“iSimulate has revolutionized simulation training in healthcare through its creative simulation solutions including ALSi, REALITi, CTGi and AURiS,” said Todd Murray, CEO of 3B Scientific. “We are extremely excited to further develop the 3B Scientific platform and add the great products and people of iSimulate to our company. Our 3B Scientific global distribution footprint including fourteen commercial locations is uniquely positioned to further support and accelerate the growth of iSimulate products worldwide.”
iSimulate CEO Peter McKie added, “We are proud of the progress we have made with our company and Anthony, Bobby and I decided that the 3B Scientific team would be the best partner for us to expand and grow the business in the years to come. We are excited for the next step in our journey and appreciate the support from our customers worldwide. We look forward to working closely with Todd and his team.”
After the closing, Peter McKie, Anthony Lewis and Bobby Syed will remain active in the company and continue to drive the business plan for iSimulate. A significant emphasis for strong growth and the development of the product pipeline lies in the active collaboration from and partnership with the experts from 3B Scientific and Cardionics. iSimulate operations will remain unchanged and will continue to be based in both Canberra, Australia and Albany, NY.
The healthcare simulation market has experienced significant growth in the past decade and is estimated to reach USD $2.27 Billion by 2021, according to a 2016 MarketsandMarkets report.
The acquisition is anticipated to be consummated in the first quarter of 2020.
Gibson, Dunn and Crutcher LLP and Clayton Utz are serving as legal advisors to 3B Scientific and J.H. Whitney Capital Partners, LLC. Schwartz Heslin Group, Inc. is acting as a financial advisor to iSimulate, and Pepper Hamilton LLP and MinterEllison are serving as legal advisors to iSimulate.
About the 3B Scientific Group
3B Scientific was founded in 1948 in Hamburg, Germany and has grown to be the world's leading manufacturer of anatomical models and a global supplier of innovative and reliable medical simulators for basic, advanced and specialty skill training. Today, 3B Scientific is represented in over 100 countries worldwide with the mission to advance medical and healthcare delivery through the quality, breadth and global reach of relevant educational and simulation products. To learn more about 3B Scientific, visit: www.3bscientific.com.
About J.H. Whitney Capital Partners, LLC
J.H. Whitney, established in 1946 by industrialist and philanthropist, John Hay "Jock" Whitney, was one of the first U.S. private equity firms and is often credited with pioneering the development of the private equity industry. Today, J.H. Whitney remains a leader in the private equity industry, having invested in over 400 companies since formation, and currently manages approximately $1.0 billion in private capital. J.H. Whitney remains privately owned by its investing professionals and its main activity is to provide private equity capital to small and middle market companies with strong growth prospects in a number of industries including consumer, healthcare, and specialty manufacturing. To learn more about J.H. Whitney, visit: http://www.whitney.com.
iSimulate was founded by Peter McKie and Anthony Lewis in 2011 with the mission of providing effective, reliable and realistic simulation tools. The solution they developed together has revolutionized healthcare simulation training worldwide. To learn more about iSimulate, visit: www.isimulate.com.