WESTFORD, Mass. and BILLERICA, Mass., Jan. 19, 2024 /PRNewswire/ -- Cynosure and Hahn & Company, which has recently acquired Lutronic, announced today that they have entered into a definitive merger agreement for a strategic combination of Cynosure and Lutronic. Both Cynosure and Lutronic are global providers of energy-based medical aesthetic treatment systems and related technologies. The transaction is expected to close in the first quarter of 2024, subject to customary closing conditions. Terms of the transaction were not disclosed.
This strategic combination creates a global leader in medical aesthetic systems with a diversified, innovative product portfolio and a commercial presence in over 130 countries. The combined company offers customers and patients a broader product and consumables suite, a depth of related clinical training and services, expanded research and development capabilities, an enhanced geographic footprint to serve more customers around the world and a reinforced supply chain to ensure seamless continuity of products and services.
"The strategic combination will create a combined company with the resources, product portfolio and expertise that will benefit our customers, partners and employees," said Nadav Tomer, CEO of Cynosure. "We are thrilled that Cynosure is partnering with Lutronic as we believe this will create a distinct opportunity to combine two strong global players in energy-based medical device technology for aesthetics."
"Partnering with Cynosure is a meaningful and transformational next step in diversifying our portfolio and scaling our company," said Haelyung Hwang, Founder and CEO of Lutronic. "This strategic combination furthers Lutronic's mission to drive innovation and provide superior products and customer service to aesthetics providers around the world. Cynosure's innovative medical device technology, commercial infrastructure and best-in-class brand-building capabilities will broaden our product line and customer base globally."
Jefferies LLC served as exclusive financial advisor to Cynosure. Weil, Gotshal & Manges LLP and Debevoise & Plimpton LLP served as legal advisors to Cynosure. PJT Partners LP served as exclusive financial advisor to Lutronic and Cleary Gottlieb Steen & Hamilton LLP and Kim & Chang served as legal advisors to Lutronic and Hahn & Company.
About Cynosure
With an over 30-year history of science-driven innovation, Cynosure is a leading provider of medical aesthetic treatment systems that enable dermatologists, plastic surgeons, medical spas, and other healthcare practitioners to perform non-invasive and minimally invasive procedures. The company's broad portfolio of products spans several major categories, including skin revitalization, body contouring and hair removal. Cynosure sells its products globally through a direct sales force in the United States, Canada, France, Morocco, Germany, Spain, the United Kingdom, Australia, China, Japan and Korea, and through international distributors in approximately 130 other countries. For corporate or product information, visit Cynosure's website at www.cynosure.com.
About Lutronic
For over two decades, Lutronic has been a global leader in the development of intelligent laser and energy-based systems. Committed to research and development at the forefront of aesthetic technology, Lutronic has market leading products in skin resurfacing and revitalization, hair removal, vascular lesion treatment, skin toning, and body contouring by utilizing laser, radio frequency, and electric muscle stimulation technologies. Lutronic holds more than 535 patents and patent applications worldwide. For more information, please visit lutronic.com.
About Hahn & Co.
Hahn & Co. is Korea's largest private equity investment firm with over US$14.6 billion in assets under management. Companies controlled by Hahn & Co. generate revenues in excess of KRW20 trillion (US$15 billion) with assets of KRW34 trillion (US$27 billion) with over 30,000 employees worldwide (www.hcompany.com).
SOURCE Cynosure; Lutronic
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