Pembroke-based Hawaii Medical LLC was snapped up for a multiple of less than 1 times its annual revenues by California competitor Natus Medical Inc.
The San Carlos, Calif.-based children’s medical products maker paid $2.9 million for Hawaii Medical, which makes products for neonatal intensive care units and hospital nurseries. That’s only about 0.91 times the $3.2 million in revenues the company posted during the 12 months ended June 30.
Natus said it will shutter the Pembroke operation and relocate production to its Olympic Medical facility in Seattle during the third quarter. No word yet on layoffs or transfers; Natus CFO Steve Murphy and Hawaii Medical founder and president did not immediately return a call for comment.
McCarty, at least, will not be out of a job — he’s slated to stay on board as a consultant, working on developing new products. Hawaii Medical is the second McCarty startup-turned-acquisition; he founded Children’s Medical Ventures, now a Phillips Medical subsidiary.
