Chinese investment fund XIO Group is acquiring Lumenis, the world’s largest energy-based medical company for surgical, ophthalmology and aesthetic applications, for an aggregate purchase price of approximately $510 million.

The Israeli medical device company said the acquisition is “a strong recognition and vote of confidence in Lumenis’s achievements.”

“Over the past three years we have managed to transform Lumenis into a strong, growing and profitable company. We have refocused our strategy, introduced new products, and tripled our EBITDA. Furthermore, we have created a very bright and promising future for Lumenis by building a robust pipeline of innovative products, a strong sales team in each region, and by enhancing our global brand recognition. I am confident that we will continue to thrive and reach new heights together with XIO Group,” said Tzipi Ozer-Armon, Chief Executive Officer.

The XIO Group — a global multi-billion dollar alternative investments firm with offices in London, Hong Kong and Shanghai – paid a 20 percent premium on the Yokneam-based company’s IPO price in early 2014.

“We are excited about the announced transaction and the value created for Lumenis’ shareholders,” said Harel Beit-On, Chairman of the Board of Directors. “Over the last years, we had an opportunity to lead Lumenis through a strategic transformation into a valuable growing business with global appeal. We respect and appreciate the efforts of Lumenis management and employees and wish the company continued success.”