Johnson & Johnson has agreed to sell its LifeScan business, a maker of blood glucose monitoring products, for approximately $2.1 billion to Platinum Equity.
In the US, LifeScan is the leading maker of blood glucose monitoring systems for home and hospital use. The company’s OneTouch brand products are recommended by more endocrinologists and primary care physicians than any other brand. Globally, more than 20 million people use OneTouch products to test and monitor their diabetes.
LifeScan has been a Johnson & Johnson business since 1986 and has 3,000 employees with a headquarters in Chesterbrook, PA and manufacturing facilities in Puerto Rico and Scotland (www.lifescan.com) (www.OneTouch.com).
Platinum Equity invests in a range of industries including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, and telecommunications. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion buyout fund which closed in March 2017. Platinum Equity has completed more than 200 acquisitions since its founding in 1995. The firm is based in Beverly Hills with additional offices in New York and London (www.platinumequity.com).
Johnson & Johnson (NYSE: JNJ) is a multinational medical devices, pharmaceutical and consumer packaged goods manufacturing company with annual revenues of more than $75 billion. Johnson & Johnson’s brands include numerous household names of medications and first aid supplies including the Band-Aid line of bandages, Tylenol medications, Johnson’s baby products, Neutrogena skin and beauty products, Clean & Clear facial wash, and Acuvue contact lenses. The company is headquartered in New Brunswick, NJ (www.jnj.com).
This transaction is expected to close by the end of 2018.
© 2018 Private Equity Professional | June 13, 2018
