Key Takeaways
- • Blackstone has moved into pole position to acquire Device Technologies, an Australian medical device supplier, in a deal valued at approximately $1 billion, positioning itself as the lead bidder in a protracted sale process managed by current owner Navis Capital Partners.
- • Device Technologies, Navis Capital's largest global deal from 2018, has seen earnings double to more than $100 million as of last year, significantly enhancing the asset's valuation profile ahead of the sale.
- • The sale process, initiated in 2025 with advisors Morgan Stanley, Jefferies, and Gilbert + Tobin, has extended considerably, with the process understood to be narrowing to a select group of qualified bidders including Blackstone.
- • Device Technologies is the leading independent medical technology provider across Australia, New Zealand, and Southeast Asia, with a diversified customer base spanning practitioners and major hospital groups, representing a strategically valuable platform for consolidation in the medical device sector.
Summary
Blackstone has emerged as the frontrunner to acquire Device Technologies, a leading Australian medical device supplier owned by private equity firm Navis Capital Partners, in a transaction valued at approximately $1 billion. The sale process represents one of 2026's more protracted exit strategies in the Asia-Pacific private equity market, with the process understood to be narrowing as it advances toward a definitive agreement phase.
Device Technologies was Navis Capital's largest global acquisition in 2018. The business has demonstrated strong operational performance under Navis ownership, with earnings reportedly doubling to exceed $100 million as of last year, substantially improving the asset's attractiveness to potential acquirers. The company operates as the leading independent medical technology provider serving practitioners and major hospital groups across Australia, New Zealand, and Southeast Asia, positioning it as a consolidated platform with meaningful scale and geographic diversification.
The formal sale process commenced in 2025 when Navis engaged advisors Morgan Stanley, Jefferies, and Gilbert + Tobin to explore an exit following the company's strong operational inflection. Blackstone's emergence as the lead bidder reflects both its institutional capacity to execute a large-scale acquisition and the strategic value Navis has built in Device Technologies over its holding period. The extended timeline of the process suggests either the complexity of the transaction, the competitive nature of the auction, or operational considerations that required resolution prior to closing.
For institutional investors evaluating the broader Asia-Pacific healthcare technology sector, this transaction underscores continued appetite for consolidation platforms in medical device distribution, particularly among sponsors with the scale to execute multi-jurisdictional integrations. The deal's progression will be monitored as further updates emerge regarding final bidder selection and transaction completion.
Device Technologies was Navis Capital's largest global acquisition in 2018. The business has demonstrated strong operational performance under Navis ownership, with earnings reportedly doubling to exceed $100 million as of last year, substantially improving the asset's attractiveness to potential acquirers. The company operates as the leading independent medical technology provider serving practitioners and major hospital groups across Australia, New Zealand, and Southeast Asia, positioning it as a consolidated platform with meaningful scale and geographic diversification.
The formal sale process commenced in 2025 when Navis engaged advisors Morgan Stanley, Jefferies, and Gilbert + Tobin to explore an exit following the company's strong operational inflection. Blackstone's emergence as the lead bidder reflects both its institutional capacity to execute a large-scale acquisition and the strategic value Navis has built in Device Technologies over its holding period. The extended timeline of the process suggests either the complexity of the transaction, the competitive nature of the auction, or operational considerations that required resolution prior to closing.
For institutional investors evaluating the broader Asia-Pacific healthcare technology sector, this transaction underscores continued appetite for consolidation platforms in medical device distribution, particularly among sponsors with the scale to execute multi-jurisdictional integrations. The deal's progression will be monitored as further updates emerge regarding final bidder selection and transaction completion.
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