KKR structured an all-cash takeout of Integer Holdings at $5.7 billion enterprise value, pulling a medical-device contract manufacturer off public markets in a clean exit for shareholders. Integer builds components for cardiac rhythm devices, neuromodulation systems, and portable medical equipment—sticky, recurring revenue streams with FDA-approved customer lock-in. The dealPrice represents a premium to Integer's recent trading range and removes a name with average daily volume under $40 million, too small for most institutional rotation but large enough to matter in KKR's healthcare manufacturing thesis.
Integer operates as a Tier 1 supplier to majors like Medtronic, Boston Scientific, and Abbott, handling outsourced manufacturing for implantable devices where switching costs run into the tens of millions and qualification cycles span eighteen months. The business generated roughly $1.5 billion in trailing revenue with EBITDA margins in the mid-teens, a profile KKR has targeted repeatedly in the past thirty-six months. The firm paid cash, no equity rollover disclosed, which tells you management and the board saw no credible path to re-rate the multiple while public. Integer's float was 91% institutional, with Vanguard, BlackRock, and Dimensional holding the top slots—none of them inclined to fight a clean all-cash offer at a reasonable premium.
The move extends KKR's healthcare manufacturing vertical, which already includes Envision Healthcare's physician staffing assets and a stake in surgical-equipment maker Aesculap. Taking Integer private removes quarterly earnings volatility tied to customer order timing and lets KKR run a three-to-five-year operational playbook: footprint consolidation, automation in high-labor assembly lines, and cross-selling into Integer's existing customer base where KKR portfolio companies hold adjacencies. The firm has deployed roughly $18 billion into healthcare over the past twenty-four months, with a visible preference for B2B infrastructure plays over consumer-facing brands. Integer fits that pattern exactly—low headline risk, high switching costs, and a customer base that cannot afford supply-chain disruption.
Allocators should watch for two follow-on events. First, whether KKR begins bolt-on acquisitions into Integer's footprint within twelve months, targeting smaller contract manufacturers in neuromodulation or orthopedic components to gain density and pricing power. Second, whether the firm uses Integer's manufacturing capacity to in-source production for other KKR healthcare portfolio companies, a playbook it has run successfully in software and industrial services. If that happens, you will see it in procurement announcements or FDA registrations, not press releases. The deal is expected to close in Q4 2025, subject to regulatory clearance and Integer shareholder approval, both considered formalities.
Integer's public-market exit leaves a thinner bench of pure-play medtech contract manufacturers, with Greatbatch and TE Connectivity's medical division as the remaining scale comparables. KKR paid for certainty, and the price was a clean all-cash structure with no earn-outs, no contingent value rights, and no management rollover drama—the kind of deal that closes quietly and on time.
The takeaway
KKR removes a $5.7B medtech contract manufacturer from public markets, paying cash for sticky B2B revenue and a captive customer base.
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