(Bloomberg) -- Carlyle Group Inc. has acquired a 50% stake in medical-device manufacturer Resonetics in a deal that values the target company at about $2.25 billion.

“One of our big theses is providing outsourced services to different health-care end-markets, whether they’re hospitals, pharma companies or med-tech companies,” Bobby Schmidt, a Carlyle managing director, said in an interview. “We want to invest behind companies that provide services at a higher quality and lower cost than what your customers can do for themselves, and that’s exactly what Resonetics does.” 

Schmidt, whose comments confirmed a November Bloomberg report that the two firms were nearing a deal, is joining Resonetics’ board along with fellow Carlyle executive Steve Wise. 

Read more: Carlyle Is Said to Near Investment in GTCR-Owned Resonetics

“In addition to organic revenue growth, which exceeds 20%, we see an M&A opportunity to grow this company into something much bigger, which is exciting to us,” Schmidt said. 

Carlyle acquired the stake in Nashua, New Hampshire-based Resonetics from its management as well as GTCR, a Chicago private equity firm under whose ownership Resonetics made eight bolt-on acquisitions. Those include FISO Technologies and Hudson Medical Innovations, Sean Cunningham, a GTCR managing director, said in an emailed statement. 

Washington-based Carlyle has a track record of backing medical-products companies such as Medline, Unchained Labs and Ortho Clinical Diagnostics.

Barclays Plc and Debevoise & Plimpton advised Carlyle on the transaction, while Piper Sandler and Kirkland & Ellis advised Resonetics and GTCR.

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