Private equity firm Baring Private Equity Asia (BPEA) announced Tuesday it has signed a memorandum of understanding (MOU) to acquire Israel-based medical and aesthetic company Lumenis. The transaction will have a value of over $1 billion.
The deal is subject to a customary regulatory approval process and is expected to be completed in early 2020.
Founded in 1966, Lumenis, which means “Light of Life” in Latin, is a leader in minimally-invasive medical and aesthetic lasers and light-based technology for urology, ophthalmology, ENT, aesthetics, and gynecology fields. The company was bought out by XIO group in June 2015 for $510 million.
“BPEA’s investment is a tremendous vote of confidence in Lumenis and in the achievements of our entire global organization. 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. “I am truly proud of all we have accomplished and honored to lead a company on the cutting edge of healthcare innovation, committed to improving the lives of people across the world. We look forward to partnering with the team at BPEA to 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. It is a clear leader worldwide, especially in Asia which recently emerged as the largest market for medical and aesthetics treatments,” Yan Jiao, managing director at BPEA. “We look forward to working with the CEO and management team to support their global growth aspirations.”