BUYER POOL ANALYSIS
Selling a Medical Devices to Private Equity / PE-Backed Roll-Up buyers
Private equity firms and PE-backed platform consolidators acquiring for roll-up, add-on, or platform plays. Pricing tends to lead the market for fee-viable scale, with multi-bidder competitive processes above the EBITDA floor.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 15.21x across 26 disclosed deals (P25: 12.88x, P75: 21.02x). Median EV/Revenue 2.55x across 50 deals. Median deal value: $454.08M.
- How many disclosed transactions?
- 51 deals total (51 from 2018+), filtered to Private Equity / PE-Backed Roll-Up acquirers of medical devices businesses.
- Most active buyers
- Altaris, LLC (2) · Altaris Capital Partners (2) · Agilent Technologies, Inc. (1) · Boston Scientific Corporation (1) · GIC Private Limited (1) · Kingswood Capital Management, LP (1)
Recent disclosed deals
Private Equity / PE-Backed Roll-Up acquisitions of medical devices businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2026 | Biocare Medical, LLC | Agilent Technologies, Inc. | $950.0M | — | 10.56x |
| 2026 | Penumbra, Inc. | Boston Scientific Corporation | $14512.8M | 60.0x | 10.34x |
| 2025 | Hologic, Inc. | GIC Private Limited | $18109.3M | 13.4x | 4.48x |
| 2025 | Quipt Home Medical Corp. | Kingswood Capital Management, LP | $287.3M | 6.2x | 1.18x |
| 2025 | Quipt Home Medical Corp. | Forager Capital Management LLC | $211.4M | 4.9x | 0.95x |
| 2025 | Xtant Medical Holdings, Inc. | Corbin Capital Partners, L.P. | $60.0M | — | 0.72x |
What this buyer pool prices for
Private equity acquirers price for scale and roll-up arbitrage. They pay up for businesses that fit a platform thesis — recurring revenue mix above 30%, technician/professional depth, clean financials, and a management layer that survives integration. The same medical devices can command 1.5x to 2x the multiple of an individual-buyer transaction simply because the PE buyer is acquiring a platform piece, not an owner-operated shop.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to medical devices businesses acquired by private equity / pe-backed roll-up 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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