The EQT Mid Market US fund has acquired a majority stake in Clinical Innovations LLC, a Salt Lake City-based pure-play provider of single-use clinician-preferred medical devices for labor and delivery in hospitals.
Financial terms were not disclosed.
Clinical Innovations was founded in 1993 and is the largest medical device company exclusively focused on labor and delivery (L&D), EQT said. It has about 165 full-time employees and serves more than 80 countries. EQT is an alternative investments firm with approximately 37 billion euro in raised capital across 24 funds. Its portfolio companies in Europe, Asia and the U.S. have about 110,000 total employees.
EQT said it will continue growing Clinical Innovations’ growth by leveraging EQT’s experience in scaling medical device businesses, through further investment in bringing products to international markets and by continuing to add clinician-preferred products to the portfolio.
“We look forward to supporting Clinical Innovations CEO Ken Reali and his team through their next phase of growth,” said Brendan Scollans, partner at EQT Partners Inc. and investment advisor to EQT Mid Market US. “The company’s portfolio of innovative and high-growth new products, combined with an impressive global sales organization, has enabled it to become a market leader within L&D.
“EQT’s healthcare expertise and global presence will help the company continue accelerating its international expansion and the broadening of its of best-in-class L&D and NICU (neonatal intensive care unit) product set through acquisitions.”
“We are impressed by Clinical Innovations’ success in the fields of L&D and neonatal care,” said Jerry He, partner at EQT Partners Asia Limited. “Its product portfolio offers unique value to doctors, mothers and babies around the world. We are committed to supporting the company’s international growth strategy, especially as it looks to bring the strong product lineup to China and other Asian markets.”
“We are eager to partner with EQT as we continue to develop our L&D and NICU strategy that we have executed over the past several years,” said Reali, who serves as president as well as CEO. “EQT is an ideal fit for Clinical Innovations and our continuing growth. EQT’s relationships, global presence and philosophy fit well with the company culture and our strong commitment to delivering excellent products to clinicians to care for mothers and their babies.”
Simpson Thacher & Bartlett LLP is serving as legal advisor to EQT Mid Market US. Moelis & Co. and Cain Brothers served as financial advisors to Clinical Innovations.