Private equity firm GTCR is to sell portfolio company Devicor Medical Products to Danaher Corporation’s Leica Biosystems, a provider of anatomical pathology solutions and automation used to advance cancer diagnostics.
Devicor is a medical device company specialising in products for use in breast biopsy procedures. The company is the global market leader in the vacuum-assisted biopsy segment of the breast biopsy market. Its products include the Mammotome Breast Biopsy System, tissue markers and related products, which, to date, have enabled more than four million women to have a minimally invasive breast biopsy.
Devicor began as a management partnership formed as part of GTCR's Leaders Strategy to build a leading medical device company focused on interventional procedures. In 2010, Devicor completed its initial platform acquisition with the successful corporate carve-out of the Mammotome breast care business from Johnson & Johnson. Through the complex, two-year carve-out, Devicor built dedicated manufacturing, transitioned a global business in more than 50 countries out of Johnson & Johnson, secured new regulatory permits in several countries, and reinvested heavily in new product research & development. As a result of the successful carve-out and transformation, Devicor was able to create a standalone, fully-integrated, global medical device business and was able to leverage its commercial platform to complete several complementary tuck-in acquisitions.
“Our partnership with Devicor CEO Tom Daulton and the carve-out of the Mammotome business from Johnson & Johnson is another example of how GTCR executes on the Leaders Strategy,” says GTCR managing director Dean Mihas. “We created Devicor with the goal of acquiring and building a leading medical device company with an attractive market position and physician preferred products focused on interventional procedures. Since the initial carve-out acquisition, Tom and the team have successfully built a leading global platform in the breast biopsy market.”
"We'd like to thank GTCR for their commitment and support in helping build Devicor over the last four years," says Daulton. "We have had a great partnership with GTCR and we look forward to working with Danaher to continue our efforts to develop products that advance the accurate diagnosis and treatment of breast cancer."
