SAN ANTONIO--()--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 clear."
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.
About KCI
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 www.KCI1.com.