Baring Asia to make $1.1b partial exit from Lumenis

The private equity firm will retain the aesthetics and ophthalmology operations. Baring acquired Lumenis from XIO Group – a cross-border GP established by several Asia-based investment professionals that has faced scrutiny over the makeup of its LP base – for an enterprise valuation of $1 billion in 2019.

Lumenis claims to be a global leader in the field of minimally invasive clinical solutions based on intense pulsed light (IPL) and radio frequency (RF) technologies. Its devices perform laser surgery that removes kidney stones and tumors and corrects vision problems. Cosmetic surgery applications include skin damage treatment, hair and tattoo removal, and cellulite reduction.

The surgical business, which is expected to generate net sales of approximately $200 million this year, includes laser systems, fibers and accessories used in procedures targeting urinary tract systems and conditions involving the head and neck. Notable assets include the Moses technology, which has demonstrated differentiated clinical outcomes and efficiency in treating patients with kidney stones.

Meghan Scanlon, senior vice president and president for urology and pelvic health at Boston Scientific, said that the Moses laser technology complemented Boston Scientific's existing portfolio of kidney stone treatments.

"With double-digit compound annual growth from 2015 to 2019, we look forward to adding the innovative Lumenis laser portfolio, talented employees and surgical laser center of excellence to our organization. The acquisition will expand our global footprint throughout Europe and Asia and accelerate the delivery of our robust stone management offerings to more urologists – ultimately serving more patients worldwide – while also improving our top-line growth and margins," she said.

Boston Scientific, a leading global medical devices manufacturer that generates more than $10 billion in annual revenue, has been in partnership with Lumenis for more than 20 years. It currently sells the Lumenis urology laser portfolio in the US and Japan through a distribution arrangement. Upon completion of the acquisition, Boston Scientific will sell these and other products to all geographies including high-growth regions like China.

The transaction is expected to close in the second half of 2021.

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• Topics
• Healthcare
• Trade sale
• Baring Private Equity Asia
• Asia