Syneron Candela said today that its approximately $400 million sale to private equity fund Apax Partners closed today, and that it is now functioning as a privately held company under Apax.
Apax Partners paid $11 per share in cash for Syneron, with shares ceasing trading on the Nasdaq Stock Market this morning and the company delisting from the market.
As part of the transaction, Apax Partners has appointed Geoffrey Crouse as CEO and board member of Syneron. Crouse previously served as CEO of Cord Blood Registry, which was sold to AMAG Pharmaceuticals. Prior to that, Crouse held a COO position at Immucor.
“I am excited to join Syneron Candela. I have been very impressed with the potential of the Syneron Candela business and the passion of the Company’s talented employees. I see a real opportunity to re-ignite growth in the business through a relentless focus on our customers’ success and by building on the strength of Syneron Candela’s brands, the technology behind its products, and the high quality of the company’s engineering and product development organization,” Crouse said in a prepared statement.
In addition to Crouse, Cord Blood Registry execs Mike Johnson, Mary Trout and Todd Vann Horn will join the company as CFO, Americas prez and chief biz officer, respectively. The newly appointed executives will head the company in the US from the San Francisco Bay Area, the company said.
The deal was initially announced in April, and won approval from Syneron shareholders last month, the company said.
