Carlisle Acquires Global Medical Device Manufacturer Providien to Expand Mobile Interconnect Solutions Development and Manufacturing

VCBeat (WeChat ID: vcbeat) learned from Business Wire that on October 21, 2019, Carlisle (NYSE: CSL) announced the acquisition of Providien LLC, a global medical device company whose businesses include thermoforming, contract manufacturing of medical devices, precision machining and metals, and medical injection molding. Furthermore, the financial terms of this acquisition were not disclosed.

Headquartered in San Diego, California, Providien employs more than 1,000 people and is dedicated to providing comprehensive manufacturing solutions to leaders in the medical device industry, including new product development, supply chain management, product lifecycle management, thermoforming, contract manufacturing and assembly of medical devices, machining and metalworking, and medical injection molding.

Carlisle is a diversified global portfolio of niche brands and businesses. The company is committed to delivering superior shareholder returns by integrating a unique decentralized management style, entrepreneurial spirit, active mergers and acquisitions, and a balanced approach to capital allocation. Carlisle’s markets include commercial roofing, specialty polyurethanes, architectural metals, aerospace, medical, defense, transportation, industrial, protective coatings, automotive aftermarket, agriculture, mining, and construction. Carlisle’s global team of employees generated $4.5 billion in net sales in 2018.

It is reported that the acquisition of Providien aligns with Carlisle’s Vision 2025 strategy, which aims to increase earnings per share (EPS) to $15 through scale expansion via synergistic acquisitions. Providien will become part of Carlisle Interconnect Technologies (CIT), a business segment of Carlisle. The transaction remains subject to customary closing conditions and is expected to be completed in the fourth quarter of 2019.

Chris Koch, President and Chief Executive Officer of Carlisle, stated: “The acquisition of Providien aligns with our strategy to expand and vertically integrate our medical technology platform, driven by population aging and the growing preference for minimally invasive surgical procedures. Providien adds new products to the healthcare market, including those in robotics, drug delivery, oncology, and kyphoplasty; however, it currently does not have a product portfolio serving CIT.”

To this end, Providien has specifically established a new medical product development and manufacturing base in the United States for CIT. The merged CIT medical technology platform, comprising Redgroup, MicroConnex, LHi Technology, and Providien, positions Carlisle as a one-stop shop for key medical device customers.

(Compiled by: Xiong Hui)