SURMODICS acquired by GTCR
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 LOGIN in 2023, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Healthcare & Pharma sector (14.8x).
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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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.
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Historical Financials (USD)
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REFERENCES
Valuation range: EV 500M - 1.5b USD
Revenue range: 100M - 200M USD
EBITDA range: 10M - 30M USD
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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Press release: view release
Target: surmodics
Acquirer: gtcr