Debevoise & Plimpton LLP is advising Clayton, Dubilier & Rice (“CD&R”), a private investment firm, in its acquisition of Cynosure, LLC, a market-leading medical aesthetics technology company. Under the terms of the agreement, approximately 825 employees will transfer with the Cynosure business. The transaction is expected to close in January 2020, subject to regulatory approvals and other customary conditions. UBS has committed to provide debt financing as part of the transaction and is acting as financial advisor to CD&R. This carveout style transaction positions Cynosure for accelerated growth under new ownership and is expected to have an immaterial impact on Hologic Inc.’s (Cynosure’s parent company) revenue growth rate, while increasing non-GAAP gross and operating margin as a percentage of revenue. For more information, please see CD&R’s release.
Cynosure develops, manufactures, and markets medical aesthetic treatment systems for dermatologists, plastic surgeons, medical spas, and other healthcare practitioners. The company’s broad portfolio of products spans several major categories, including skin revitalization, body contouring, hair removal, and women's health. Cynosure sells its products through a combination of direct sales and distributors in over 130 countries and supports its provider partners with a range of technical, clinical, and support services.
CD&R is a private investment firm with an investment strategy predicated on producing financial returns by building stronger, more profitable businesses. Since its inception in 1978, CD&R has managed the investment of more than $27 billion in 83 companies with an aggregate transaction value of more than $125 billion. The Firm has offices in New York and London.
The Debevoise team is led by M&A partners Kevin Rinker and Christopher Anthony and includes associates Bill Barlow, Spencer Gilbert and Priya Sonia, finance partner Sunil Savkar and associates Kevin Grondahl and James Malmo and law clerk Richard Huges, tax partner Peter Furci and associate David Rock, employee benefits and executive compensation partner Meir Katz, counsel J. Michael Snypes and associate Nana Agyeman Taylor, intellectual property partner Henry Lebowitz and associate Benjamin Sundholm, litigation partner Mark Goodman and associate Matthew Forbes.
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