Dentsply Sirona Inc. (NASDAQ: XRAY) agreed to acquire privately held MIS Implants Technologies Ltd., a dental implant systems manufacturer headquartered in northern Israel, from Boston-based global private equity firm TA Associates, for $375 million in cash.
MIS is a growing and profitable manufacturer of dental implant systems with annual sales of approximately $80 million and over 300 employees. Established in 1995, MIS is a leader in the value segment of the market, selling its products under the MIS brand through a wide distribution network that includes a direct sales force, reaching over 65 countries. The company’s CEO, Idan Kleifeld, was previously VP Marketing for Elbit Vision Systems.
TA Associates acquired MIS Implants in 2011 reportedly for $150 million, from its previous Israeli owners the Peretz and Hirsch families. In January 2016, TA Associates is said to have hired financial adviser William Blair & Co. to find a buyer for MIS.
Through its state-of-the-art production facilities, MIS offers a comprehensive range of cutting-edge dental implants, superstructures, tools and kits, as well as extensive solutions for oral restoration and health. Standing behind MIS Implants are world-class scientists and engineers, devoted to the continued research and development of new progressive products and technologies.
MIS Implants further conducts and supports on-going laboratory and clinical studies, performed in collaboration with many prestigious universities, scientific research institutes and dental clinicians worldwide.
“MIS is uniquely positioned to address the value segment of the market in both its home region and around the globe,” said Jeffery T. Slovin, chief executive of Dentsply Sirona. “It is strategically important to be able to address the entire multi-billion dollar implant market with distinct organizations, portfolios and brands targeting both the premium and value segments.”
“MIS has a broad portfolio of implants and related products under a well-established brand making it a great complement to our company. This acquisition underscores our commitment to deploying capital to drive growth and create shareholder value,” he added.
Dentsply Sirona expects this transaction to be accretive to adjusted earnings per share within the first twelve months following the closing of the transaction. Moelis & Company acted as financial advisor to Dentsply Sirona.
Dentsply Sirona is the world’s largest manufacturer of professional dental products and technologies, with a 130-year history of innovation and service to the dental industry and patients worldwide. Dentsply completed a $13 billion merger with Sirona Dental Systems Inc. (formerly NASDAQ: SIRO) in February 2016.
Dentsply Sirona develops, manufactures, and markets a comprehensive solutions offering including dental and oral health products as well as other consumable medical devices under a strong portfolio of world class brands. Dentsply Sirona’s global headquarters is located in York, Pennsylvania, and the international headquarters is based in Salzburg, Austria.
TA Associates is a leading global growth private equity firm. The firm has invested in more than 460 companies around the world and has raised $24 billion in capital. With offices in Boston, Menlo Park, London, Mumbai and Hong Kong, TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the business services, consumer, financial services, healthcare and technology industries.