Surmodics Inc.’s time as a publicly traded company is set to end under a deal announced this week.

On Wednesday, the Eden Prairie-based medtech company announced that it has reached a deal to be acquired by Chicago-based private equity firm GTCR for $627 million.

Founded in 1979, Surmodics has been trading on Nasdaq since its initial public offering back in 1998. The company sells coatings and components for medical devices and tests.

In a news release and proxy filings with the Securities and Exchange Commission, Surmodics leaders had nothing but positive things to say about the deal. In the release, Surmodics president and CEO Gary Maharaj noted that GTCR is buying the company at a “substantial premium.” Shareholders are expected to net $43 per share in cash, which marks a 41.1% premium to Surmodics’ average trading price over the last 30 days.

Given GTCR’s prior investments and acquisitions in the health care space, the private equity firm is “an ideal partner for Surmodics,” Maharaj said. GTCR’s website showed 45 companies in its portfolio, many of them operating in the health industry.

The deal isn’t expected to bring about any significant changes for Surmodics in the near future. In a May 29 filing with the SEC, the company used the phrase “business as usual” eight times.

“For now, it is business as usual,” the company said in an FAQ for employees. “That said, business as usual for us has consisted of tightly managing cash and ensuring we stay within our current forecasted budgets.”

Surmodics’ employee base isn’t expected to change in the near future, either, according to the company. “We are not aware of any changes that GTCR might make in the future that could impact roles; however, we do know that GTCR is very interested in the future growth of the Surmodics business and will look to the employees of Surmodics to continue to drive that growth,” Surmodics said.

As of September 30, 2023, Surmodics had 376 employees, with about a third employed outside the U.S. “primarily in manufacturing functions,” according to the company’s most recent annual report. In addition to its Eden Prairie HQ, Surmodics operates a manufacturing facility in Ireland.

Surmodics’ biggest customers are medical device giants Abbott and Medtronic, who accounted for 27% and 10% of the company’s total revenue in fiscal year 2023, according to the annual report. “No other customer accounted for more than 8% of our consolidated revenue in fiscal 2023,” the company noted. Surmodics signed its first distribution deal with Abbott in 2018.

The company’s most recent annual filing also showed a net loss of $1.5 million last year after another net loss of $27 million in 2022. But Surmodics reported net income of $4.2 million in 2021.

The precise details of the transaction are complex: According to a May 29 proxy statement, a subsidiary of an entity known as “BCE Parent LLC” is slated to merge with Surmodics. Surmodics would then become a wholly owned subsidiary of BCE Parent. Sean Cunningham, head of GTCR’s health care division, signed the merger statement as president of BCE Parent.

Surmodics’ board has unanimously approved the deal, though it still requires approval from regulators and company stockholders. If all goes to plan, the transaction is slated to close in the first half of this year.