One Equity Partners teams with Medex to acquire Johnson & Johnson's Ethicon endo-surgery division
Addition of intravenous catheter business allows Medex to provide complete system solutions
DUBLIN, Ohio (21 May 2003) – Medex, Inc. has acquired the worldwide Vascular Access business of Ethicon Endo-Surgery (a Johnson & Johnson Company). This acquisition positions Medex as a leading global provider of critical care products. The transition, expected to be complete within twelve months, includes Medex assuming responsibility for Vascular Access manufacturing operations in Connecticut, Mexico and Italy to support existing Vascular Access business operations.
Although terms have not been disclosed, total annual revenues for Medex are expected to exceed $300 million for this coming year.
The Vascular Access business is a leading provider of peripheral intravenous catheters (“PIVCs”) and includes the PROTECTIV® and ACUVANCE® Safety I.V. catheters and OPTIVA®, JELCO® and CATHLON® conventional I.V. catheters.
“The combined business will be a market leader, able to offer a strong portfolio of products with considerable distribution strength,” said Dominick Arena, chief executive of Medex. “Our syringe pumps, fluid and drug administration products and PIVCs function together to safely deliver measured doses of fluids and drugs into a patient’s vascular system. We can now offer customers a complete fluid and drug infusion system.”
One Equity Partners, the private equity arm of Bank One Corporation (NYSE: ONE), has made an equity investment in Medex, Inc., enabling Medex to purchase the Vascular Access business. One Equity Partners will be majority shareholder and Medex management and shareholders will retain a significant stake.
“The combination of Medex and Ethicon Endo-Surgery’s Vascular Access business creates one of the world’s leading critical-care companies,” said Timothy A. Dugan, partner at One Equity Partners. “With strong sales and distribution capabilities, and a world-class management team, Medex will serve as a terrific platform for additional growth in the critical-care arena.”
“We are very thankful to our employees for placing trust in this team’s ability to make decisions which allow continued growth for Medex,” added Arena. “Our vision is just beginning to take flight.”
One Equity Partners manages $3.5 billion of investments and commitments for Bank One Corporation in direct private equity transactions as well as venture and management buyout funds. Our investment professionals are located across North America and Europe, with offices in New York, Chicago, Detroit, and Frankfurt. One Equity Partners focuses on making majority-ownership investments in late-stage, middle-market companies, with an emphasis on corporate partnerships and divestitures
Medex is a global provider of system solutions for critical care, with more than forty years of experience developing fluid and drug delivery, pressure monitoring, and respiratory therapy products. The company possesses the strength and vision to continue as a market leader in fluid and drug delivery systems with its line of MedfusionTM syringe pumps, administration sets, and safety I.V. catheters. Through the value Medex places on the customer, integrity, and teamwork, the company has grown to almost 2,000 employees, manufacturing and marketing more than 3,000 products worldwide.
RELEASED BY MEDEX, INC.