Intravenous medical systems manufacturer ICU Medical Inc had placed the proverbial 'for sale' sign last May. According to two people with knowledge of the transaction, the firm had decided to take down the sign after efforts were proven to be fruitless.
ICU was working with JPMorgan Chase & Co for discussions with buyers, amongst them private equity firm GTCR LLC. According to one of the sources, all of whom sought anonymity as the information was private in nature, it had reported a one time charge worth USD800,000 in a recent regulatory filing which the company termed as 'costs associated with a strategic transaction that did not go forward.'
GTCR was in discussion with ICU until August, according to the anonymous sources. The Chicago headquartered hedge fund firm backed out because of differences regarding to price. The sources said that there may be a chance for ICU to restart talks with GTCR LLC, as there are no other available options to the medical device firm.
GTCR declined to make a comment through their spokesperson. On the other hand, ICU CFO Scott Lamb, who also oversees media inquiries, did not immediately return a call for a comment on the said sale process.
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