Direct Conversion AB sold to Varex

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April 2019 – Direct Conversion AB sold to Varex

About the deal

Bryan, Garnier & Co acted as sole financial advisor to the shareholders of Direct Conversion AB in the sale of the company to Varex Imaging Corporation (Nasdaq: VREX).

Spencer Gunn, Chief Executive Officer of Direct Conversion AB said, “We are excited to be joining Varex at this point in the growth and expansion of our digital detector array products. This transaction is expected to accelerate the adoption of this technology in the marketplace utilizing Varex’s position as one of the leading providers of digital detectors and its global distribution channels.

Upon closing, this acquisition will expand our product portfolio to include new linear array digital detectors along with a revenue stream from these products for certain medical, dental and industrial applications. It is expected that the current applications will widen our addressable market for digital detector products by approximately $200 million over the coming years, with additional addressable market expansion potential of up to $500 million by replacing current CT detectors with photon counting technology in the future,” said Sunny Sanyal, Chief Executive Officer of Varex Imaging Corporation.

Deal team

Tor Berthelius | Partner | Stockholm | Investment Banking | tberthelius@bryangarnier.com

Ståle Schmidt | Managing Director | Head of Norway | Investment Banking  | sschmidt@bryangarnier.com

Ole Magnus Broch Tenstad | Director | Oslo | Investment Banking | otenstad@bryangarnier.com

About Direct Conversion

Direct Conversion is a global leader within the direct conversion technology for digital X-Ray detectors based on Charge Integrating and Photon Counting technology. Detectors built with Photon Counting technology can significantly improve image quality while using lower radiation dose and performing more precise material discrimination. Under its Ajat and XCounter brands, Direct Conversion provides innovative linear array digital detector products that are incorporated into imaging systems used globally by a broad range of medical and industrial customers: systems used by orthodontists, orthopedic radiographers, oil & gas engineers, food packagers and nuclear site inspectors.

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