The management of Becton Dickinson & Co. (NYSE:BDX) subsidiary UK Medical bought the company from its parent for an undisclosed amount.
The Sheffield, U.K.-based company, which was acquired by CareFusion in 2012 before BD paid $12 billion for CareFusion in 2015, makes products for the breast radiology, urology, interventional radiology and cardiology markets. UK Medical will keep distributing BD’s soft tissue and bone marrow biopsy products in Great Britain after the MBO, according to a press release.
“This is a great deal for both companies and we look forward to a continued and long partnership,” UK Medical managing director Ian Aaron said in prepared remarks. “Alongside our biopsy range we will also have an exciting range of other innovative interventional products. We want to partner with the [National Health Service] by supplying products that add value, improve patient care pathways and at the same time provide excellent value. We are very excited to be making a difference to patients and to the NHS.”
“Having worked with Ian and the UK Medical team for many years, I am personally delighted to see the successful completion of this MBO. Ian has been pivotal to the success of the business over the years and now has the platform to drive it forward and achieve great things,” added James Bullock, an attorney with Brachers who advised on the deal.
BHP Corporate Finance served as financial advisor, with funding from HSBC.
“I am delighted that UK Medical is once more an independent business and I would like to thank the teams at Brachers, BHP and HSBC for helping me achieve a long-held ambition,” Aaron said.
