XIO has hired Credit Suisse and China's CICC to find a buyer for the Israeli medical technology company, "Bloomberg" report.
London-based XIO fund is looking to sell Israeli medical technology company Lumenis. "Bloomberg" reports. XIO has put a billion dollar price tag on the company, almost double the $510 million it paid for the company in 2015. Credit Suisse and Chinese investment bank CICC have been hired to find a buyer.
Based in Yokneam near Haifa, Lumenis has hundreds of employees. In its last financial statement in 2014 before being delisted by XIO, the company had annual revenue of $289 million.
The company develops, manufactures and markets minimally-invasive clinical solutions for the surgical, ophthalmology and aesthetic markets, and is a world-renowned expert in developing and commercializing innovative energy-based technologies, including laser, intense pulsed light (IPL) and radio-frequency (RF).
In the past few years companies in this sector have fetched high prices especially from Chinese investors and XIO hopes to cash in on this.
Lumenis was founded in the 1990s as ESC and was a pioneer in aesthetic laser medical technology. After an IPO on Nasdaq, the company had a market cap of $1 billion. But management disputes and changes in market dynamics saw difficult times and Lumenis was acquired by the Ofer Brothers for just $120 million. Relisted on Nasdaq in 2014 with a market cap of $470 million, it was acquired by XIO a year later for $510 million.
Lumenis's founders also set up Syneron Medical Ltd. (Nasdaq: ELOS) and Alma Lasers, which was sold to Fosun Pharma in 2013 for $240 million. Renamed Sisram, it recently held an IPO on the Hong Kong stock market at a company value of $390 million.