The Carlyle Group said it tapped Martin Madaus to take over as CEO of the Ortho-Clinical Diagnostics business it’s acquiring from Johnson & Johnson (NYSE:JNJ).
Carlyle snaked the business away from several other PE groups who submitted 1st-round bids in September 2013, including Blackstone Group, Kohlberg Kravis Roberts, Bain Capital and BC Partners.
The PE giant agreed to pay $4.15 billion for the J&J blood testing unit.
Madaus, the former chief executive at Roche (PINK:RHHBY) and Millipore before it was bought out in 2010 by Merck KGaA, stepped down from his board seat with Covidien (NYSE:COV) in early February in preparation for the gig with Ortho-Clinical Diagnostics. He is taking over for Eric Compton, who will stay on until the deal closes, according to a press release.
“As an experienced executive with an exemplary track record of growing businesses, Martin can lead OCD through its transition to an independent company and transformation into a leading diagnostics platform. We believe our long-term partnership with Martin in the in vitro diagnostics industry will create significant value for our investors over the coming years,” Carlyle managing director Stephen Wise said in prepared remarks.
