LIMERICK, Pa. — Medical technology provider Teleflex Incorporated has sold its marine business to an affiliate of H.I.G. Capital LLC, according to a release from Teleflex.
Teleflex Marine sold for $121.6 million, consisting of $101.6 million in cash proceeds, the buyer’s assumption of approximately $15.5 million in liabilities related to the business and a $4.5 million subordinated note from the buyer.
“Today we took another step towards achieving our strategic objective of becoming a pure-play medical technology company and continuing to focus on the development of our portfolio of quality medical technology products,” Benson F. Smith, CEO of Teleflex Incorporated, said in the release. “As a result of this transaction, our medical technology products are expected to represent approximately 90% of our total revenues for 2011.”
Teleflex Marine, which generated net revenues of approximately $195 million during 2010, makes steering and throttle controls and engine and drive assemblies for the recreational marine market.