Syneron Candela completes previously announced transaction with funds advised by Apax Partners and becomes a Private Company
SYNERON CANDELA REVERTS TO PRIVATE COMPANY
Syneron Candela completes previously announced transaction with funds advised by Apax Partners and becomes a Private Company
IRVINE , Calif ., July 17 , 2017 – Syneron Medical Ltd . ( NASDAQ : ELOS ), a leading global non-surgical aesthetic device company , today announced the successful completion of its acquisition by an affiliate of funds advised by Apax Partners for $ 11.00 per share in cash in a transaction valued at approximately $ 400 million . The transaction was announced on April 3 , 2017 and received approval from Syneron Candela ’ s shareholders on June 15 , 2017 . As a result of the transaction , Syneron Candela is now a privately held company . Syneron Candela ’ s ordinary shares will cease to trade on The Nasdaq Stock Market before the opening of the market today and will be delisted .
In conjunction with the closing of the transaction , Geoffrey Crouse has been appointed Chief Executive Officer and a member of the Board of Directors of Syneron Candela . Mr . Crouse has successfully led businesses in the life sciences sector spanning capital equipment , diagnostics and tools . Prior to joining Syneron Candela , he served as Chief Executive Officer of Cord Blood Registry from 2012 to 2015 , when the company was sold to AMAG Pharmaceuticals . Prior , he served as Chief Operating Officer of Immucor , a publicly traded company in the in-vitro diagnostics marketplace , and led Health Economics and Reimbursement Outcomes for Roche Diagnostics . Mr . Crouse currently serves as a member of the Board of Directors at Invitae Corporation ( NYSE : NVTA ) and Prelude Fertility . Mr . Crouse holds a B . A . in English from Boston College , an MBA and a Masters of Public Health , from the University of California , Berkeley .
Mr . Crouse said , “ I am excited to join Syneron Candela . I have been very impressed with the potential of the Syneron Candela business and the passion of the Company ’ s talented employees . I see a real opportunity to re-ignite growth in the business through a relentless focus on our customers ’ success and by building on the strength of Syneron Candela ’ s brands , the technology behind its products , and the high quality of the Company ’ s engineering and product development organization .”
Also joining Syneron Candela ’ s senior executive team are Mike Johnson as Chief Financial Officer , Mary Trout as President , Americas , and Todd Van Horn as Chief Business Officer . Mr . Crouse , Mr . Johnson , Mrs . Trout , and Mr . Van Horn served together as members of Cord Blood Registry ’ s executive team , and collectively bring over 60 years of experience in life science and medical device businesses . The Company ’ s newly appointed executives will be headquartered in the United States in the San Francisco Bay Area .
Barclays acted as exclusive financial advisor to Syneron Candela . Gross , Kleinhendler , Hodak , Halevy , Greenberg & Co . and Morrison & Foerster LLP served as legal advisors . J . P . Morgan served as financial advisor to Apax Partners and Simpson Thacher & Bartlett LLP and Meitar Liquornik Geva Leshem Tal served as legal advisors .
About Syneron Candela Syneron Candela is a leading global non-surgical aesthetic device company with a comprehensive product portfolio and a global distribution footprint . The Company ’ s technology enables physicians to provide advanced solutions for a broad range of medical-aesthetic applications including body contouring , hair removal , wrinkle reduction , tattoo removal , women ’ s intimate health , improving the skin ’ s appearance through the treatment of superficial benign vascular and pigmented lesions , and the treatment of acne , leg veins and cellulite . The Company has a wide portfolio of trusted , leading products including UltraShape Power , VelaShape , CO2RE , CO2RE Intima , GentleLase , VBeam Perfecta , PicoWay , Profound and elōs Plus . Founded in 2000 , Syneron Candela has R & D and manufacturing operations in Israel and the U . S . The company markets , services and supports its products in nearly 100 countries . It has offices in North America , France , Germany , Italy , Portugal , Spain , UK , Australia , China , Japan , and Hong Kong and distributors worldwide .
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