Longreach sells stake in medical device firm Quasar to Boyu Capital

Tuesday, August 01, 2023

(Reuters by Kane Wu & Roxanne Liu) - Private equity firm Longreach Group said it has sold its majority stake in Hong Kong-based medical device manufacturing solution provider Quasar Medical to Boyu Capital Partner.

Longreach, which bought a 86% majority interest in Quasar in April 2019, said in a statement late on Monday that it and the minority shareholders from Quasar's founding family have sold all the issued and outstanding shares in the company, without disclosing the value of the transaction.

The deal valued Quasar at more than $600 million, a person with direct knowledge of the matter told Reuters. The person declined to be identified as the information was not public.

Boyu and Longreach declined to comment. Quasar did not immediately respond to a Reuters query.

Reuters reported in May, citing sources, that Boyu Capital, Hillhouse Capital and BPEA EQT were bidding for Quasar, with Longreach targeting a valuation of as much as $600 million or more for the entire company.

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