Clearlake Capital plans to sell Team Technologies for over $1 billion – sources

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NEW YORK, June 29 (Reuters) – Private equity firm Clearlake Capital Group is considering selling medical products maker Team Technologies Inc for more than $1 billion including debt, according to people familiar with the matter.

Clearlake Capital is working with an investment bank on a sale process for Team Technologies, which has annual earnings before interest, taxes, depreciation and amortization of about $75 million, said the sources, who spoke on condition of anonymity. because the case is confidential.

A spokesperson for Clearlake Capital declined to comment.

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Team Technologies is a manufacturer of medical supplies and dental supplies, including specialty toothbrushes, dosing applicators, isolation gowns and other personal protective equipment used in the healthcare industry. Founded in 1988, the company is headquartered in Morristown, Tennessee, with more than a dozen manufacturing facilities across the country.

Clearlake Capital acquired a majority stake in Team Technologies in partnership with its management in 2018. Since then, Team Technologies has embarked on a wave of acquisitions, snapping up smaller healthcare manufacturers. It acquired Chino, Calif.-based Precision Die Cutting in May 2021 and iiMED Medical Solutions, headquartered in Amherst, New York, in January of this year.

Clearlake Capital has $72 billion in assets under management across the industrials, consumer products and technology sectors. Founded in 2006 by José Feliciano and Behdad Eghbali, Clearlake is based in Santa Monica, California. Last month, Clearlake Capital, together with Los Angeles Dodgers co-owner Todd Boehly, acquired ownership of English football club Chelsea from Russian billionaire Roman Abramovich.

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Reporting by Chibuike Oguh in New York Editing by Matthew Lewis

Our standards: The Thomson Reuters Trust Principles.

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