Lincoln International advised KPS Capital Partners on its sale of LRE Medical to Gyrus Capital

KPS Capital Partners has sold LRE Medical to Gyrus Capital

LRE Medical

Founded in 1961, LRE Medical is a leading provider of complex devices and analytical instruments for the life sciences industry. LRE supports global OEMs through a comprehensive service offering providing high-quality engineering solutions and manufacturing for medical and life science diagnostic equipment. The company has a track-record of providing innovative, first-to-market solutions to leading OEMs in the industry. As a market leader in complex point of care applications, LRE is part of the paradigm shift of bringing diagnostic testing closer to the patient. LRE employs more than 250 people and operates two sites in Germany. LRE has been part of AIS Global since 2004 and in 2019, AIS Global became a portfolio company of KPS Capital Partners. Gyrus intends to extend LRE’s global footprint through organic and acquisition expansion.

The Deal

Lincoln International acted as the exclusive financial advisor to KPS and AIS Global, providing guidance to the shareholders and company throughout the sale process to Gyrus Capital. Lincoln ran a global process with both strategic and financial acquirers by leveraging its international presence to achieve a successful outcome for LRE.

Our Perspective

LRE is a unique contract development and manufacturing organization with strong design and engineering capabilities that allow them to partner with customers early for the full life cycle of programs. Further, LRE has unmatched engineering expertise specifically within point of care diagnostics, which the market is shifting towards. With Lincoln’s deep expertise in life sciences, specifically within diagnostic instruments and tools, the team was able to best position LRE’s differentiated value proposition.

KPS Capital Partners

KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $11.9 billion of assets under management (as of June 30, 2023). For over three decades, the partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing.

KPS creates value for its investors by working constructively with talented management teams to make businesses better and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS funds’ portfolio companies generate aggregate annual revenues of approximately $20.8 billion, operate 224 manufacturing facilities in 26 countries and have approximately 50,000 employees, directly and through joint ventures worldwide (as of June 30, 2023). The KPS investment strategy and portfolio companies are described in detail at

Gyrus Capital

Gyrus Capital is a European investment firm dedicated to transformational investments in the healthcare and sustainability sectors. Based in Geneva, Switzerland, Gyrus invests in businesses that address structural needs of society and the environment, and that are positioned for long-term, sustainable growth. Gyrus has a focus on complex transactions, with a particular focus on corporate carve outs and entrepreneur successions in the €50 million to €500 million range. A renowned group of experienced operating partners and industry experts support Gyrus in its active investment and value-creation approach in close partnership with entrepreneurs and managers. Gyrus intends to extend LRE’s global footprint through organic and acquisition expansion.

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