Houlihan Lokey Advises High Purity New England

Houlihan Lokey is pleased to announce that High Purity New England (HPNE) has agreed to be acquired by Getinge AB.

Getinge will acquire all outstanding shares from the shareholders of HPNE and will pay approximately $120 million in cash on closing, on a cash-free and debt-free basis. In addition, a maximum earn out of approximately $170 million can be paid out in 2024–2026 if agreed net revenue performance milestones are achieved in 2023–2025. The acquisition will be financed through cash on hand.

High Purity New England offers a comprehensive range of proprietary and distributed products from drug discovery and upstream and downstream processing to fill-and-finish. HPNE’s products assist leading biopharmaceutical and biotechnology players in the production of monoclonal antibodies, vaccines, cell and gene therapies, and other next-generation therapies. The company, founded in 2002, is a privately held company with approximately 150 employees. Its headquarters and production facilities are located in Smithfield, Rhode Island, in the United States.

Getinge is a global medical technology company that provides products and systems focused on enhancing quality and cost efficiency across the healthcare and life sciences industries. Getinge’s offering includes products and solutions for intensive care, cardiovascular procedures, operating rooms, sterile reprocessing, and life science. Getinge employs more than 10,000 people worldwide, and its products are sold in over 135 countries.

This transaction further strengthens and highlights Houlihan Lokey’s continued leadership in the medical technology industry. Houlihan Lokey’s Healthcare Group is among the largest dedicated healthcare investment banking groups in the world. In 2022, the group closed 37 transactions and was ranked by Refinitiv as the No. 1 advisor for U.S. and global healthcare M&A transactions under $1 billion*.

Houlihan Lokey served as the exclusive financial advisor to High Purity New England and assisted in initiating, structuring, and negotiating the transaction on its behalf.

If you would like more information about Houlihan Lokey or have any questions regarding the firm's role in this transaction, please contact one of the team members listed below.

*Excludes accounting firms and brokers.

About Houlihan Lokey

Houlihan Lokey (NYSE:HLI) is a global investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, and financial and valuation advisory. The firm serves corporations, institutions, and governments worldwide with offices in the Americas, Europe, the Middle East, and the Asia-Pacific region. Independent advice and intellectual rigor are hallmarks of the firm’s commitment to client success across its advisory services. Houlihan Lokey is the No. 1 investment bank for global M&A transactions under $1 billion, the No. 1 M&A advisor for the past eight consecutive years in the U.S., the No. 1 global restructuring advisor for the past nine consecutive years, and the No. 1 global M&A fairness opinion advisor over the past 25 years, all based on number of transactions and according to data provided by Refinitiv.