"Under the terms of the transaction, the Carlyle Group has acquired the Ortho-Clinical Diagnostics business, a global provider of solutions for screening, diagnosing, monitoring and confirming diseases. The Ortho-Clinical Diagnostics business generated net sales of approximately $1.9 billion in 2013," according to a press release.
The New Brunswick, N.J.-based health products giant revealed Jan. 16 that Carlyle submitted a binding offer for $4.15 billion, snaking the diagnostics business away from several other PE groups said to include the Blackstone Group, Kohlberg Kravis Roberts, Bain Capital and BC Partners. A 2nd round of bids in November was rumored to involve a combined bid from Danaher (NYSE:DHR) and Blackstone and another combined offer from CVC Capital Partners and Leonard Green & Partners.
In February, Carlyle tapped ex-Roche and Millipore CEO Martin Madaus for the corner office at Raritan, N.J.-based Ortho-Clinical. The business, which last year generated $1.89 billion or 2.6% of total sales for J&J, is a major global player in screening, diagnostics, monitoring and disease identification. Carlyle said it plans to push expansion into emerging and established markets and to make "accelerated" investments in research and product development.
JNJ officially accepted the Carlyle offer at the end of March.