River Cities is pleased to announce the sale of EndoChoice to Boston Scientific (NYSE: BSX) for $210 million. EndoChoice completed an initial public offering on June 5, 2015 raising nearly $106 million on the New York Stock Exchange. Boston Scientific’s purchase price valued the company’s shares at a 90% premium to the public market price.
EndoChoice is a platform technology company providing endoscopic imaging systems, devices and infection control products and pathology services for specialists treating a wide range of gastrointestinal conditions, including colon cancer. Today, the Atlanta-based company has a global footprint with manufacturing in Germany, China and Atlanta with research and development in Israel. They serve more than 2,500 customers in the US and work with distribution partners in 30 countries.
“River Cities would like to thank Mark Gilreath and everyone at EndoChoice for their innovative work over the last eight years revolutionizing the GI space. We believe the combination with Boston Scientific will amplify the mission of saving lives while serving the GI caregiver,” says Rik Vandevenne, managing director at River Cities.
“The River Cities team has been insightful and supportive throughout the challenges of launching a new business and the subsequent rapid growth of our company. They understand the key elements of successful strategy, collaboration and the art of getting things done. River Cities is an extremely valuable partner to our company,” says Mark Gilreath, CEO, EndoChoice.
River Cities Fund IV was the second-largest stakeholder in the company. Co-investors include Sequoia Capital, Council Ventures, Envest, Accelmed Fund and Evergreen Venture Partners.