Viant Medical, a global medical device manufacturing and design company, is in the early stage of a sale process, said two sources familiar with the matter.

The Water Street Healthcare Partners and JLL Partners-backed company is being advised by Piper Sandler, the sources said.

The Foxborough, Massachusetts-based business has roughly USD 180m in EBITDA and could command a valuation of 16x-18x EBITDA, the sources said, equating to a valuation of around USD 3bn.

Viant was reportedly talking to advisors in 2022 about a strategic review. The potential valuation in the event of a sale was said to be USD 2bn to USD 3bn, the report said.

Viant provides design and development, materials expertise, complex components, manufacturing, assembly, and finished devices services to the medtech industry in a variety of clinical markets. It has nearly 6,000 employees across 24 locations worldwide, according to its website.

Water Street and JLL co-invested in Viant in 2016. The company acquired Fremont, California-based Meraqi Medical in 2019 for undisclosed terms.

Consolidation is widespread in the medical device manufacturing space as players look to access new technologies, geographies or capabilities, one of the sources said. Deals this year include DuPont’s acquisition of Donatelle, Battery Ventures’ acquisition  of steute Technologies, WACKER’s purchase of the manufacturing assets of Bio Med Sciences, Johnson Matthey’s USD 700m sale of its medical device components business to Montagu, and Integer Holdings’ USD 140m acquisition of Pulse Technologies.

Viant, Water Street and JLL did not respond to requests for comment. Piper declined to comment.