Patricia Industries has completed the acquisition of Canada-based Laborie Medical Technologies from Audax Private Equity for an undisclosed sum.
Based in Mississauga of Ontario, Laborie produces medical devices for urological, pelvic health, and gastrointestinal applications.
Its products will be used in the diagnosis and treatment of urinary incontinence, as well as other urological and GI conditions.
The company produces and distributes pelvic health and gastrointestinal medical equipment and consumables
In addition, the firm supplies physician offices, hospitals, and mobile providers on six continents.
Laborie generated sales of around $117m in the last fiscal year ended March. It completed 14 acquisitions to expand product lines, since Audax’ initial investment in 2012.
Audax Group managing director Young Lee said: “Under Audax’ ownership, Laborie transformed from a manufacturer of capital equipment for urodynamic testing into a fully-integrated medical device company with a market-leading position in urology and a rapidly growing gastroenterology business.
”We are proud of the shared accomplishment and wish Laborie continued success with its new partner.”
At the time of announcing acquisition, Patricia Industries CEO Börje Ekholm said: "Laborie has successfully developed into a high-quality and highly regarded provider of diagnostics products that help a vast number of people improve their daily lives, and its culture and values fit very well with those of Patricia Industries and Investor.
Audax Private Equity, which is an integral part of Audax Group, is an alternative asset management firm that invests in middle market companies.