Platinum Equity said Oct. 2 its $2.1 billion buy of LifeScan from Johnson & Johnson has closed. LifeScan provides blood glucose monitoring products.
LOS ANGELES, Oct. 02, 2018 (GLOBE NEWSWIRE) — Platinum Equity today announced that its acquisition of LifeScan from Johnson & Johnson (NYSE: JNJ) for approximately $2.1 billion has been completed, with the exception of certain non-U.S. jurisdictions that are each expected to close at a later date, subject to individual country regulatory requirements.
LifeScan is a leader in blood glucose monitoring products with 2017 net revenue of approximately $1.5 billion.
“LifeScan is an innovative company that has been a leader in diabetes care for more than 30 years,” said Platinum Equity Partner Jacob Kotzubei. “We believe strongly in the company’s core mission and are committed to helping LifeScan continue improving the quality of life for people living with diabetes.”
Headquartered in Chesterbrook, Pennsylvania and Zug, Switzerland, LifeScan serves approximately 20 million patients globally in more than 90 countries.
The company markets blood glucose monitoring systems for home and hospital use under the global brand OneTouch®. The OneTouch portfolio includes personal blood glucose meters, testing strips, lancets, point of care testing systems and integrated digital solutions.
“We are excited for our future and what we can accomplish with the addition of Platinum Equity’s financial and operational resources,” said LifeScan President and CEO Val Asbury. “We share an unwavering commitment to patient care and know there is tremendous opportunity for LifeScan to grow and evolve. With LifeScan’s talent and capabilities, our iconic OneTouch brand, and Platinum’s support, there’s no limit to what we can achieve.”
In connection with the company’s transition to new ownership and its emergence as a standalone business, LifeScan also unveiled a new corporate logo and brand identity today. The company’s core consumer brands remain unchanged.
Morgan Lewis served as legal advisor to Platinum Equity on the acquisition of LifeScan.
About Platinum Equity Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $13 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 23 years Platinum Equity has completed more than 200 acquisitions.