3M has completed its acquisition of Acelity Inc. and its KCI wound care subsidiaries for about $6.7 billion.
The transaction was announced Oct. 11, adding the advanced wound care and specialty surgical applications marketed by KCI to 3M’s worldwide medical technology unit.
“This is an exciting day as we bring together two premier and innovative companies that are focused on delivering comprehensive healthcare solutions to enable better outcomes for patients,” 3M chairman and CEO Mike Roman said in a press release. “This addition further accelerates 3M as a leader in advanced wound care, which is a significant and growing market segment.”
3M’s Medical Solutions business offers a range of advanced and acute wound care dressings and products, medical tapes, sterilization products and patient prep and warming products. Acelity is known for creating and growing new segments, including the introduction of V.A.C.® Therapy, its brand of Negative Pressure Wound Therapy. KCI products include advanced wound dressings and negative pressure surgical solutions, with annual revenues of approximately $1.5 billion and 5% growth through Sept. 30.
Eight years ago, KCI agreed to be acquired by the private equity group Apax Partners LLP for $4.98 billion in cash, with assumed debt adding about $1.3 billion to the price tag.
The purchase by 3M from funds advised by Apax, affiliates of the Canada Pension Plan Investment Board and the Public Sector Pension Investment Board, also includes the assumption of debt. 3M will discuss the purchase during its Oct. 24 earnings call.