GE Healthcare Unloads Breas Medical AB To Private Investment Firm For Undisclosed Price
2/5/2014 7:25:01 AM
PBM Capital Group Acquires GE Healthcare Company Breas Medical
CHARLOTTESVILLE, Va., Feb. 4, 2014 /PRNewswire/ -- PBM Capital Group, a healthcare-focused private investment firm, has announced the acquisition of Breas Medical AB from GE Healthcare, a subsidiary of General Electric Company (NYSE:GE). Breas, headquartered in Sweden, is a leading manufacturer of home respiratory ventilators and sleep apnea products for the global home healthcare market sold in more than 40 countries. Breas employs more than 100 people in nine countries and operates a 30,000 square-foot manufacturing/office facility in Sweden.
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PBM Capital will integrate Breas into Human Design Medical (HDM), an existing portfolio company. HDM is a lifestyle medical device company focusing on the treatment of sleep apnea. HDM launched the Z1(TM) CPAP machine, which has become the fastest-growing sleep apnea device in the world.
According to the NIH, untreated sleep apnea can increase the risk of high blood pressure, heart failure, heart attack, stroke, obesity, and diabetes. Sleep apnea makes arrhythmias (irregular heartbeats) more likely and increases the risk of having work related or driving accidents.
"We acquired Breas because it is a logical fit with our growing HDM sleep apnea business," said PBM Capital Group CEO Paul B. Manning. "The Z1 CPAP machine has had an incredible launch here in the United States, and we have more innovative products in the pipeline. The Breas acquisition opens the door to global distribution channels and gives us immediate access to an established line of home care ventilators backed by a strong IP portfolio. We are very excited to merge these two great companies."
"The Breas management team is excited with this transaction and looks forward to leveraging our core efficient operation developed by GE Healthcare, our strong customer relationships, and significant global breadth with an entrepreneurial owner that is focused on changing the respiratory industry," said Nicke Svanvik, CEO of Breas.
The combined companies will continue to innovate by developing new products or acquiring additional respiratory product companies that will extend their reach into the global home respiratory products market.
Breas Medical AB was founded in Gothenburg, Sweden, in 1991, and was acquired by GE Healthcare in 2008. Breas product development is focused on home care ventilation and sleep therapy products. Products are sold directly through Breas and a global network of distributors. Breas has a solid pipeline of products in development and will introduce its Vivo 50 ventilator in the United States this quarter.
HDM is an innovator in lifestyle medical devices and CPAP machines used in the treatment of sleep apnea. In November 2013, HDM released the Z1, the world's smallest and lightest CPAP machine. Available with an optional integrated battery, the Z1 has been selling ahead of plan since it was introduced in November 2013.
About PBM Capital Group
PBM Capital Group, LLC, is a private investment firm focused on healthcare and life science investments. The firm was founded and is led by Paul B. Manning, an entrepreneur who most recently sold an infant formula and nutrition business to Perrigo Company in 2010. PBM Capital invests across all stages of corporate development: venture capital, leveraged buyouts, growth capital, distressed/turnaround, and public equity value investing. Portfolio companies also include PBM Pharmaceuticals, Enzymatics, Triangle Research Labs, Firefly BioWorks, Gen 9, and QC Labs. Visit www.pbmcap.com for more information.
Contact: Sean Stalfort
PBM Capital Group
SOURCE PBM Capital Group, LLC
Web site: http://www.pbmcap.com
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