Hill-Rom Holdings, Inc., which recently rebranded as Hillrom, announced that it has entered into a definitive agreement to sell certain surgical consumable products and related assets to an affiliate of Audax Private Equity ("Audax") for $170 million in cash.
The transaction is subject to customary closing conditions and is expected to be completed in Hillrom's fiscal fourth quarter 2019.
"The sale of these surgical products will strengthen our ability to focus our resources across our portfolio as we continue to build a differentiated suite of connected solutions for patients and caregivers," said Hillrom President and CEO John P. Groetelaars in the news release.
Hillrom's surgical consumable products include Bard-Parker conventional and safety scalpels and blades, and a variety of other operating room accessories. These product lines are supported by nearly 500 dedicated employees who will remain with this business upon the close of the transaction.
"We are grateful to our teams in Caledonia, Michigan, Las Piedras, Puerto Rico, and in the field for their dedication to our customers and to the company, and we are confident they will thrive under Audax ownership," Groetelaars said.
