MGC Diagnostics Corp. is a relatively small, privately-held medical technology company based in Vadnais Heights. But the company has a growing international presence with outposts in France, Belgium and Australia — and in Germany with its most recent deal.
The deal for Lemon Medical in Hammelburg, Germany, marks MGC's third acquisition in the past three years. In 2019, it acquired MSE Medical in France and Ascencia in Australia.
"This is another strategic acquisition for MGC Diagnostics, providing us our own source of disposables as well as a significant footprint in the German market, one of the top cardiorespiratory scientific communities in the world — and home to our major competitor, Vyaire Medical," CEO Todd Austin wrote in a letter to employees about the deal.
Lemon Medical makes virus and bacterial filters, mouthpieces and nose clips that can be used with cardiorespiratory diagnostic equipment. Meant for one-time use, the filters are referred to as "disposables."
The coronavirus pandemic has driven an increased demand for these protective products.
MGC specializes in producing a variety of equipment for pulmonary and stress testing. Other products include an oximeter, which measures blood oxygen levels and can be worn on your wrist, and a portable spirometer that can be plugged into a desktop or laptop computer. Spirometry is a standard test of lung function, measuring how much air a patient inhales and exhales.
Austin was not available for comment, but shared company documents related to the deal.
Terms of the transaction were not disclosed. The deal closed on Oct. 21 but was not announced until last week.
In a letter to business partners, Austin said MGC's revenue has grown from $25 million in 2010 to $65 million in 2021. Its website says it has 215 employees.
Altus Capital Partners Inc., based in Wilton, Conn., acquired MGC, which was then public, in December 2017. The private equity firm paid about $50.3 million and took the company private.
The company was previously known as Angeion Corp. but changed its name in 2012. Angeion was founded in 1986.