The Canadian Pension Plan Investment Board and the Public Sector Pension Investment Board, along with Apax Partners, have agreed to sell Acelity Inc. and its subsidiary Kinetic Concepts Inc. to the 3M Co. for $6.73 billion.
“CPPIB is pleased to have supported KCI’s delivery of medical devices and products that benefit millions of patients around the world,” said Ryan Selwood, managing director and head of direct private equity at the CPPIB, in a press release. “During our investment, the company helped restore lives with the launch of innovative solutions and expansion into new geographies.”
With the transaction, which is expected to close in the second half of 2019, KCI will become part of 3M’s medical solutions business.
“We are proud to have supported KCI and its management team during its exciting transformation journey, in partnership with Apax and CPPIB,” said Simon Marc, managing director and head of private equity at PSP Investments. “KCI has successfully invested into novel organic growth initiatives and we are confident about its continued growth prospects with 3M.”