Baring Private Equity Asia’s (BPEA) affiliated private equity funds have signed an agreement to buy Lumenis, a provider of speciality energy-based medical devices.

The deal takes enterprise value of Lumenis to more than $1bn.

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Lumenis provides minimally invasive clinical solutions for aesthetic, surgical and ophthalmology specialities.

It has been operating in the field for more than five decades and has around 1,500 employees across its global operations.

It has a presence in more than 100 countries, with Asia Pacific region being its largest market.

Lumenis CEO Tzipi Ozer-Armon said: “BPEA’s investment is a tremendous vote of confidence in Lumenis and in the achievements of our entire global organisation. In recent years, we have developed and introduced multiple groundbreaking technological solutions that have redefined our industry and opened entirely new market segments.

“I would like to thank the entire Lumenis team, I am truly proud of all we have accomplished and honoured to lead a company on the cutting edge of healthcare innovation, committed to improving the lives of people across the world.

“We look forward to partnering with the team at BPEA to continue developing and delivering to the world better technology for better patient care.”

BPEA managing director Yan Jiao said: “Lumenis has built a market-leading position by creating some of the most innovative technologies in the industry. It is a clear leader worldwide, especially in Asia which recently emerged as the largest market for medical and aesthetic treatments.

“We look forward to working with the CEO and management team to support their global growth aspirations.”

Subject to the customary regulatory approvals, the deal is expected to complete in early 2020.

Baring Private Equity Asia has a total committed capital of more than $18bn.