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Danaher Corp’s Leica Biosystems to buy GTCR-backed Devicor

Danaher Corp‘s Leica Biosystems has agreed to acquire Devicor, a portfolio company of GTCR. No financial terms were disclosed. J.P. Morgan Securities and Jefferies provided financial advice to Devicor on the transaction. Based in Cincinnati, Ohio, Devicor is a medical device firm that specializes in products to be used in breast biopsy procedures.


CHICAGO–(BUSINESS WIRE)–GTCR, a leading private equity firm, announced today that Devicor Medical Products (“Devicor” or the “Company”), a GTCR portfolio company, has signed an agreement to be acquired by Danaher Corporation’s (NYSE: DHR) Leica Biosystems, a leading provider of anatomical pathology solutions and automation used to advance cancer diagnostics.

Devicor is a leading global medical device company specializing in products for use in breast biopsy procedures. The Company is the global market leader in the vacuum-assisted biopsy segment of the breast biopsy market. Its products include the Mammotome® Breast Biopsy System, tissue markers and related products, which, to date, have enabled more than four million women to have a minimally invasive breast biopsy.

Devicor began as a management partnership formed as part of GTCR’s Leaders StrategyTM to build a leading medical device company focused on interventional procedures. In 2010, Devicor completed its initial platform acquisition with the successful corporate carve-out of the Mammotome breast care business from Johnson & Johnson (NYSE: JNJ). Through the complex, two-year carve-out, Devicor built dedicated manufacturing, transitioned a global business in more than 50 countries out of Johnson & Johnson, secured new regulatory permits in several countries, and reinvested heavily in new product research & development. As a result of the successful carve-out and transformation, Devicor was able to create a standalone, fully-integrated, global medical device business and was able to leverage its commercial platform to complete several complementary tuck-in acquisitions.

“Our partnership with Devicor CEO Tom Daulton and the carve-out of the Mammotome business from Johnson & Johnson is another example of how GTCR executes on the Leaders Strategy™,” said GTCR Managing Director Dean Mihas. “We created Devicor with the goal of acquiring and building a leading medical device company with an attractive market position and physician preferred products focused on interventional procedures. Since the initial carve-out acquisition, Tom and the team have successfully built a leading global platform in the breast biopsy market.”

Sean Cunningham, Managing Director at GTCR, added: “Tom Daulton, Jon Salkin and the entire Devicor team have done an extraordinary job building a highly strategic and impressive medical device business focused on diagnostics and women’s health. We believe Danaher is an excellent home for Devicor, where the business can continue to grow and improve patient care.”
“We’d like to thank GTCR for their commitment and support in helping build Devicor over the last four years,” said Mr. Daulton. “We have had a great partnership with GTCR and we look forward to working with Danaher to continue our efforts to develop products that advance the accurate diagnosis and treatment of breast cancer.”

J.P. Morgan Securities LLC and Jefferies LLC served as Devicor’s financial advisors and Kirkland & Ellis LLP provided legal counsel.

About GTCR
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare and Information Services & Technology industries. The Chicago-based firm pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $10 billion in over 200 companies. For more information, please visit

About Devicor Medical Products
Devicor Medical Products, headquartered in Cincinnati, Ohio, has more than 400 employees around the globe. The company is committed to advancing technology to help clinicians accurately diagnose breast disease, such as breast cancer, through minimally invasive procedures. Devicor’s product portfolio includes the world-renowned Mammotome® Breast Biopsy System, neo2000® Gamma Detection System (GDS) and tissue markers (MammoMARK™, MicroMARK®II, and CorMARK™) used in breast disease diagnostic sampling and management. These products are sold in more than 50 countries around the world. Since its introduction in 1995, more than 4 million women have had a minimally invasive breast biopsy in stereotactic, ultrasound or MRI-guidance imaging using the Mammotome® Breast Biopsy System. For more information, please visit or

About Leica Biosystems
Leica Biosystems is a global leader in workflow solutions and automation, striving to advance cancer diagnostics to improve patients’ lives. Leica Biosystems provides anatomic pathology laboratories and researchers a comprehensive product range for each step in the pathology process, from sample preparation and staining to imaging and reporting. Our easy-to-use and consistently reliable offerings help improve workflow efficiency and diagnostic confidence. The company is represented in over 100 countries. It has manufacturing facilities in 8 countries, sales and service organizations in 27 countries, and an international network of dealers. The company is headquartered in Nussloch, Germany. Visit for more information.