Madison Dearborn has sold medical equipment maker Sage Products to New York Stock Exchange-listed medical technologies business Stryker for $2.75 billion (£1.92 billion; €2.52 billion), Private Healthcare Investor reports.
The Chicago-based private equity firm acquired the company in December 2012, a year in which the company recorded revenues of $290 million. In 2015, Sage had sales of $430 million, a 13 percent increase on 2014.
“With Madison Dearborn’s support, our business has grown domestically and we have achieved significant initial success with our international expansion. We are grateful for Madison Dearborn’s partnership over the past few years and believe that Sage is well-positioned for continued achievement and long-term success with Stryker,” Scott Brown, president and chief executive officer of Sage Products said.
Michigan-based Stryker said the deal includes a $500 million tax benefit that will “positively impact cashflows” for 15 years. Sage develops, manufactures and distributes disposable products primarily for use in intensive care units.
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