The deal, which the companies announced in March, will put a controlling 50.1% of BD’s respiratory solutions business under the control of the private equity shop, and put former Tornier (NSDQ:TRNX) chief exec & ex-Wright Medical (NSDQ:WMGI) COO Dave Mowry in the corner office of the new JV.
“We are delighted to launch this new brand, Vyaire Medical, built on the foundation of excellent products, talented people and the industry standard for service and support for our customers. Our new company will be focused on providing improved patient outcomes and increased value to our customers through a collaborative partnership that brings innovation to these market segments,” Mowry said in a prepared statement.
Vyaire Medical will include all business lines within BD’s respiratory solutions business, including ventilation, respiratory diagnostics, vital signs and AirLife, with expected annual revenues of $800 million, Becton Dickinson said.
“We are very pleased with the progress the teams have made in the last six months in preparing Vyaire Medical for success as a standalone company, including the appointment of Dave Mowry as CEO. Dave has more than 25 years of leadership experience within the medical device industry with a strong track record of delivering growth and earnings results. He knows how to successfully lead the implementation of transformational organizational changes and will be backed by an excellent management team. We continue to be highly supportive of an investment program to further develop Vyaire Medical’s position as a leading global player in the respiratory market, both organically and through acquisitions,” Apax partner Steven Dyson said in prepared remarks.
BD’s respiratory facilities will transfer to the new JV as well, including 2 California locations in Yorba Linda and Palm Springs, a Plymouth, Minn., location and other facilities in Mexico, Brazil, Germany and China. Vyaire will have an employee base of 5,000 workers worldwide, BD said.
“We are excited and confident in the ability of Vyaire Medical to build the Respiratory Solutions business into a leading, global respiratory-focused organization. We look forward to the continued partnership with Apax Partners through this joint venture, and to seeing the even greater impact that Vyaire Medical will have on customers and patients as a fully focused respiratory care company,” BD medical segment president Tom Polen said in a press release.
Net proceeds raised for BD are slated to be used for share repurchases.