Mid-market private equity firm Montagu Private Equity (Montagu) has agreed a deal to acquire Johnson Matthey’s (JM) Medical Device Components business (MDC) for a cash consideration of $700m (£550m) on a cash-free, debt-free basis.
The MDC business produces components for medical device manufacturers globally with a focus on precious metal alloys and nitinol, serving a global customer base from manufacturing sites in the USA (San Diego), Mexico (Mexicali), and Australia (Tullamarine).
With the sale of MDC, and a separate sale of its Battery Systems business, JM has now concluded the divestment programme for its Value Businesses that was originally announced in May 2022 as one of the company’s key strategic objectives with aggregate net proceeds significantly surpassing the company’s $300m target.
