Medical solution provider Covidien has acquired Newport Medical Instruments. Newport is a physician-led company, focused on the design of dependable, life improving ventilators. Intrepid Investment Bankers acted as the exclusive M&A advisor to Newport in connection with the transaction.
CORRECTION: An earlier version of this story misidentified the advisor.
Intrepid Investment Bankers LLC (“Intrepid”), a leading middle market investment banking firm, today announced the sale of Newport Medical Instruments, Inc. (“Newport”) to Covidien plc (NYSE: COV). The transaction closed on May 1, 2012. Intrepid acted as the exclusive M&A advisor to Newport in connection with the transaction.
Newport is a physician-led company, focused solely on the design and manufacture of dependable, life improving ventilators that are affordable for caregivers worldwide. Newport’s products are sold in the United States and more than 115 countries worldwide.
Covidien is a leading global provider of healthcare products and recognized innovator in patient monitoring and respiratory care devices. Covidien creates innovative medical solutions for better patient outcomes and delivers value through clinical leadership and excellence. With 2011 revenue of $11.6 billion, Covidien has 41,000 employees worldwide in more than 65 countries, and its products are sold in over 140 countries.
“This transaction highlights both companies’ commitment to driving innovation and growth in the respiratory care sector by expanding their ventilator portfolio and global presence,” said Dr. Hong-Lin Du, President of Newport. “Newport shareholders were very pleased with the strategic guidance and process advice Intrepid has provided.”
Mr. Ed Bagdasarian, Managing Director of Intrepid, commented, “We were pleased to have the opportunity to work with the Newport owners and management team to lead the company through the sale process. After three decades of building the company, its owners decided to entertain strategic discussions with partners that would help accelerate the fulfillment of several exciting growth opportunities. We were honored to play a part in selecting its future partner and completing a transaction that will help Newport realize its growth opportunities.”
The Intrepid team included Ed Bagdasarian, Steve Davis, Adam Abramowitz, Jeremy Lai and Meghan Stenger.
About Intrepid Investment Bankers LLC
Intrepid Investment Bankers LLC, based in Los Angeles, California, is a mergers and acquisitions and corporate finance advisory firm focused on the middle-market. Intrepid was founded in 2010 by the former principals of Barrington Associates, a firm that grew to become a leading national middle market M&A advisor before its acquisition by Wells Fargo in 2006. Intrepid’s services include M&A advisory, equity and debt capital raising and providing strategic advice in complex securities transactions. The firm focuses on the middle market corporate finance needs of entrepreneur and family-owned businesses, private equity sponsors and major corporations. Collectively, the senior team at Intrepid brings over 100 years of mergers and acquisitions advisory experience and has advised on over 250 transactions spanning a broad range of industries, including consumer products and services, industrial manufacturing, healthcare products and services, building products, business services and retail.