Kinetic Concepts acquires Systagenix
San Antonio-based Kinetic Concepts Inc. announced that it had agreed to acquire Systagenix for US$485 million. Systagenix is a wound-care development company based in the U.K. Systagenix was originally established in 2008 following the buyout of Johnson & Johnson's wound-care unit by a private investment business arm of JPMorgan Chase & Co, One Equity Partners LLC.
Kinetic Concepts Inc., or KCI, in a statement said that Systagenix currently provides no less than 20 million wound dressings per month in at least 100 countries. Systagenix recorded net sales of around US$196 million last year. of which about 80 percent came from outside the United States.
"This major strategic investment will diversify KCI's global portfolio of wound-care products and reinforces our competitive advantage as the trusted gold standard in wound healing," Joe Woody, chief executive officer and president of Kinetic Concepts Inc., commented in the statement.
The deal is scheduled to close in the last quarter of the year. The deal, as it stands, is still subject to antitrust approvals and conditions.