Apposite Capital said Monday that it has sold its portfolio company ZONARE Medical Systems to China-based Mindray Medical International Limited for $101.7 million. Based in Mountain View, Calif., ZONARE Medical Systems is a provider of diagnostic solutions.
London, UK – 22 July 2013. Apposite Capital, the healthcare specialist investment firm, today announces that its portfolio company ZONARE Medical Systems, Inc. was acquired by Mindray Medical International Limited (NYSE: MR), for US$101.7 million. Apposite became an investor in ZONARE in 2009 as part the acquisition of a direct secondary portfolio of healthcare assets from another private equity firm.
Over the past decade, ZONARE has become one of the leading global ultrasound brands in the high-end radiology segment, providing superior imaging diagnostic solutions to a wide range of clinical settings. The company was founded in 1999 and is based in Mountain View, California, U.S.
David Porter, Managing Partner at Apposite, who also served at the Board of Directors of ZONARE, said: “We are very pleased with the completion of the transaction, the third profitable exit from our Secondary Portfolio. Mindray provides an ideal platform for ZONARE to continue to develop innovative, high quality imaging solutions for the benefit of patients and health practitioners. It is now well positioned to further expand internationally.”
Shenzhen, China headquartered Mindray entered into an exclusive agreement to purchase ZONARE on 12 June 2013.
About Apposite Capital
Apposite Capital is an independent investment firm focused exclusively on Healthcare. The firm has an in-depth sector knowledge covering key aspects of the healthcare industry internationally coupled with local insights, a well established brand and a strong healthcare network.
Apposite has experience investing across all sectors within healthcare – healthcare services, drug development and medical devices companies. The firm also seeks to make investments in social enterprises and in the direct secondary market.
The investment team has an enviable blend of expertise combining complementary entrepreneurial, private equity and investment banking skills. The team is committed to adding value to its portfolio companies and typically has an active representation at the Board of Directors.
Apposite is headquartered in London, UK and has a presence in San Francisco, CA, USA.