Syneron Medical Ltd. announced the successful completion of its acquisition by an affiliate of funds advised by Apax Partners for $11.00 per share in cash in a transaction valued at approximately $400 million.
The transaction, which was announced on April 3, 2017, received approval from Syneron Candela's shareholders on June 15, 2017. As a result of the transaction, Syneron Candela is now a privately held company. Syneron Candela's ordinary shares ceased to trade on The Nasdaq Stock Market before the opening of the market on Monday, July 17, and has been delisted.
In conjunction with the closing of the transaction, Geoffrey Crouse was named Chief Executive Officer and a member of the Board of Directors of Syneron Candela. Mr. Crouse has successfully led businesses in the life sciences sector spanning capital equipment, diagnostics and tools. Prior to joining Syneron Candela, he served as Chief Executive Officer of Cord Blood Registry from 2012 to 2015, when the company was sold to AMAG Pharmaceuticals. Prior, he served as Chief Operating Officer of Immucor, a publicly traded company in the in-vitro diagnostics marketplace, and led Health Economics and Reimbursement Outcomes for Roche Diagnostics. Mr. Crouse currently serves as a member of the Board of Directors at Invitae Corporation and Prelude Fertility. Mr. Crouse holds a B.A. in English from Boston College, an MBA and a Masters of Public Health, from the University of California, Berkeley.
Mr. Crouse said, "I am excited to join Syneron Candela. I have been very impressed with the potential of the Syneron Candela business and the passion of the Company's talented employees. I see a real opportunity to re-ignite growth in the business through a relentless focus on our customers' success and by building on the strength of Syneron Candela's brands, the technology behind its products, and the high quality of the Company's engineering and product development organization."
Also joining Syneron Candela's senior executive team are Mike Johnson as Chief Financial Officer, Mary Trout as President, Americas, and Todd Van Horn as Chief Business Officer. Mr. Crouse, Mr. Johnson, Mrs. Trout, and Mr. Van Horn served together as members of Cord Blood Registry's executive team, and collectively bring over 60 years of experience in life science and medical device businesses. The company's newly appointed executives will be headquartered in the United States in the San Francisco Bay Area.
Barclays acted as exclusive financial advisor to Syneron Candela. Gross, Kleinhendler, Hodak, Halevy, Greenberg & Co. and Morrison & Foerster LLP served as legal advisors. J.P. Morgan served as financial advisor to Apax Partners and Simpson Thacher & Bartlett LLP and Meitar Liquornik Geva Leshem Tal served as legal advisors.Next Story