Teleflex Completes $1.5 Billion Sale of OEM Business, Now Named Ingenyx

Teleflex has completed the sale of its OEM contract manufacturing business to private equity firms Montagu and Kohlberg for $1.5 billion in cash, the company said on August 3, and the new owners have relaunched the unit as an independent company called Ingenyx.

Teleflex estimated after-tax proceeds of about $1.25 billion from the sale. The Wayne, Pennsylvania, company said it intends to use the net proceeds for debt paydown and share repurchases, in line with its stated priorities of reducing debt by $800 million and completing its $1 billion share repurchase authorization.

Part of a broader breakup

Teleflex first announced the planned sale of the OEM business together with its Acute Care unit in December 2025, for $2.03 billion in total value, Medical Design & Outsourcing reported. The publication said Teleflex is now focusing on its remaining Vascular Access, Interventional and Surgical businesses, under Jason Weidman, a former Medtronic executive named CEO in April.

Teleflex called the closing "a pivotal milestone" in its transformation strategy. "The divestiture strengthens Teleflex's financial flexibility and positions it to accelerate innovation and drive sustainable, profitable growth while returning significant capital to shareholders," the company said. It said it will provide updated 2026 financial guidance with its second-quarter results on August 6.

Centerview Partners advised Teleflex on the deal, with Simpson Thacher & Bartlett as legal counsel. Kirkland & Ellis and Ropes & Gray acted as legal counsel to Montagu and Kohlberg.

Ingenyx launches

Ingenyx, based in Plymouth, Minnesota, announced its launch on August 4 in a release published by Kohlberg. The company develops and manufactures custom-engineered interventional catheters and subassemblies, sutures, tubing, wiring, complex extrusion products and surgical fibers for medical device makers, and operates seven facilities in the United States, Ireland and Mexico, according to the release.

Greg Stotts, previously CEO of Teleflex Medical OEM, remains chief executive of Ingenyx. Matt Jennings, a senior operating partner at Kohlberg, will serve as executive chairman of the board.

"INGENYX reflects both who we are and where we're headed," Stotts said. "As an independent company, we have an opportunity to invest further in the capabilities, expertise, and technologies that help our customers make smarter decisions and accelerate their path to commercialization and beyond."

The company said it plans to expand its focus beyond traditional contract manufacturing to help customers with product development, material selection, scalability and lifecycle challenges. "Medical device companies face growing pressure to innovate faster while managing complexity, risk, and cost," Jennings said.

Medical Design & Outsourcing described the deal as the latest in a string of private equity moves in medtech. On the same day Teleflex announced the closing, KKR agreed to acquire Integer Holdings, another device contract manufacturer, in a deal valued at about $5.7 billion.