BUYER POOL ANALYSIS
Selling a Medical Devices to Individual / Owner-Operator buyers
Owner-operators, SBA-financed independent buyers, and smaller management buyouts. Pricing reflects what an individual can finance (typically 10-25% down + SBA 7(a)) and operate hands-on. Below typical PE engagement size.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 13.9x across 17 disclosed deals (P25: 9.9x, P75: 26.06x). Median EV/Revenue 3x across 19 deals. Median deal value: $422.91M.
- How many disclosed transactions?
- 20 deals total (20 from 2018+), filtered to Individual / Owner-Operator acquirers of medical devices businesses.
- Most active buyers
- Accelmed Partners (2) · Alcon Inc. (1) · ARCHIMED (1) · Trill Impact (1) · ExcelFin Acquisition Corp. (1) · Hahn & Company (1)
Recent disclosed deals
Individual / Owner-Operator acquisitions of medical devices businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2025 | STAAR Surgical Company | Alcon Inc. | $1430.6M | — | 6.20x |
| 2025 | ZimVie Inc. | ARCHIMED | $730.0M | 10.8x | 1.60x |
| 2024 | Bioness (Bioventus) | Accelmed Partners | $45.0M | 7.5x | 0.90x |
| 2024 | TT Medic | Trill Impact | $114.0M | 12.0x | 3.00x |
| 2023 | Baird Medical | ExcelFin Acquisition Corp. | $370.0M | 19.2x | 10.60x |
| 2023 | Lutronic Corporation | Hahn & Company | $735.9M | 16.2x | 3.20x |
What this buyer pool prices for
Individual buyers — owner-operators, SBA-financed independents, smaller management buyouts — price for what they can finance (typically 10-25% down with SBA 7(a) loans up to $5M deal value) and operate hands-on. Multiples are below PE / strategic because the buyer is taking the owner-operator role, not stepping in as institutional capital. Owner-dependency and seasonality matter more here than to a PE buyer.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to medical devices businesses acquired by individual / owner-operator buyers. EV/EBITDA outliers outside the [0.5x, 60x] band and EV/Revenue outliers outside [0.05x, 25x] are excluded from medians. Where available, post-2018 transactions are weighted; otherwise the all-time sample is used. Deal counts shown reflect deals with disclosed financials only — total transaction count for this buyer pool is typically 2-3x larger. Full methodology
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