21 March 2023

Miller Johnson Represents Shareholders of MGC Diagnostics Corporation in Sale to CAIRE, Inc.

The Transaction

On December 28, 2022, the shareholders, including Altus Capital Partners (Altus), of MGC Diagnostics Corporation (MGC) sold MGC to CAIRE, Inc.  MGC experienced significant growth since Altus’ acquisition in 2017. MGC completed three add-on acquisitions that supported the increase in its customer base, added more product offerings, and expanded reach throughout the U.S. and international markets.

“We have been fortunate to work with Altus Capital Partners in strengthening MGC’s growth platform over the last five years. Greg Greenberg and Heidi Goldstein have provided more than just financial resources to the relationship; they worked hand in hand with our management team on both strategy and tactics, demonstrating their commitment to our growth as real partners” said Todd Austin, MGC’s Chief Executive Officer.

Heidi Goldstein, Partner of Altus and co-lead on the deal, commented, “The dedication of the management team along with the successful execution of various growth initiatives has allowed MGC to double its revenues and earnings since our collaboration began in 2017. It was a tremendous experience working with the talented management team of MGC and look forward to seeing the company continue to thrive as part of CAIRE, Inc.”

Miller Johnson acted as legal advisor to the shareholders of MGC in the transaction. Miller Johnson’s team was comprised of Michael Penny (M&A), Dustin Daniels (M&A), David (Wei) Wang (M&A), Courtney Lee (M&A), Alex Kaminski (M&A), Neil Williams (Tax), Jeff Gray (Employee Benefits), Brett Liefbroer (Employee Benefits), Tripp VanderWal (Employee Benefits), and Brandon Griffith (IP).


MGC Diagnostics Company

( Headquartered in St. Paul, Minnesota with facilities in Belgium, Germany, France and Australia, MGC Diagnostics is a leading provider in the global cardiorespiratory diagnostics sector with a portfolio of products covering pulmonary function testing systems, cardiopulmonary exercise systems, spirometers, flow sensors, gas analyzers, and associated consumables.

Altus Capital Partners

( Altus Capital Partners is a private equity firm that makes control investments in middle market manufacturing businesses that employ technology and automation. Their exclusive focus on manufacturing provides Altus Capital Partners with a unique understanding of the opportunities and challenges faced by companies in the sector. Altus uses a thoughtful investment approach and partner with management teams of their operating companies to achieve growth.


(  CAIRE, Inc. is a leading, global  oxygen supply manufacturer. Because of their focus, experience and dedication to oxygen, CAIRE offers their customers the most innovative and effective products and services for home care, hospice, long-term care, hospitals, military and key industrial applications.


Miller Johnson’s Mergers and Acquisitions Group

Miller Johnson’s M&A practice group collaborates with clients and their advisors to structure, negotiate and close deals, and to navigate the challenges that can arise in mergers, acquisitions, dispositions, and other business combination or investment transactions.

Miller Johnson is top listed for mergers and acquisitions with U.S. News & World Report’s Best Law Firms and is ranked by Chambers USA. At The M&A Advisor’s national awards and the ACG M&A Deals and Dealmakers regional awards, our attorneys are consistently involved in deals honored as winners and finalists. For further information, please contact Dustin Daniels at (616) 831-1737 or Michael Penny (616) 831-1768.