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KKR's **$5.7 billion** Integer acquisition removes a critical cardiac and neuromodulation supplier from public markets, setting a **14+ times** EBITDA floor for medical component assets.
$5.7 billion
in an all-cash transaction
$1.6 billion
and represents KKR's largest healthcare equipment play since its
$13 billion
WebMD acquisition in 2017
22 percent
of the global rechargeable battery market for implantable cardiac…
KKR agreed to acquire Integer Holdings for $5.7 billion in an all-cash transaction, removing the medical device component manufacturer from public markets after two decades as an independent entity. The deal values Integer at a premium to its trailing twelve-month revenue of approximately $1.6 billion and represents KKR's largest healthcare equipment play since its $13 billion WebMD acquisition in 2017.
Integer manufactures components for cardiac rhythm management devices, neuromodulation systems, and portable medical equipment — the unglamorous infrastructure that sits inside pacemakers, spinal cord stimulators, and insulin pumps. The company supplies Medtronic, Abbott, Boston Scientific, and nearly every major device OEM. Its Greatbatch Medical brand controls roughly 22 percent of the global rechargeable battery market for implantable cardiac devices. KKR's thesis centers on Integer's position as a sole-source or dual-source supplier for devices with seven-to-ten-year replacement cycles, creating revenue visibility that public equity markets persistently undervalued. Integer's stock traded at 11.2 times forward EBITDA before the announcement, below the 14-16 times multiples commanded by comparable component suppliers in private hands.
The deal accelerates a structural shift in medical technology ownership. Public device markets reward innovation narratives and FDA approval milestones. Component manufacturers with stable margins and long design-win cycles generate reliable cash but limited multiple expansion. KKR can now optimize Integer's cost structure without quarterly earnings calls, likely consolidating its four manufacturing campuses in Mexico and its Plano, Texas engineering center. The firm will also push Integer deeper into the $8 billion neuromodulation component market, where growth rates of 7-9 percent annually exceed cardiac's 3-5 percent. Integer's recent wins in spinal cord stimulation batteries for chronic pain devices position it for share gains as Boston Scientific and Medtronic expand their neuromod portfolios.
Allocators should track three follow-on events. First, whether KKR merges Integer with any of the six medical component assets it has acquired since 2019, particularly its surgical instrument and orthopedic implant suppliers. Consolidation would create a private medtech platform with $3-4 billion in combined revenue. Second, monitor Integer's competitor TE Connectivity for a potential take-private or carve-out of its medical business unit, which competes directly in cardiac lead assemblies. Integer's removal reduces public comps and could make TE's medical division more attractive to Advent, Bain Capital, or EQT. Third, watch for design-win announcements in the next six to nine months as Integer's OEM customers finalize their 2026-2028 product roadmaps. Private ownership allows Integer to lock in longer-term supply agreements without immediate margin disclosure.
The transaction closes Integer's thirty-month strategic review, which began when activist investor Meson Capital pushed for a sale in mid-2022. Integer's board hired Goldman Sachs, ran a process that included approaches from strategic buyers and four other private equity firms, and ultimately chose KKR's all-cash offer over a $5.3 billion bid from a consortium led by Permira. The premium to Permira's offer reflects KKR's willingness to retain Integer's entire management team and its Plano R&D center, which holds 187 active patents in battery chemistry and hermetic sealing technology. Integer's CEO confirmed the company will maintain its existing customer commitments and its $140 million annual R&D budget through at least 2027.
Branded by POPS4 · proof in 60 seconds
For the principal
KKR's multiple sets a new floor for medical component suppliers; review exposure to publicly traded peers trading below 13 times EBITDA.
For the operator
Integer's removal eliminates a liquid comp; private medtech platforms now control 40+ percent of the implantable component supply chain.
For the house
We are underweight public medical device suppliers with <15 percent ROIC; Integer's exit validates our tilt toward diversified healthcare services.
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