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Kohlberg in healthcare exit to Golden Gate

The mid-market firm has exited two companies in the past two weeks. 

Kohlberg & Company will sell medical device company Phillips-Medisize Corporation for a reported $800 million to Golden Gate Capital.

Kohlberg did not disclose financial details for the transaction and had not returned a request for comment at press time. The firm initially acquired Phillips Plastics in 2010 using capital from its $1.5 billion Fund VI. The firm made two add-on acquisitions for the company, acquiring Medisize Corporation and Adval Tech manufacturing facilities in China and Mexico, according to its website.

The transaction is subject to customary approvals and is expected to close in the upcoming months. Golden Gate declined to comment.

Last week, Kohlberg sold the filtration business of Stanadyne Corporation to filtration product maker Clarcor for about $325 million, according to a statement. Kohlberg initially acquired Standyne in 2004, deploying capital from its $576 million Fund IV, according to its website.

“We are pleased that our efforts to broaden Filtration’s product offering and to build a world class organisation have positioned the business to make this next step in its evolution, Seth Hollander, a partner at Kohlberg said in the statement last week.

Kohlberg closed its most recent fund, Kohlberg Investors VII on $1.6 billion in 2013. The fund launched in 2011 with a $1.5 billion target, according to Private Equity International’s Research and Analytics division. Limited partners in the fund include the Andrew W Mellon Foundation, the State of Wisconsin Investment Board and Danish pension fund PKA.

Kohlberg has raised $5.3 billion for seven private equity funds since it was founded in 1987. The firm is based in Mount Kisco, New York.