Baring Private Equity Asia (BEPA) said that its affiliated funds have agreed to acquire Israel-based Lumenis Ltd., a maker of minimally invasive clinical devices for aesthetics, urology and ophthalmology, from XIO Group.
The deal values Lumenis at over $1 billion, the two companies said in a statement on Tuesday.
Founded in 1973, Lumenis is a maker of minimally invasive clinical devices ranging from the aesthetics market — for hair removal and skin treatments, for example — to the treatment of eye diseases and surgical uses, including its urology products.
The company has a presence in over 100 countries and close to 1,500 employees worldwide. The Asia Pacific region is its largest market, though the firm has a “strong presence ” in North America, Europe and the Middle East as well, the statement said.
“In recent years, we have developed and introduced multiple groundbreaking technological solutions that have redefined our industry and opened entirely new market segments,” said Tzipi Ozer-Armon, CEO of Lumenis, who said the acquisition is a “tremendous vote of confidence” in the Yokne’am, Israel-based company. The partnership with Baring will help the firm “continue developing and delivering to the world better technology for better patient care.”
“Lumenis has built a market-leading position by creating some of the most innovative technologies in the industry,” said Yan Jiao, managing director at BPEA in the statement. “It is a clear leader worldwide, especially in Asia which recently emerged as the largest market for medical and aesthetics treatments.”
The transaction remains subject to the customary regulatory approval process and is expected to be completed in early 2020, the companies said.
In 2015, Lumenis was acquired for some $510 million by XIO Group, which delisted the firm’s shares from the Nasdaq exchange.
Lumenis has developed and commercialized innovative energy-based technologies, including laser, intense pulsed light (IPL) and radio-frequency (RF). Some 30 years ago the firm developed the world’s first holmium surgical laser to blast urinary stones located in the kidneys, bladder or in between. It recently came up with a new technology, called Moses, that the Israeli company says is even more effective than its original urology lasers, and is considered a game changer.
Founded in 1997, Hong Kong-based Baring Private Equity Asia carries out mergers and acquisitions and provides capital for companies to grow. The firm has over $18 billion in assets under management, and focuses its activities on the Asia Pacific region. It also invests in companies that can benefit from further expansion into the Asia Pacific region.
Headquartered in London, XIO Group is a global multi-billion-dollar investment firm with investment offices in Hong Kong and China. The firm operates in North America and Europe, helping businesses grow and tap opportunities in fast-growing markets, particularly in Asia.