BUYER POOL ANALYSIS
Selling a Medical Devices to Strategic / Industry buyers
Industry operators, larger competitors, and corporate buyers acquiring for synergies, geographic expansion, or capability fill. Typically pays a premium for clear strategic fit but discounts for integration cost and overlap.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 15.15x across 62 disclosed deals (P25: 11.52x, P75: 17.9x). Median EV/Revenue 4.02x across 220 deals. Median deal value: $200M.
- How many disclosed transactions?
- 231 deals total (231 from 2018+), filtered to Strategic / Industry acquirers of medical devices businesses.
- Most active buyers
- Boston Scientific Corporation (11) · Halma plc (6) · Integer Holdings Corp. (4) · Haemonetics Corporation (4) · Merit Medical Systems, Inc. (4) · StrykerCorp. (4)
Recent disclosed deals
Strategic / Industry acquisitions of medical devices businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2026 | Masimo Corporation | Danaher Corporation | $10025.8M | 28.3x | 6.57x |
| 2026 | Owen Mumford Holdings | Embecta | $201.0M | — | 2.20x |
| 2025 | Acera Surgical | Solventum | $725.0M | — | 8.10x |
| 2025 | Alydia Health (Organon JADA System) | Laborie Medical Technologies | $440.0M | — | 6.70x |
| 2025 | B Medical Systems (Azenta) | THELEMA S.A. R.L. | $63.0M | — | 0.90x |
| 2025 | BIOTRONIK Vascular Intervention Business | Teleflex, Inc. | $875.9M | 9.5x | 2.20x |
What this buyer pool prices for
Strategic buyers — operators in adjacent geographies, larger competitors, or corporate consolidators — price for synergies and capability fill. They tend to discount integration cost and overlap risk but pay above market when there's clear strategic fit (key customer relationship, license, geography, technician/professional team). Multiples are competitive with PE for fee-viable deals; below PE for sub-scale acquisitions.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to medical devices businesses acquired by strategic / industry 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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