Regional Deal Flow Slows in Q2 2015, but Continued Private Equity Exits Should Lead to Healthy Deal Flow in the Remainder of 2015
ACG Philadelphia Quarterly Member Deals
24 Member Firms Announced Closed Deals in Q2
AC Lordi Valuation Group (Andrew Wiest member) provided valuation services on 7 completed transactions in Q2. Read more
AMETEK, Inc. (William Eginton, Laurent Paty and Joseph Toto members) completed one acquisition in Q2. Read more
For a listing of all historical featured deals please go to the LIBRARY tab.
Showcasing ACG Member Deals
Based on a discussion with Gwen Watanabe, Vice President of Business Development & Technical Resources at Teleflex, Inc.
On April 8, 2015, Teleflex completed its all cash acquisition of Truphatek. Truphatek is a private Israeli company established in 1993 with a broad range of disposable and reusable laryngoscope devices. Teleflex was Truphatek’s primary distributor of laryngoscopes in the U.S., and this acquisition positions Teleflex to de-layer its supply chain and strengthens its O.U.S. competitive position. "This acquisition provides the immediate benefits of strengthening our Anesthesia business globally and supports our margin expansion strategy," said Benson Smith, Chairman, President and Chief Executive Officer.
The Truphatek acquisition was a great fit with our acquisition strategy as a prior long term supplier of our laryngoscopes, in which we had on and off acquisition conversations with over several years. Our focus as a corporate development team is to capitalize on acquisitions which position Teleflex to succeed in the healthcare environment of the future. We use established criteria to target select opportunities. Our Teleflex acquisition criterion includes:
1. Companies or products that fit into our existing strategic business unit franchises and call points , in this case the Anesthesia Strategic Business Unit
2. Products that provide a superior clinical benefit to existing alternatives, provide a cost benefit to a hospital, have strong IP and patent protection, and long life cycles
This transaction in particular highlights these key benefits as it allows us to have direct contact with our laryngoscope customer and direct control of manufacturing of the Truphatek products. In addition, the acquisition of Truphatek included operating expense synergies and manufacturing locations in Israel, India, and China.
Due to the multi-national nature of the Truphatek deal, it was critical for the Teleflex team, including our legal counsel at Ballard Spahr, Mr. Craig Circosta, Esq., to conduct due diligence in three different countries, as well as, plan a well-orchestrated integration plan for the Israel, India, and China portions of the business. In order to properly navigate this, it was key to include the correct business partners within Teleflex regional businesses.
The terms of the acquisition were not publicly disclosed.
Membership has its privileges
Ballard Spahr represented Teleflex Medical Europe Limited in its acquisition of Truphatek, which reinforces the relationship building that has occurred between ACG members. Craig Circosta was brought in early, given his extensive history with James Leyden, Teleflex’s General Counsel, having closed multiple deals together in the past. The parties acknowledge ACG’s role in providing opportunities for the Teleflex team to get to know the Ballard Spahr team.
Teleflex Incorporated: Gwen Watanabe, James Leyden
Ballard Spahr: Craig Circosta *
*ACG Philadelphia Members