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Hill-Rom to acquire ventilation-device maker Breathe Technologies for $130M

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Hill-Rom to acquire ventilation-device maker Breathe Technologies for $130M

Hill-Rom Holdings Inc. is acquiring wearable ventilation-device maker Breathe Technologies Inc. for $130 million in cash to bolster its respiratory products portfolio.

Breathe Technologies is the developer of the Life2000 Ventilation System — a wearable, noninvasive mechanical device that can be used in home and critical care settings. It is for managing certain respiratory conditions, including chronic obstructive pulmonary disease, interstitial lung disease, restrictive thoracic disorder and post-lung-transplant rehab, among others.

Breathe Technologies, based in Irvine, Calif., has an annual revenue of about $10 million, Hillrom said in an Aug. 2 press release.

Hillrom President and CEO John Groetelaars said the transaction represents the company's strategy to use capital toward high-growth and high-margin businesses as it expands into a new category of noninvasive ventilation.

In July, Hillrom announced that it was selling its Aspen Surgical business unit to Audax Private Equity Fund LP for $170 million in cash. The Aspen Surgical unit includes surgical consumable products including Bard-Parker conventional and safety scalpels and blades. The move was part of its strategy to accelerate growth by focusing on high-growth, high-margin categories.

The Breathe Technologies acquisition will add to Hillrom's respiratory care products segment, which is part of its Front Line Care business.

Chicago-based Hillrom expects the deal will allow the company to benefit from at least $30 million of net operating losses. The transaction is expected to be modestly dilutive in the first year and increasingly accretive thereafter.

Hillrom expects the transaction to close in its fiscal fourth quarter of 2019, subject to customary closing conditions.