LUXEMBOURG & NEW YORK & LONDON & PARIS–(BUSINESS WIRE)–Astorg, a leading pan-European private equity firm, is pleased to announce the completion of its take-private of Hamilton Thorne, and simultaneous acquisition of Cook Medical’s Reproductive Health business. Cook Medical RH brings a leading portfolio of ART consumables and equipment including ovum aspiration needles, catheters, and pipettes. Hamilton Thorne brings a leading ART portfolio of precision instruments, consumables, software, and services. Upon closing of the transactions, Hamilton Thorne is delisted from the Toronto Stock Exchange. Astorg is now bringing the two businesses together to create a new global ART MedTech company. A new brand identity for the combined business will be rolled out in 2025.
The combined business will serve customers in over 115 countries offering fertility clinics and IVF laboratories a comprehensive portfolio of high-quality and innovative products improving the outcomes and accessibility of fertility treatments globally.
“By the joining of forces of Hamilton Thorne and Cook Medical RH we are creating a unique, global, pure-play ART business at scale, with market leadership and an industry-leading product portfolio that is ideally positioned to address rising fertility challenges and better support fertility professionals and families on their fertility journeys,” said Olivier Lieven, Managing Director, Astorg. “The Astorg Healthcare team will continue to leverage its strong track record in specialized MedTech and carve-out expertise to build a global leader in ART. We look forward to driving this next stage of growth, partnering closely with the combined business.”
To lead the combined global business into its next phase of growth, a new management team has been appointed. Astorg, together with the new management team and all employees across the combined business, will support the delivery of high quality, value-added, and innovative products and services to fertility clinics and IVF laboratories globally.
Wil Boren has been appointed as Chief Executive Officer (“CEO”), bringing decades of experience in the MedTech sector and who has proven to be an accomplished leader. He most recently served as CEO of Paragon Medical, a carve-out from NN, where he unified 17 manufacturing sites and managed nearly 3,000 employees, driving significant improvements in service delivery, performance, and revenue growth before the business’ sale to AMETEK in 2023. Prior to Paragon, Wil held several key leadership roles including President of Advanced Surgery at Baxter Healthcare, General Manager of Connected Health at Zimmer Biomet, and President of Sports, Extremities, and Trauma and President of International at Biomet.
Jimmy DeStephens has been appointed as Chief Financial Officer (“CFO”) and Chief Operating Officer (“COO”), bringing over 20 years of expertise in finance, operations, and business development within the MedTech industry. He joins from Corza Medical, where, as General Manager of the Global Wound Closure business, he drove substantial growth through new go-to-market strategies and key investments across the U.S. and Europe. Jimmy has also held leadership roles at Baxter Healthcare, Acelity, Medtronic, Covidien, and Tyco.
Tobias Nordblom, Managing Director, Astorg, commented: “We are delighted to welcome Wil as the new CEO of the combined business, along with Jimmy as CFO and COO. Wil’s impressive track record of leading, integrating and growing international MedTech businesses makes him uniquely positioned to lead the new company. We look forward to partnering with Wil, the leadership team and all employees across the combined business to create a global ART leader driven by innovation and supported by high quality products and a strong customer focus.”
In addition, he added: “We would like to thank Dr. Kate Torchilin and Francesco Fragasso for their excellent leadership of Hamilton Thorne and their strong partnership in helping bring the two companies together.”
Wil Boren, CEO, concluded: “Today marks a pivotal moment for Hamilton Thorne and Cook Medical RH and I am thrilled to lead the newly combined company, and I look forward to working with both teams joining forces. Hamilton Thorne and Cook Medical RH have impressive reputations, a broad range of innovative and quality-driven products, and outstanding customer service – a testament to the dedication and expertise of both teams. With our combined scope, expertise, and resources, we are uniquely positioned to help IVF clinics and patients, all with the goal of expanding access and improving fertility outcomes worldwide.”
Healthcare is one of Astorg’s core expertise with over €6.5bn invested in the sector. Astorg invests in global B2B Healthcare leaders in Europe and in the US, its most recent investments include hg Medical, CordenPharma, OPEN Health, Avania, Cytel, and Clario. This latest investment will be part of Astorg VIII portfolio, representing the seventh portfolio company of the fund to date, and the third in Healthcare.
Jefferies Securities, Inc served as exclusive financial advisor to Astorg. Stikeman Elliott LLP and Weil, Gotshal & Manges LLP acted as legal advisors to Astorg.
Financial terms for the Cook Medical RH transaction were not disclosed.
About Astorg
Astorg is a leading pan-European private equity firm with over €23 billion of assets under management. Astorg works with entrepreneurs and management teams to acquire market leading global companies headquartered in Europe or the US, providing them with the strategic guidance, governance and capital they need to achieve their growth goals. Enjoying a distinct entrepreneurial culture, a long-term shareholder perspective and a lean decision-making body, Astorg has valuable industry expertise in healthcare, software, technology, business services and technology-based industrial companies. Headquartered in Luxembourg, Astorg has offices in London, Paris, New York, Frankfurt, and Milan.
For more information about Astorg: www.astorg.com | Follow Astorg on LinkedIn
About Hamilton Thorne
Hamilton Thorne is a leading global provider of precision instruments, consumables, software and services that reduce cost, increase productivity, improve results and enable breakthroughs in Assisted Reproductive Technologies (ART), research, and the cell biology space. Hamilton Thorne markets its products and services under the Hamilton Thorne, Gynemed, Planer, IVFtech, Embryotech Laboratories, Tek-Event, Microptic, and Gynetics brands, through its growing sales force and distributors worldwide. Hamilton Thorne customer base consists of fertility clinics, university research centers, animal breeding facilities, pharmaceutical companies, biotechnology companies, and other commercial and academic research establishments.
For more information about Hamilton Thorne: https://www.hamiltonthorne.ltd/
About Cook Medical
Since 1963, Cook Medical has worked closely with physicians to develop technologies that eliminate the need for open surgery. Today we invent, manufacture and deliver a unique portfolio of medical devices to the healthcare systems of the world. Serving patients is a privilege, and we demand the highest standards of quality, ethics and service. We have remained family owned so that we have the freedom to focus on what we care about: patients, our employees and our communities.
Find out more at CookMedical.com and for the latest news, follow us on Twitter, Facebook and LinkedIn.
