Acquisition

Luneau Technology Group merges with Optovue

Luneau Technology Group announced that its merger with Optovue Inc. will enable the two companies to offer a comprehensive portfolio of health solutions to eye care providers. “We’re two agile companies with a startup mentality of innovation and flexibility,” Marc Abitbol, PhD, CEO of the newly merged company, said in a press release. “Together, we now have a full pipeline that covers everything for visual health. Optovue’s OCT expertise, stellar reputation and primary position in the medical eye care market and complementary portfolio of products make us an ideal partner, so our combined company can offer complete end-to-end solutions in retail, refraction and medical markets for primary eye care.” According to the press release, the merged company has combined sales of $176 million and 700 employees in 120 countries. While Luneau Technology Group is based in France, the company said in the press release that North A...

Axsun Technologies sold to Excelitas in a roughly $80 million transaction.

One of those acquisitions, for the optical electronics equipment manufacturer Axsun Technologies, yielded one of the firm’s early exits when the Massachusetts-based company was sold to Excelitas in a roughly $80 million transaction.  ( Read Full Article )

Anzu Partners Completes Sale of Axsun Technologies to Excelitas Technologies

Anzu Partners, a venture capital and private equity firm that invests in breakthrough industrial technologies, today announced that it has completed the sale transaction of Axsun Technologies to Excelitas Technologies Corp. The terms of the deal were not disclosed. Axsun Technologies is a leading developer and supplier of MEMS-based optical engines for medical imaging, industrial spectroscopy, and optical telecommunications. Axsun's optical engines enable many of the worlds leading optical coherence tomography (OCT) imaging systems used by opthalmologists, cardiologists, and other medical specialists. In recent years, Axsun has shipped more than 15,000 devices for these applications. Anzu Partners acquired Axsun from Volcano Corporation, a subsidiary of Royal Philips N.V., in October, 2015. "Our partnership with Anzu Partners has been outstanding, and we are grateful for their investment and support which has enabled us to achieve our goals, enter new markets, and has been a catalys...

Excelitas gets into OCT with Axsun Technologies acquisition

iversified optoelectronics company Excelitas has signed a deal to acquire Axsun Technologies from its current owner Anzu Partners. According to the companies involved, the transaction is expected to close in early 2019. No details about the agreement have been disclosed, but Axsun’s CEO Jonathan Hartmann said: “This is an outstanding opportunity for Axsun, our customers, and our employees as we continue to expand our product line and develop new markets together with Excelitas.” Massachusetts-based Axsun, which is best known for its swept-source optical coherence tomography (OCT) laser engines, became part of Anzu just over three years ago , after its prior owner Volcano Corporation was sold to Philips. Known to be a key supplier to OCT companies including UK-based Michelson Diagnostics, Axsun has developed robotic alignment technology that it says enables optical assembly with nanometer-level precision. Hartmann said that the partnership with Anzu had enabled the ...

Excelitas Technologies Announces Agreement to Acquire Axsun Technologies

Excelitas expands portfolio of high performance photonics solutions serving the Medical and Industrial markets. W Excelitas Technologies ® Corp., a global technology leader focused on delivering innovative, customized photonic solutions, today announced that it has signed a definitive agreement to acquire Axsun Technologies (Billerica, MA USA). Axsun is a privately-held company specializing in the development and production of innovative, MEMS-based light engines for high performance medical imaging and industrial spectroscopy applications. Terms of the agreement are not being disclosed and the transaction is expected to Close in early 2019. F or more information on Excelitas, visit www.excelitas.com. About Excelitas Technologies Excelitas Technologies Corp. is a global technology leader focused on delivering innovative, high-performance, market-driven photonic solutions to meet the lighting, detection and optical technology needs of global customers. From biomedical technology...

Axsun Technologies Announces Definitive Agreement to be acquired by Excelitas Technologies

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Axsun Technologies Inc., an Anzu Partners portfolio company, today announced that it has signed a definitive agreement to be acquired by Excelitas Technologies® Corp., a global technology leader focused on delivering innovative, customized photonic solutions. The terms of the agreement are not being disclosed and the transaction is expected to close in early 2019. Jonathan Hartmann, CEO of Axsun, commented, "This is an outstanding opportunity for Axsun, our customers, and our employees as we continue to expand our product line and develop new markets together with Excelitas."   "Our partnership with Anzu Partners has been outstanding, and we are grateful for their investment and support which has enabled us to achieve our goals, enter new markets, and has been a catalyst for tremendous technology development. The work we have done together will be beneficial to our customers in healthcare and other emerging growth markets for years to come." Needham & Com...

Moody’s says Excelitas’ proposed $80 million first lien term loan facility to acquire Axsun is a moderate credit negative; ratings unaffected

Moody's Investors Service ("Moody's") says EXC Holdings III Corp.'s (dba Excelitas) proposed $80 million incremental first lien term loan facility to fund the acquisition of Axsun is a modest credit negative, but it does not impact the company's B3 Corporate Family Ratings or stable rating outlook. Following the add-on, the USD denominated first lien term loan will increase to $685 million from $605 million ($681 million outstanding proforma at September 30, 2018). The $80 million proceeds along with $1.2 million of cash on hand will be used to fund the acquisition and approximately $5 million in transaction fees and expenses. Moody's views the proposed transaction as a moderate negative because it increases the company's leverage to 7.1 times from 6.8 times (Moody's adjusted debt-to-EBITDA pro forma for the twelve months ended September 30, 2018). Moody's considers this level of leverage to be high for a company with exposure to foreign exchange volatility in its earnings and cycli...

Gooch & Housego expanding again with $16M Gould deal

London-listed optics company Gooch & Housego (G&H) has completed another significant acquisition as part of its diversification strategy – this time with a deal to buy US-based Gould Fiber Optics (GFO). Worth up to $16.4 million, the agreement should enhance G&H’s position in the aerospace and defense sectors, particularly in regard to the important US market. Military focus Founded in 1978 and headquartered in Baltimore, GFO specializes in the design, development and manufacture of fiber-optic components and subsystems, and is said to provide key components to some top-ranking US aerospace and defense customers. “The GFO product range is highly complementary to that of G&H,” announced the UK firm. “Whilst G&H is the leading manufacturer of high-reliability undersea fused fiber-optic components, together with a strong presence in the life sciences and fiber laser markets, GFO specializes in the supply of polarization-maintaining fibe...

NKT Photonics to acquire Onefive, a leading supplier of ultrafast lasers

NKT Photonics has entered into an agreement to acquire Onefive, a leading ultrafast laser manufacturer headquartered in Zurich, Switzerland. The acquisition will strengthen NKT Photonics’ Material Processing business by adding complementary know-how and products to the portfolio. Founded in 2005, Onefive has a strong product portfolio within ultrafast lasers, especially within femto- and picosecond systems. Onefive’s customers are mainly in the medical and life science segments, but they also supply lasers to the industrial material processing and the scientific markets. The company employs 41 people mainly in Zurich, where the main production facilities are located, and in a smaller site in Berlin under the name Advanced Laser Diode Systems. NKT Photonics’ CEO, Basil Garabet: ”We are pleased to add Onefive to the NKT Photonics family. It is a key element of our strategy to grow our business in the burgeoning Material Processing market. With Onefive, we signi...

Zeiss Acquisition of Insight Ophthalmic Laser Engines for 19.1M Euros

On 24 February 2017 a contract was concluded between Carl Zeiss Meditec, Inc., Dublin USA, and Insight Photonics Solutions, Inc. (hereinafter “Insight”), which domiciled in Lafayette, USA, pertaining to the acquisition of 52 percent of the shares in Ophthalmic Laser Engines, LLC, Lafayette, USA (hereinafter referred to as “OLE”). The main aim of acquiring these shares is to develop and produce an akinetic swept source laser for ophthalmology, and the associated OCT system elements.  Departing from the voting rights distribution, a profit distribution of 30% for Insight was agreed until 31 December 2022, which allocated as a performance-related component to the purchase price. Carl Zeiss Meditec’s aim with this acquisition is to secure itself market leadership for ophthalmic investigation procedures based on optical coherence tomography (OCT). The preliminary purchase price is €19.1M and is composed of a fixed amount of €18.1M and the abov...

Abbott Agrees to Buy St. Jude in $25 Billion Deal

Abbott Laboratories agreed to acquire St. Jude Medical Inc. in a cash-and-stock deal valued at $25 billion that would create one of the leading makers of heart-related devices. Under the deal, Abbott agreed to swap $46.75 in cash and 0.8708 shares for each St. Jude share. The offer values each St. Jude share at about $85, representing a 37% premium to the stock’s closing price Wednesday. Shares of Abbott fell 7% to $40.60 in early trading, while St. Jude rose 25% to $77.70. The companies said the deal merges St. Jude’s strong positions in heart-failure devices, heart catheters and defibrillators with Abbott’s strength in coronary intervention and heart-valve repair. When combined, the merged company will have annual cardiovascular sales of $8.7 billion. The merger is occurring as heart disease becomes a bigger problem. According to the companies, more than 40% of adults in the U.S. are expected to have one or more forms of heart disease by 2030. MORE Abbott Investo...

Canon in exclusive negotiations to acquire Toshiba Medical Systems for $6B

Canon has emerged as the exclusive bidder for Toshiba Medical Systems , beating out Fujifilm Holdings in the final round of discussions, and numerous others who were also reportedly interested, including Sony ( $SNE ), Konica Minolta and private equity players KKR, Bain Capital, the Carlyle Group and the U.K.'s Permira. Canon will have exclusive negotiating rights until March 18, during which the two sides will aim to hammer out the details of a final agreement, expected to be valued around ¥700 billion ($6 billion). "Toshiba has carried out a close evaluation of the overall proposals received from companies that expressed an interest in acquiring TMSC (Toshiba Medical Systems Corp.), including their appraisal of TMSC's value and the feasibility of successfully completing the transaction, and determined that the proposal from Canon Inc. is superior to that of the other companies," the company said in a statement ( Read Full Article )

Axsun Technologies announces acquisition and growth capital investment by Anzu Partners

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Financial backing to fuel Axsun growth and product development Axsun Technologies announced that it has been successfully divested from Volcano Corporation, a subsidiary of Royal Philips, and acquired by Anzu Partners, an investment firm based in Washington DC. As part of the transaction, Axsun received a significant infusion of growth capital and an affiliate of Anzu Partners purchased the 65,000 square foot building in Billerica, MA that houses Axsun’s operations. Axsun’s experienced management team will remain in place. Jonathan Hartmann, currently VP/GM will lead the newly independent Axsun as CEO. Peter Whitney will continue as Chief Science Officer and VP of Engineering, leading technology and product development. Chris Baldwin will continue to serve as Chief Financial Officer, and Bill Ahern will continue to lead sales and business development. Mr. Hartmann and Dr. Whitney have joined the Axsun Board of Directors. “Axsun’s customer-focused R&D, en...

Acquisition of Spin-out Company Bioptigen to Bring Duke Imaging Technology to New Markets

In June 2015, microscopy and imaging systems company Leica Microsystems acquired Bioptigen Inc., a company born from Duke's Pratt School of Engineering. Formed in 2004, Bioptigen has become a leader in optical coherence tomography (OCT), an imaging technique that uses light to capture extremely high-resolution, three-dimensional pictures of the eye. Bioptigen was the brainchild of Duke’s Michael J. Fitzpatrick Professor of Engineering Joseph Izatt and CEO Eric Buckland. Since its launch, the company secured more than 60 issued patents in OCT technology, many of which were licensed from intellectual property developed by Izatt, his students, and collaborators at Duke and Case Western Reserve University. Below is an excerpt from an interview with Izatt. The full interview is on The Duke Innovation & Entrepreneurship Initiative website . Q: How does OCT diagnose eye disease? IZATT: OCT produces 2-D and 3-D images of tissue with a resolution scale many times finer than other m...

Leica Microsystems buys Duke medical imaging spinout Bioptigen

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A buyout announcement today from Morrisville medical imaging company Bioptigen is the latest evidence that support from the North Carolina Biotechnology Center can be important. The 2004 Duke University spinout, which makes specialized high-resolution imaging devices for non-invasive diagnoses of eye diseases and other medical applications, has reached agreement to be purchased by German powerhouse Leica Microsystems. Leica Microsystems, based in Wetzlar, Germany, a global leader in microscopy and imaging systems, said it’s buying Bioptigen to strengthen its position in the ophthalmology market. Bioptigen is a technology leader in the field of optical coherence tomography (OCT), a form of computerized imaging that Leica wants to incorporate into its surgical microscopes to assist ophthalmologists during eye surgery. The companies declined to disclose the terms of the agreement, though it’s not expected to lead to a reduction in Bioptigen’s workforce. Duke-discovere...

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