SK Capital Enters Exclusive Talks to Acquire Lisi Medical in €179M MedTech CDMO Deal
核心洞察
SK Capital (搜索), a New York-based private investment firm, has entered exclusive negotiations to acquire Lisi Medical (搜索) from France-based Lisi Group (搜索) in a transaction expected to close in the second half of 2025.
Lisi Medical (搜索) specializes in high-precision metal components and assemblies for global medical device manufacturers, including surgical instruments for minimally invasive and robotic-assisted procedures and orthopedic implants.
The acquisition will allow Lisi Medical (搜索) to benefit from SK Capital (搜索)'s expertise in the life sciences CDMO sector to accelerate growth through organic expansion and strategic acquisitions.
SK Capital (搜索), a New York-based private investment firm focused on specialty materials, ingredients, and life sciences sectors, has entered into exclusive negotiations with France-based Euronext-listed Lisi Group (搜索) to acquire its Medical division (Lisi Medical (搜索)). The proposed transaction represents a significant expansion of SK Capital's footprint in the life sciences contract development and manufacturing (CDMO) sector.
Strategic Acquisition in MedTech Manufacturing
Lisi Medical (搜索) is a leading MedTech CDMO that specializes in producing high-precision metal components and assemblies for global medical device original equipment manufacturers (OEMs). The company's product portfolio includes surgical instruments utilized in minimally invasive and robotic-assisted surgery as well as orthopedic implants, positioning it as a critical supplier to the world's largest MedTech companies.
"Given Lisi Medical (搜索)'s highly engineered solutions and deep relationships with leading MedTech customers, the company fits very well within the SK Capital (搜索) portfolio," said Aaron Davenport, managing director at SK Capital. "SK Capital has deep experience in the life sciences CDMO sector."
Manufacturing Capabilities and Operations
Lisi Medical (搜索) operates four manufacturing sites with expertise in precision machining, forging, and engineering solutions, including highly automated production capabilities. The company maintains two facilities in Minnesota and two in France, providing a strategic geographic footprint for serving global customers.
Under Lisi Group (搜索)'s ownership over the past 14 years, Lisi Medical (搜索) has made significant investments to increase automation, expand production capacity, and add capabilities to support customer growth. The division accounted for 10% of Lisi Group's total €1.79 billion sales revenues in 2024.
Growth Strategy and Future Plans
The proposed transaction will enable Lisi Medical (搜索) to benefit from SK Capital (搜索)'s support in deploying its growth strategy, encompassing both organic expansion and strategic acquisitions. Lisi Group (搜索) plans to retain approximately 10% stake in the capital of the holding company following the transaction.
"We look forward to working with Lisi Medical (搜索)'s management team to accelerate the company's growth by expanding with existing and new customers and continuing to add new capabilities both organically and through M&A," said Josh Lieberman, principal at SK Capital (搜索).
Emmanuel Viellard, CEO of Lisi Group (搜索), expressed confidence in the partnership: "After 14 years of strong development and manufacturing consolidation within Lisi Group, we are now looking forward to partner with SK Capital (搜索) and boost Lisi Medical (搜索)'s next development phase."
Transaction Details and Timeline
The proposed transaction remains subject to antitrust and foreign investment approvals, as well as consultations with employee representative bodies. The deal is expected to close in the second half of 2025.
Kirkland & Ellis (搜索) is serving as legal counsel to SK Capital (搜索), while Piper Sandler (搜索), Jefferies (搜索), and Sycomore Corporate Finance are providing financial advisory services. Partners Group (搜索) has provided committed debt financing in support of the transaction. Rothschild & Co (搜索) serves as financial advisor and Dentons as legal counsel to Lisi Group (搜索).
The acquisition reflects the continued consolidation in the MedTech CDMO sector, as private equity firms seek to capitalize on the growing demand for specialized manufacturing capabilities in medical device production. Lisi Group (搜索)'s shares have performed strongly, rising from €22.10 at the beginning of 2024 to €40.40, reflecting investor confidence in the company's strategic initiatives.