL Biomedical, Inc. acquired Pulse Scientific, Inc., a Toronto-area diagnostic products manufacturer and distributor, to expand into Canada. The deal supports the launch of KSL Biomedical Canada, Inc. and broadens KSL’s international distribution and laboratory sales capabilities across diagnostics, microbiology products, and in vitro diagnostic tests.

Canon Inc. reached an agreement to acquire Redlen Technologies Inc. via a share transfer, making Redlen a wholly owned subsidiary of Canon. Redlen develops and manufactures Cadmium Zinc Telluride (CZT) semiconductor detector modules used in diagnostic imaging and other applications; the acquisition is intended to strengthen Canon’s medical systems and components businesses, including development of photon-counting CT technology through Canon Medical Systems Corporation.

CPS Capital made a strategic growth investment in PharmaSmart International alongside the existing management team. The investment will fund new customer contracts and support PharmaSmart’s connected health growth strategy across Canada and the United States, with term debt financing provided by FirePower Capital and Nicola Wealth.

Parata Systems, a pharmacy automation provider and portfolio company of Frazier Healthcare Partners, acquired Synergy Medical, a privately held developer of blister-card automation technologies for solid oral medications. The deal expands Parata’s pharmacy automation portfolio across dispensing formats and supports continued growth initiatives such as central fill and inventory control systems. Synergy Medical will continue operating from Longueuil, Quebec, with founder Jean Boutin serving as President.

Affiliates of Flexpoint Ford made a strategic investment in (and acquired) Canadian Hospital Specialties Ltd. (CHS), a specialty distributor and manufacturer of medical and surgical products headquartered in Oakville, Ontario. The business was previously majority-owned by affiliates of Cortec Group (via Cortec Group Fund V, L.P.), which sold CHSL Holdco, Inc. d/b/a Canadian Hospital Specialties to Flexpoint Ford affiliates; CHS will continue to operate independently under CEO Mike Canzoneri and the existing management team, who will retain ownership. Financial advisors included Harris Williams LLC and TM Capital Corp. for CHS, and Cain Brothers (KeyBanc Capital Markets) for Flexpoint; terms were not disclosed.

Cytiva acquired Vanrx Pharmasystems, a Canadian developer of robotic aseptic filling machines for vials, syringes, and cartridges. The deal expands Cytiva’s bioprocessing offering into drug-product aseptic filling, supporting trends toward smaller-batch manufacturing and personalized therapies, and marks Cytiva’s first acquisition since becoming a Danaher operating company in April 2020.

Solaris Disinfection Inc. announced it has acquired Jetbrain Robotics, a developer of autonomous mobile robots for hospital logistics and patient experience. The deal expands Solaris’s healthcare robotics offering beyond UV disinfection into automated delivery, logistics, and patient-facing applications, with Jetbrain’s founder Ajay Vishnu becoming CTO of the combined entity.

Acme United Corporation, through its Canadian subsidiary, acquired the assets of First Aid Central, a Canadian first aid and safety supplier based in Laval. First Aid Central generated approximately C$4.3 million in 2019 revenue, and the purchase price was not disclosed. Acme United expects the acquisition to be accretive in 2020 and plans to expand production using the Laval location.

Westone Laboratories, LLC acquired Custom Protect Ear (CPE), described as North America’s largest custom-fit industrial hearing protection manufacturer. Custom Protect Ear will continue operating from Vancouver, British Columbia, with its management team remaining in place and an operating subsidiary, ProtectEar USA, based in the United States.