Teleflex (NYSE:TFX) announced that it completed the divestiture of its OEM contract manufacturing business — now called Ingenyx — to Montagu and Kohlberg for $1.5 billion.
The cash deal with the private equity firms marks a significant step forward in Teleflex’s strategy as it focuses on its remaining businesses: Vascular Access, Interventional and Surgical. Wayne, Pennsylvania–based Teleflex initially announced the planned sale of the OEM business, along with its Acute Care unit, for $2.03 billion in total value, in December 2025.
It has been a period of significant change for Teleflex, which parted ways with CEO Liam Kelly a month later amid slowing results and slashed guidance. Shareholders then urged the company to engage potential buyers. Meanwhile, it’s under new leadership in the form of Jason Weidman, a former Medtronic executive named CEO in April.
Medtech pay analysis: Teleflex executive pay disclosure includes severance payouts after $2B sale
Teleflex plans to use the net proceeds from the close of the OEM business ($1.25 billion after tax) to return significant capital to shareholders through debt paydown and share repurchases. It hopes to enhance its financial flexibility to support its growth strategy.
“The divestiture strengthens Teleflex’s financial flexibility and positions it to accelerate innovation and drive sustainable, profitable growth while returning significant capital to shareholders,” the company said in a news release posted yesterday. “Further, it allows the OEM business to benefit from dedicated resources to build on its established capabilities as an independent company under new ownership.”
More on the next steps for the OEM business
Following the completion of the acquisition, Montagu and Kohlberg launched the Teleflex OEM business as Ingenyx.
Based in Plymouth, Minnesota, Ingenyx develops and manufactures custom-engineered interventional catheters and subassemblies, sutures, tubing, wiring, complex extrusion solutions, surgical fibers, and other advanced medical device technologies for customers worldwide.
Greg Stotts, formerly CEO of Teleflex Medical OEM, continues as CEO of Ingenyx. Matt Jennings, senior operating partner at Kohlberg, serves as executive chair.
“Ingenyx reflects both who we are and where we’re headed,” Stotts said. “For decades, we’ve helped medical device companies bring innovative products to market. As an independent company, we have an opportunity to invest further in the capabilities, expertise, and technologies that help our customers make smarter decisions and accelerate their path to commercialization and beyond.”
Teleflex’s Ingenyx sale is the latest in a string of private equity moves in medtech. MDO‘s sibling site MassDevice recounts some of the recent deals.
