Altaris Announces Sale of Paramit
New York, NY—Altaris Capital Partners, LLC (collectively with its affiliates, “Altaris”) announced today that it has entered into an agreement to sell Paramit Corporation (“Paramit”) to The Tecan Group (SIX Swiss Exchange: TECN) for a total consideration of $1.0 billion. The transaction is expected to close in the third quarter, subject to customary closing conditions.
Headquartered in Morgan Hill, CA, Paramit is a developer and manufacturer of complex electronic medical devices and life science instruments for industry leaders in many of the fastest growing segments of healthcare. Paramit utilizes its proprietary “transfer-less” workflow and vPoke® computer directed assembly process to partner with its customers to deliver high quality products from initial concept to scaled commercial production. Paramit employs approximately 1,000 people across its global design and manufacturing footprint in California, Massachusetts, and Malaysia.
“It has been an incredible journey establishing Paramit as a global leader in the life sciences and medical device industries alongside Altaris. We are incredibly proud of the organization we have built together and look forward to our future with Tecan,” said Billoo Rataul, Co-founder and CEO of Paramit. “Becoming part of the Tecan Group will take our industry-leading capabilities to new customers in expanding markets, including Europe and Asia, and enable us to leverage Tecan’s expertise across a broad range of life science, clinical diagnostics and scientific applications to better serve our customers.”
Altaris is an investment firm focused exclusively on the healthcare industry. Altaris invests in companies that deliver value to the healthcare system and improve patient outcomes by providing innovative products and services. Since inception in 2003, Altaris has invested in more than 40 companies across its five main investment funds. Altaris has $5.6 billion of equity capital under active management and is headquartered in New York, NY. For more information, please visit www.altariscap.com.
Morgan Stanley & Co. LLC acted as financial advisor and Schiff Hardin LLP acted as legal counsel for Paramit.