Hill-Rom to Acquire Mortara Instrument
Chicago, IL and Milwaukee, WI — Hill-Rom Holdings, Inc, recently announced that it has signed a definitive agreement to acquire Mortara Instrument, Inc., a privately held company specializing in diagnostic cardiology and patient monitoring solutions, technologies and devices, for $330 million in cash. Hill-Rom anticipates the structure of the acquisition will allow the company to qualify for a significant tax benefit, which, at a net present value of approximately $40 million, reduces the effective purchase to approximately $290 million.
“Our growing Welch Allyn franchise will be immediately strengthened by the addition of Mortara Instrument’s experienced team, breadth of diagnostic cardiology and patient monitoring offerings and best-in-class ability to integrate with electronic medical record systems,” said Hill-Rom President and CEO John J. Greisch. “With Mortara, we will expand our diagnostic cardiology franchise in the acute care, clinical research and primary care settings, where we will use our global commercial presence to accelerate growth of the Mortara business.”
Mortara’s portfolio of diagnostic cardiology devices operates under three brands — Mortara, Quinton® and Burdick® — and includes a myriad of devices. Based in Milwaukee with offices in Australia, Italy, Germany, the Netherlands, and the United Kingdom, Mortara has more than 400 employees globally and generated approximately $115 million in revenue in 2016.
Mortara CEO Dr. Justin Mortara intends to join Hill-Rom and continue in his leadership capacity at Mortara Instrument. He will report to Hill-Rom Front Line Care President Alton Shader.“By combining with Hill-Rom, Mortara Instrument will have greater opportunities to grow as part of a global leader with strong brand equity and unparalleled care setting expertise,” said Dr. Mortara. “Hill-Rom and Mortara Instrument share similar patient-centric cultures, and I am confident that this combination will benefit our valued employees and customers. I look forward to working with the entire Hill-Rom team as we enter the next phase of success.” Link
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