Devicor began as a management partnership between GTCR and Thomas Daulton – formed as part of GTCR’s Leaders Strategy – to build a medical device company focused on interventional procedures. In 2010, Devicor completed its initial platform acquisition with the corporate carve-out of the Mammotome breast care business from Johnson & Johnson. During the course of GTCR’s ownership, Devicor built dedicated manufacturing facilities for Mammotome, secured new regulatory permits, and invested in new product research & development. According to GTCR this was a complex two-year carve-out of Mammotome, but once completed the business became a standalone, fully-integrated, global medical device business that was able to leverage its commercial platform to complete several complementary tuck-in acquisitions.
“Our partnership with Devicor CEO Tom Daulton and the carve-out of the Mammotome business from Johnson & Johnson is another example of how GTCR executes on its Leaders Strategy,” said GTCR Managing Director Dean Mihas. “We created Devicor with the goal of acquiring and building a leading medical device company with an attractive market position and physician preferred products focused on interventional procedures. Since the initial carve-out acquisition, Tom Daulton and the team have successfully built a leading global platform in the breast biopsy market.”
Today, Devicor’s product portfolio includes the Mammotome Breast Biopsy System, neo2000 Gamma Detection System and tissue markers MammoMARK, MicroMARKII, and CorMARK that are used in breast disease diagnostic sampling and management. These products are sold in more than 50 countries around the world. Devicor has more than 400 employees and is headquartered in Cincinnati (www.devicormedical.com) (www.mammotome.com).
The buyer of Devicor, Danaher’s Leica Biosystems, is a provider of anatomical pathology services and automation used in advance cancer diagnostics. The company is headquartered in Nussloch, Germany (www.LeicaBiosystems.com).
“Tom Daulton, Jon Salkin and the entire Devicor team have done an extraordinary job building a highly strategic and impressive medical device business focused on diagnostics and women’s health. We believe Danaher is an excellent home for Devicor, where the business can continue to grow and improve patient care,” said Sean Cunningham, Managing Director at GTCR.
“We’d like to thank GTCR for their commitment and support in helping build Devicor over the last four years,” said Mr. Daulton. “We have had a great partnership with GTCR and we look forward to working with Danaher to continue our efforts to develop products that advance the accurate diagnosis and treatment of breast cancer.”
GTCR pioneered the investment strategy of identifying and partnering with executives to acquire and build companies through a combination of acquisitions and internal growth. The firm currently has nearly $11 billion in assets under management. Since its inception in 1980, GTCR has invested more than $10 billion in over 200 companies. The firm is based in Chicago (www.gtcr.com).
J.P. Morgan Securities and Jefferies served as Devicor’s financial advisors and Kirkland & Ellis provided legal counsel.
2014 PEPD • Private Equity’s Leading News Magazine • 10-28-14