Longreach agrees Hong Kong medical devices buyout

The private equity firm will take a majority interest in two entities, Quasar Engineering and QIL Engineering, from the founding family, which will retain a minority stake. The company, which was established in 1988 and is headquartered in Hong Kong, serves medical device manufacturers such as Johnson & Johnson and Medtronic. It has two facilities in China and a presence in Israel. 

Quasar specializes in the production of complex minimally invasive cardiovascular catheters. It also supplies disposable devices such as respiratory tube sets and electronic devices including blood pressure monitors and pulse oximeters.

“We are delighted to partner with Longreach, who understands our values, shares our ambitions, and brings valuable experience to us at this pivotal stage in our evolution. This partnership will allow Quasar to address a variety of compelling growth opportunities with our key customers, while enhancing our platform to continue delivering best-in-class outcomes,” said Boaz Amitai, chairman of Quasar.

Longreach closed its third fund at $650 million, taking its total assets under management to around $2.1 billion. The firm primarily targets control buyout investments in Japan’s industrial and technology, business services, and consumer sectors, with opportunities in Greater China also considered. It pursues deals in the $50 million to $250 million range.

The other two investments from Fund III were Japanese corporate carve-outs. The GP bought coffee shop chain Kohikan Corporation from UCC Foodservice Systems and Fujitsu Component from its parent company. The latter was followed by a tender offer to buy the business outright.

BDA Partners was the exclusive financial advisor to Quasar on the transaction.

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• Topics
• Greater China
• Healthcare
• Buyouts
• Hong Kong (China)
• China
• The Longreach Group Limited