IRVINE, Calif., July 17, 2017 /PRNewswire/ -- Syneron
Medical Ltd. (NASDAQ: ELOS), a leading global non-surgical
aesthetic device company, today announced the successful completion
of its acquisition by an affiliate of funds advised by Apax
Partners for $11.00 per share in cash
in a transaction valued at approximately $400 million.
The transaction was announced on April 3,
2017 and received approval from Syneron Candela's
shareholders on June 15, 2017. As a
result of the transaction, Syneron Candela is now a privately held
company. Syneron Candela's ordinary shares will cease to trade on
The Nasdaq Stock Market before the opening of the market today and
will be delisted.
In conjunction with the closing of the transaction, Geoffrey Crouse has been appointed Chief
Executive Officer and a member of the Board of Directors of Syneron
Candela. Mr. Crouse has successfully led businesses in the life
sciences sector spanning capital equipment, diagnostics and tools.
Prior to joining Syneron Candela, he served as Chief Executive
Officer of Cord Blood Registry from 2012 to 2015, when the company
was sold to AMAG Pharmaceuticals. Prior, he served as Chief
Operating Officer of Immucor, a publicly traded company in the
in-vitro diagnostics marketplace, and led Health Economics and
Reimbursement Outcomes for Roche Diagnostics. Mr. Crouse currently
serves as a member of the Board of Directors at Invitae Corporation
(NYSE: NVTA) and Prelude Fertility. Mr. Crouse holds a B.A. in
English from Boston College, an MBA and
a Masters of Public Health, from the University of California, Berkeley.
Mr. Crouse said, "I am excited to join Syneron Candela. I have
been very impressed with the potential of the Syneron Candela
business and the passion of the Company's talented employees. I see
a real opportunity to re-ignite growth in the business through a
relentless focus on our customers' success and by building on the
strength of Syneron Candela's brands, the technology behind its
products, and the high quality of the Company's engineering and
product development organization."
Also joining Syneron Candela's senior executive team are
Mike Johnson as Chief Financial
Officer, Mary Trout as President,
Americas, and Todd Van Horn as Chief
Business Officer. Mr. Crouse, Mr. Johnson, Mrs. Trout, and
Mr. Van Horn served together as
members of Cord Blood Registry's executive team, and collectively
bring over 60 years of experience in life science and medical
device businesses. The Company's newly appointed executives will be
headquartered in the United States
in the San Francisco Bay Area.
Barclays acted as exclusive financial advisor to Syneron
Candela. Gross, Kleinhendler, Hodak, Halevy, Greenberg &
Co. and Morrison & Foerster LLP served as legal advisors. J.P.
Morgan served as financial advisor to Apax Partners and Simpson
Thacher & Bartlett LLP and Meitar Liquornik Geva Leshem Tal
served as legal advisors.
About Syneron Candela
Syneron Candela is a leading
global non-surgical aesthetic device company with a comprehensive
product portfolio and a global distribution footprint. The
Company's technology enables physicians to provide advanced
solutions for a broad range of medical-aesthetic applications
including body contouring, hair removal, wrinkle reduction, tattoo
removal, women's intimate health, improving the skin's appearance
through the treatment of superficial benign vascular and pigmented
lesions, and the treatment of acne, leg veins and cellulite. The
Company has a wide portfolio of trusted, leading products including
UltraShape Power, VelaShape, CO2RE, CO2RE
Intima, GentleLase, VBeam Perfecta, PicoWay, Profound and elōs
Plus.
Founded in 2000, Syneron Candela has R&D and manufacturing
operations in Israel and the U.S.
The company markets, services and supports its products in nearly
100 countries. It has offices in North
America, France,
Germany, Italy, Portugal, Spain, UK, Australia, China, Japan,
and Hong Kong and distributors
worldwide.
For additional information, please visit
http://www.syneron-candela.com.
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SOURCE Syneron Medical Ltd.