KCI Sells Therapeutic Support Systems™ Business to Getinge AB
SAN ANTONIO -- November 08, 2012
Today, Kinetic Concepts, Inc. (KCI) announced that it has closed the sale of
its Therapeutic Support Systems^™ (TSS) business to Getinge AB (sto: GETIB)
for a total deal value of $275 million.
The TSS business, now owned by Getinge, includes a comprehensive portfolio of
specialty therapeutic beds, mattress replacement systems, support surfaces and
patient mobility devices for the therapeutic wound care, bariatric and
critical care settings. To ensure that TSS customers continue to receive
best-in-class service and commitment following the closing, KCI will continue
to provide certain transition services to Getinge for a period of time.
"Changing the clinical practice of medicine, a core competency that originated
with the founding of the TSS business, is and will continue to be, fundamental
to all we do at KCI,"said Joe Woody, president & CEO, KCI, “As we close this
corporate chapter and open new ones, the focus on providing exceptional
customer outcomes as the leader in transformational healing solutions remains
KCI plans to use net proceeds from the TSS sale to reinvest in its core
business and look for new growth opportunities.To the extent KCI has not
reinvested proceeds from the TSS sale within 12 months, it will use any
remaining funds to repay long-term debt obligations.
Credit Suisse Securities LLC and UBS Investment Bank acted as financial
advisors to KCI in connection with the transaction and Cox Smith Matthews
Incorporated and Simpson Thacher & Bartlett LLP acted as legal counsel.
Kinetic Concepts, Inc. is a leading global medical technology company devoted
to understanding, developing and commercializing innovative, high-technology
Transformational Healing solutions for customers and patients in more than 20
countries around the world.Headquartered in San Antonio, Texas, KCI is
committed to advancing the science of healing and positively impacting patient
care by developing customer-driven innovation to meet the evolving needs of
healthcare professionals. Proprietary KCI negative pressure technologies have
revolutionized the way in which caregivers treat a wide variety of wound
types. The V.A.C.^® Therapy System has been used on more than 7 million wounds
worldwide. Additional information about KCI and its products is available at
KCI Corporate Communications
Sarah Swift, +44 797 0742 696
Mike Barger, +1 210-255-6824
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