Maquet CV: Old Name, New Emerging Mid-Cap Strategic Acquirer

Article preview from IN VIVO - February, 2012

After some recent changes – like moving its headquarters to the US and spending $2.3 billion on several recent deals – Maquet is becoming just what the cardiovascular device industry needs: a mid-sized company committed to an aggressive acquisition strategy.

Maquet CV: Old Name, New Emerging Mid-Cap Strategic Acquirer

Article preview from IN VIVO - February, 2012

Cardiovascular devices have long occupied the most prolific sector of the device industry in terms of product innovation and M&A activity. These activities have been largely driven by a reliable group of big strategic players that continuously need to refuel their product pipelines in order to drive growth. Recently, however, a couple of the historically more acquisitive of these companies,Cordis Corp./Johnson & Johnson and Boston Scientific Corp. have exited major vascular markets (drug-eluting stents for Cordis and the neurovascular business in the case of Boston Scientific). These departures have shrunk the universe ofpotential acquirers. While other large players have recently become more active in cardiovascular devices, most notablyCovidien PLC and even CR Bard Inc., concerns exist about the dynamics for growth in this sector, particularly since, as long as the IPO window for device companies remains closed, M&A remains the primary exit route for venture-backed start-ups. The timing, therefore, could not be better for the cardiovascular sector as a whole for a new mid-cap strategic player to emerge: Getinge AB’s Maquet Cardiovascular LLC division. The company has done a series of major deals over the past five years, amounting to $2.3 billion in M&A, most recently its $680 million acquisition of Hudson, NH-based Atrium Medical Corp., which closed last year. While Getinge is based in Sweden and Maquet in Germany, the cardiovascular division moved its headquarters to Wayne, NJ, largely because all of its recent acquisitions involved US-based companies.

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