Hologic completes $205M sale of former $1.7B division
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Hologic CEO Stephen MacMillan
Hologic Inc., the Marlborough medical technology company, announced Monday it has completed the $205-million sale of its Cynosure medical aesthetics division to an affiliate of New York City investment fund.
Hologic received net cash proceeds at closing of about $142 million. The new owner of the division is the investment firm Clayton, Dubilier & Rice, which specializes in acquiring non-core corporate divisions and family enterprises transitioning to new ownership, according to its website.
Selling Cynosure will allow Hologic to focus on its medical products for women, said Steve MacMillan, Hologic's chairman, president and CEO, in a statement. Hologic acquired Cynosure for $1.65 billion in 2017, and MacMillan said the unit significantly underperformed expectations.
When Hologic announced the deal in November, it said approximately 825 employees with Cynosure, which is based in Westford, will transfer with the business sale. The company didn't say whether those Cynosure employees would be relocated.
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