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05/2024100%LBO

Surmodics acquired by GTCR

UNITED STATES Life Sciences / Medical Devices EV $500M–1.5bn

Context

GTCR agreed to acquire Surmodics as a take-private acquisition, financed through committed equity from GTCR-affiliated funds and committed debt financing. The strategic rationale rests on Surmodics’ position as a specialized healthcare technology platform with recurring exposure to medical device coatings and in vitro diagnostics. The business has a long track record of serving blue-chip customers, and its proprietary technologies are aligned with secular healthcare growth drivers including aging demographics, minimally invasive procedures, and OEM outsourcing. For GTCR, the asset fits a classic platform investment profile, offering a combination of technical differentiation, market defensibility, and scope for operational value creation. The deal also has a clear sector consolidation angle. Surmodics’ coating expertise and medical device capabilities could support future expansion across adjacent applications, while GTCR’s healthcare focus may allow it to back strategic growth initiatives and build further scale.

Surmodics, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of Above 20x.

-> Deep-dive in Healthcare & Pharma market trends

Target

Surmodics, Inc. is a US-based medical technology company headquartered in Eden Prairie, Minnesota. The company develops performance coating technologies for intravascular medical devices, chemical and biological components for in vitro diagnostic immunoassay tests and microarrays, as well as differentiated vascular intervention devices designed to address unmet clinical needs. Its platform combines proprietary surface modification expertise with device design, development, and manufacturing capabilities. Surmodics operates in a technically demanding niche where regulatory requirements, clinical performance, and customer qualification are key barriers to entry. The company serves healthcare customers through a mix of coating technologies, diagnostic components, and proprietary medical devices, giving it exposure to both recurring consumables and product development-led revenue streams. This diversified setup supports a business model that is anchored in intellectual property and specialized know-how.

Ent. Value

$500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

Above 20x

EV / EBIT

[members only]

Historical Financials (USD)

Year
Rev
EBITDA
EBIT
2023
$100–200M
$10–30M
[members only]
2022
$100–200M
$10–30M
[members only]

Other operations with GTCR

Other operations with GTCR
DateAcquirerTargetCountrySector
01/2026GTCRDENTALCORPCANADADental Centers
07/2025STONE POINT CAPITAL / GTCRULTIMUS FUND SOLUTIONSUNITED STATESAccounting & Audit
08/2023GTCRADT COMMERCIALUNITED STATESSecurity & Guarding
12/2021THE CARLYLE GROUP / GTCRRESONETICSUNITED STATESMedical Devices

Similar deals in Life Sciences

Similar deals in Life Sciences
DateAcquirerTargetCountrySector
07/2024ROCHELUMIRADXUNITED KINGDOMDiagnostic Equipment
07/2024CHARTERHOUSESKIN TECH PHARMA GROUPSPAINMedical Consumables
05/2024BRUKERELITECH GROUPFRANCEDiagnostic Equipment
04/2024KÜHNE HOLDINGAENOVA GROUPGERMANYCDMO
03/2024ADVANCED MEDICAL SOLUTIONS GROUPPÉTERS SURGICALFRANCEMedical Consumables
01/2024MERCK & CO.HARPOON THERAPEUTICSUNITED STATESR&D Biotech
12/2023MARLE GROUPNOWAKFRANCEImplants & Prosthetics
11/2023AMETEKPARAGON MEDICALUNITED STATESMedical Devices
11/2023PARAGONPRIMEDGERMANYMedical Consumables
11/2023ANJAC BEAUTY & HEALTHSTEPHIDFRANCECDMO

REFERENCES

Valuation range: EV $500M–1.5bn

Revenue range: $100–200M

EBITDA range: $10–30M

EV/Revenue range: 2x - 6x

EV/EBITDA range: Above 20x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Surmodics by GTCR are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: surmodics

FAQ

What transaction does this page cover?

This page covers GTCR’s acquisition of 100% of Surmodics, an American company specialised in Medical Devices, in 2024, structured as a leveraged buyout (LBO).

How was the acquisition of Surmodics by GTCR valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the $500M–1.5bn band, its EV/EBITDA multiple within the Above 20x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What were Surmodics’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Surmodics generated annual revenue estimated in the $100–200M range and EBITDA in the $10–30M bracket (FY 2023). Detailed financial figures are available to members.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

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