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    Breaking News

    Hillrom Sells Surgical Consumables Business to Audax for $170M

    Products sold include Bard-Parker conventional and safety scalpels and blades, and a variety of other operating room accessories.

    Hillrom Sells Surgical Consumables Business to Audax for $170M
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    PR Newswire07.10.19
    Hill-Rom Holdings Inc., which recently rebranded as Hillrom, has entered into a definitive agreement to sell certain surgical consumable products and related assets to an affiliate of Audax Private Equity (Audax) for $170 million in cash. The transaction is subject to customary closing conditions and is expected to be completed in Hillrom's fiscal fourth quarter 2019.
     
    "The sale of these surgical products will strengthen our ability to focus our resources across our portfolio as we continue to build a differentiated suite of connected solutions for patients and caregivers," said Hillrom president and CEO John P. Groetelaars. "This transaction underscores our strategic focus on high-growth, high-margin categories where Hillrom can demonstrate leadership and supports our commitment to deliver on our promise of Advancing Connected Care."
     
    Groetelaars continued, "We are grateful to our teams in Caledonia, Michigan, Las Piedras, Puerto Rico, and in the field for their dedication to our customers and to the company, and we are confident they will thrive under Audax ownership."
     
    Hillrom's surgical consumable products include Bard-Parker conventional and safety scalpels and blades, and a variety of other operating room accessories. These product lines are supported by nearly 500 dedicated employees who will remain with this business upon the close of the transaction.
     
    On a pro forma basis for fiscal 2019, the divested products are expected to generate annual revenue of approximately $100 million and contribute approximately $0.20 in adjusted earnings per diluted share. The sale of these products to Audax does not qualify for GAAP treatment as a discontinued operation, and therefore historical sales and earnings results will not be recast to reflect the divestiture. The company will provide additional information on its fiscal third quarter earnings conference call.
     
    Goldman Sachs & Co. LLC acted as exclusive financial advisor to Hillrom on the transaction, and Jones Day acted as legal advisor.
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