Olympus Sells Scientific Solutions Business to Bain Capital
Olympus is selling its wholly owned subsidiary EVIDENT Co. Ltd. to Bain Capital. The divestment, which is reportedly worth over $3 billion, will see all shares of EVIDENT transferred to Bain Capital on Jan. 4, 2023, subject to regulatory approvals and closing conditions.
EVIDENT is Olympus' Scientific Solutions business. It manufactures life science and industrial microscopes, videoscopes, x-ray fluorescence analyzers, and other scientific instruments.
Olympus has been a developer of microscopes for more than 100 years. The company's move reflects its previously announced intention to shift toward a medical technology focus.
In 2021, Olympus announced plans to reorganize the Scientific Solutions division into a self-sustainable company. In April 2022, it selected EVIDENT as the name for the standalone company.
EVIDENT's life science microscopes support a broad range of academic and clinical research areas and pathology diagnostic services, as well as the growing demand for drug discovery and fertility treatment. EVIDENT’s industrial solutions range from microscopes used in the expanding semiconductor sector and the electronic components market to industrial videoscopes and fiberscopes, nondestructive testing equipment, and x-ray fluorescence analyzers. These products also have applications in the automotive, aviation, metal manufacturing, power generation, precious metal, and inspection markets.
Olympus released a statement on Aug. 29 that said, “In light of this favorable 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.”
Yoshitake Saito, EVIDENT's president and representative director, said, “EVIDENT will continue under the Bain Capital umbrella to provide its customer base with a broad range of innovative products and services across the globe. On the basis of our long-term expertise, we will expand our digital technologies, including cloud-based solutions, to enhance the customer experience and to improve the overall workflow in several research and inspection fields. With greater management autonomy, we will promote agile and open innovation, which will increase the speed of product development for solving our customers' challenges.”
In 2019, Olympus announced its new corporate strategy. The company said it aimed to strengthen its management base by allocating management resources to the medical business, with a focus on the Endoscopic Solutions and Therapeutic Solutions businesses.
In a December 2021 press release, the company clarified the direction it planned to take with its medical business. It said it intended to achieve further growth and profitability by "elevating the standard of care in targeted disease states," with a sharp focus on gastrointestinal, urological, and respiratory care, and investment in single-use endoscopes, digital solutions, and endoluminal therapies.
Since the start of 2021, Olympus has transferred its imaging and regenerative medicine businesses, as well as its IT solutions subsidiary company.
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