Mallinckrodt Baker Acquired by New Mountain Capital

Mallinckrodt Baker announced on September 1, 2010 that it has been acquired by an affiliate of New Mountain Capital, a New York-based private equity firm investing for long-term capital appreciation. The deal closed on Friday, August 27, 2010 at a price of $280 million USD.

Ron Harding, President, Mallinckrodt Baker, said the acquisition will benefit the company by allowing it to continue bringing industry-leading product quality and consistency to its customers, as well as enhance its global supply chain to serve international customers, with a new location in Taiwan expected in the near future.

"This transaction will create an exciting opportunity for us to pursue growth initiatives as an independent company, with strong capital and operating resources," he said. "We believe that New Mountain shares our vision and will be a valued partner in continuing our growth and enhancing the service and value we provide to our customers."

Harding added that New Mountain Capital acquired Mallinckrodt Baker since it is a "stable business with a large runway for growth." He also stated that the new ownership will bring additional support for the company, providing global leadership in chemistries and materials industries.

Previously owned by Covidien, Mallinckrodt Baker will undergo a few changes.

"We will develop a new name to replace the Mallinckrodt Baker brand and communicate it to our customers in the coming months," Harding said. "We want any changes taking place to be completely seamless for our customers."

The company will continue to use the J.T. Baker® brand. The Mallinckrodt® name will be retained by Covidien.