Since buying the then-named QSR and QMD businesses and forming Q Holding in 2014, 3i said it has supported the acquisitions of Degania Medical and Silicone Altimex, along with expanding Q's global manufacturing footprint with new facilities in Mexico, and supporting investments in Europe, China and India.
But since last April, the London-based private equity firm has begun selling off Q Holding assets. The first deal was the sale of the QSR Division, a developer and manufacturer of electrical connector seals, to Altdorf, Switzerland-based Datwyler Holding A.G. for $625 million.
Proceeds of that sale were used to retire the Q loan facility and "return substantial capital to 3i and other investors," 3i said in a news release at the time.
Based in Pepper Pike, Ohio, QSR operated five production plants across the U.S., Mexico and China, and employs 1,250 people. It generated sales of $164 million in 2021.
That was followed in December by the divestment of Q Holding's Medical Elastomer Development Inc. unit to Sanisure, a vertically integrated player in the single-use bioprocessing technology space. MED also was part of Q Holding's Precision Components unit and operated a state-of-the-art silicone extrusion facility in Twinsburg, serving customers in the medical device and bioprocessing markets.
While it didn't break down the terms of the sales to Sanisure and Cirtec, 3i said in a Jan. 31 news release that combined proceeds of the two deals are expected to be $172 million. It said the deals were expected to be completed in the first quarter, as they are subject to customary antitrust approvals.
"We are proud to have partnered with Q's leadership team to grow Precision Components into a leading global manufacturer of highly-engineered medical device components," Richard Relyea, a partner with 3i, said in a statement. "These transactions will enable the continued strong growth of the Precision Components operations, aligning them with highly complementary companies and teams that bring additional capabilities and enhanced solutions that will benefit their customers and patients."
Following the transactions, Q Holding will consist of its Catheter Technologies segment, which comprises the Degania, Arthesys and Biometrix brands that serve the medical device market with a wide range of catheter products. Catheter Technologies supplies global OEMs with catheter products for the cardiovascular, vascular, enteral feeding, urology and general surgery markets. The segment has facilities in Israel, France, India and Slovakia.
Relyea said 3i looks forward to continuing to work with the Catheter Technologies team to achieve its growth initiatives.