CEO transition at Device Technologies signals next chapter as sale looms

Heath Priestly has been appointed CEO of Device Technologies, following his role as Managing Director for Australia & New Zealand since July 2023. With more than 24 years of experience across the organisation, Priestly brings a strong passion for advancing healthcare in ANZ and the Asia Pacific region.

This leadership transition comes after the tenure of former CEO Mick Trevaskis, who drove transformative impact across Device Technologies over the past nine years and will continue to contribute as Executive Vice Chairman.

Earlier this year, Malaysia-headquartered private equity firm Navis Capital, which acquired Device Technologies in January 2019 for approximately AUD 700 million from Pemba Capital and HarbourVest, began early outreach to potential buyers. The sale of Device Technologies was expected to commence in mid-2025, following the release of its latest financial results to provide prospective buyers with a clearer snapshot of the business.

The sale is anticipated to be competitive, with interest reportedly from the Carlyle Group and CVC Capital Partners, alongside other potential bidders including EQT and Australian firm EBOS. Some industry sources have flagged a potential risk, noting that a significant portion of Device Technologies’ revenues comes from a single major client, Intuitive Surgical, an issue that could influence buyer consideration.

If completed, the sale, valued above AUD 1 billion and potentially reaching AUD 1.5 billion, would mark Navis Capital’s largest transaction in the Australian market.

Device Technologies’ origins trace back to 1992 in Sydney, when founders John McQuillan, Peter Ord, Kevin Ryan, and Bill Walker launched operations from a small garage in Leichhardt. The company quickly built a reputation for servicing the growing hospital market, evolving into one of Australia’s leading medical device businesses.

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