Mortara Instrument, a Milwaukee-based medtech company, says it has been acquired by Hill-Rom Holdings, of Chicago, for $330 million in cash.
Mortara’s product line includes electrocardiograph machines and other medical devices used to monitor patients. One of Hill-Rom’s (NYSE: [[ticker:HRC]]) holdings is Welch Allyn, a manufacturer of medical diagnostic equipment based in Skaneateles Falls, NY, that has 2,500 employees.
The Mortara deal will allow Welch Allyn to mesh its strength in primary care diagnostic cardiology with Mortara’s expertise in devices made for use in acute care settings, the company says. Welch Allyn is also likely to become a larger player in the $5 billion market for patient monitoring devices, which includes machines that track vital signs, Hill-Rom says.
“With Mortara, we will expand our diagnostic cardiology franchise in the acute care, clinical research and primary care settings,” John Greisch, president and CEO of Hill-Rom, said in a prepared statement. “This transaction is aligned with our strategy to expand in our clinical focus areas, in this case patient diagnostics and monitoring.”
David Mortara, a longtime executive in the medical devices industry, founded Mortara in 1982. Its current CEO is his son, Justin Mortara, who will be joining Hill-Rom as part of the deal, the company says.
Mortara says on its website that it manufactures its entire portfolio of products in the United States. The firm has a global presence, though; its 400-plus employees are spread across several European countries, Australia, and the Milwaukee headquarters.
Mortara says its revenues in 2016 were about $115 million.
The deal is expected to close by June, according to a news release.
