Private equity firm Longreach Group said late on Monday it has sold its majority stake in Hong Kong-based medical device manufacturing solution provider Quasar Medical to Boyu Capital Partner.
Longreach, which bought a 86 per cent majority interest in Quasar in April 2019, said in a statement it and the minority shareholders from Quasar's founding family have sold all the issued and outstanding shares in the company, without disclosing the value of the transaction. The deal valued Quasar at more than $600 million, a person with direct knowledge of the matter told Reuters. The person declined to be identified as the information was not public.Reuters reported in May, citing sources, that Boyu Capital, Hillhouse Capital and BPEA EQT were bidding for Quasar, with Longreach targeting a valuation of as much as $600 million or more for the entire company.
Established in 1988 and headquartered in Hong Kong, Quasar is a leading contract development and manufacturing organisation of advanced medical devices and counts Johnson & Johnson, Medtronic and Abbott Laboratories as their clients, the company's website showed.