Olympus to sell subsidiary to Bain Capital
Japanese Olympus Corporation says that it has concluded a definitive agreement with Bain Capital Private Equity, regarding the transfer of its subsidiary Evident.
Based on this agreement, all shares of Evident will be transferred to Bain Capital on January 4, 2023, subject to regulatory approvals and closing conditions, a press release reads.
Olympus says that it is focusing on its core of being a medical technology company, thus Olympus is striving to strengthen its management base by allocating resources to the Medical business, with a focus on the Endoscopic Solutions and Therapeutic Solutions businesses.
The Scientific Solutions business of Olympus was transferred to Evident back in April 2022. Evident, the Olympus Scientific Solutions business, conducts business in the fields of life science and industrial applications. Evident’s Industrial solutions range from microscopes used in the semiconductor sector and electronic components markets to industrial videoscopes and fiberscopes, non-destructive testing equipment as well as and X-ray fluorescence analyzers used in industrial applications. This wide range of applications include automotive, aviation, metal manufacturing, power generation, precious metal and several other manufacturing and inspection markets.
“In light of this favourable market environment, Olympus concluded that it would be in its best interest to transfer all shares of Evident to Bain Capital in order to allow Evident to develop its business with more agile and flexible decision-making based on market needs, leading to further growth as well as to develop more innovative solutions for its customers,” the company writes in the press release.
