Kinetic Concepts Inc. said it’s closed the $485 million buyout of fellow privately owned wound-care company Systagenix, which it plans to unite with its LifeCell regenerative therapies unit.
"The successful completion of the Systagenix acquisition marks an important milestone in the advancement of our long-term strategy as the global leader in transformational healing solutions," president & CEO Joe Woody said in prepared remarks. "Together, KCI, Systagenix and LifeCell will deliver customer-focused innovations and realize new possibilities beyond that which we could have achieved as a stand-alone organization."
KCI announced the deal back in July, saying it brings a large suite of complementary advanced wound care products into its portfolio.
Weeks later the company said it would merge the 3 entities into a single wound care leviathan with combined sales of more than $2 billion.
Ex-Corin Group CEO Peter Huntley will lead the Systagenix portion of the business as a KCI senior vice president, according to a press release. Ernest Waaser, the departing CEO of Systagenix, will stay on board for the next few months to assist in the transition, according to the release.
"I am pleased to welcome Peter Huntley as the new leader of Systagenix. He has extensive global leadership experience and a long track record of commercial success in the industry, which will add tremendous value as we combine KCI, Systagenix and LifeCell into a single company," Woody said. "I would also like to thank Ernest Waaser for his outstanding leadership of Systagenix that has brought us to this exciting milestone. The KCI family of companies and employees wishes him the best in his future endeavors."