ICU Medical Inc., the California-based maker of intravenous medical equipment, is in exclusive talks to sell itself to Chicago private-equity firm GTCR LLC, said people familiar with the matter.
GTCR reached out to investors to obtain as much as $750 million in financing for a deal, said one of the people, who asked not to be named because the process is private. ICU currently has a market value of more than $1 billion.
ICU’s products include medical devices used in drug infusions such as needle-free IV connectors. The San Clemente, California-based company is working with JPMorgan Chase & Co. on finding buyers, people with knowledge of the matter said in May.
The shares rose 2.5 percent to $73.50 yesterday in New York. Representatives at JPMorgan, GTCR and ICU declined to comment.
ICU, led by Chief Executive Officer George Lopez, reduced its forecasts for 2013 sales and profit last month. The company’s roots date back almost 30 years, when Dr. Lopez conceived of a locking device known as the ClickLock, according to ICU’s website. Lopez remains the top shareholder, with a stake of about 11 percent as of June, according to data compiled by Bloomberg.
GTCR, founded in 1980 by Stanley Golder, focuses on financial services and technology, health care and information technology, according to its website. The firm’s previous investments include ConvergEx Group LLC and GeneraMedix Pharmaceuticals Inc.