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TA Associates Announces Investment in Datix

TA associates

BOSTON and LONDON – TA Associates, a leading global growth private equity firm, today announced that it has completed an investment in Datix, a specialty healthcare patient safety software provider.

Existing investor Five Arrows Principal Investments, the European corporate private equity business of Rothschild Merchant Banking, will maintain a significant equity stake in Datix. Financial terms of the transaction were not disclosed.

Founded in 1986, Datix is a leading global provider of patient safety and healthcare risk management software. The company’s suite of software products enables over 20,000 sites among more than 800 customers to address daily incident management and regulatory needs through its interconnected modular solutions. The company is headquartered in London with approximately 160 employees across four offices in the United Kingdom, the United States and Australia.

“As a global company that is seeking to continuously find ways to set the standard for patient safety, we believe it is critical to have financial and operational support to ensure that our customers around the world are receiving the highest quality products and services,” said Seyed Mortazavi, Chief Executive Officer of Datix. “Given TA Associates’ deep experience within the healthcare and technology industries as well as the firm’s value-add resources, we are confident that we have found the ideal partner as we embark upon our next phase of growth. We are delighted to welcome TA as an investor and are equally excited to be able to continue our strategic relationship with Five Arrows.”

As part of the transaction, Naveen Wadhera, a Managing Director at TA Associates, and Ethan Liebermann, a Principal at TA Associates, will join the Datix Board of Directors.

Kirkland & Ellis LLP provided legal counsel to TA Associates. Sidley Austin LLP provided legal counsel and Arma Partners served as financial advisor to Datix.

About Datix
Datix has been a global pioneer in the field of patient safety over the past three decades and today is the leading provider of software for patient safety, risk management and incident reporting for the healthcare sector.

Datix aims to build and promote a culture of safety within healthcare organizations, recruiting professionals who are passionate about improving healthcare and championing technological innovation. The company continually invests in its software and services, maintaining a leadership position at the forefront of the worldwide patient safety movement.

Datix is focused on the health and social care sector. Its customers include public and private hospitals, primary care providers, GP surgeries, mental health and ambulance service providers. Within the UK, this includes more than 80% of the National Health Service. Internationally, the Datix client base is growing rapidly and includes large-scale deployments in the U.S. and Canada, as well as customers in Europe, Australia and the Middle East. Datix has offices in London, Chicago, Washington, DC and Melbourne with partners in the Middle East, Australia and New Zealand. For more information, please visit www.datix.co.uk.

About TA Associates
Now in its 50th year, TA Associates is one of the largest and most experienced global growth private equity firms. Focused on five target industries – technology, healthcare, financial services, consumer and business services – TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in nearly 500 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in growth companies. TA has raised $24 billion in capital since its founding in 1968 and is investing out of current funds of $7.25 billion. The firm’s more than 80 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA Associates can be found at www.ta.com.

About Five Arrows Principal Investments
Five Arrows Principal Investments is the European corporate private equity arm of Rothschild Merchant Banking, which manages €8 billion in capital, including €2 billion dedicated to corporate private equity. Five Arrows focuses on investing in European middle market companies which have strong market positions, business models with high revenue visibility and multiple levers to unlock latent value. With a pan-European portfolio of 20 companies and a large “grass roots” network of industry operators, Five Arrows specializes in select sub-segments of Healthcare, Data & Software and Technology-Enabled Business Services. www.rothschild.com/fapi

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EQT acquires majority stake in Dunlop Protective Footwear

eqt

  • QT acquires majority stake in Dunlop Protective Footwear, the leading global manufacturer of protective wellington boots
  • Intention to support the global growth of Dunlop Protective Footwear, by enhancing its go-to-market approach in the US, driving expansion in underpenetrated and new geographies, and by fostering innovation and new product development
  • Gilde Equity Management, the current majority shareholder, will reinvest in the company and will remain a significant shareholder going forward
  • The existing executive team, led by CEO Allard Bijlsma, will continue to lead Dunlop Protective Footwear

The EQT Mid Market Europe fund (“EQT”) announces that it is acquiring a majority stake in Dunlop Protective Footwear (”Dunlop” or “the Company”) from its current owner Gilde Equity Management Benelux (“GEM”). GEM will remain a significant shareholder and will continue to support the growth plans of the Company in close cooperation with EQT and Management.

Dunlop is the leading global manufacturer of branded protective wellington boots, serving professionals in Agriculture & Fishery, Food processing, Industry and Oil, Gas & Mining. With over 500 employees, production sites in the Netherlands, Portugal and the US, and sales activities around the world, Dunlop serves customers in more than 50 countries.

EQT is excited to support the continued global growth of Dunlop, by enhancing the Company’s go-to-market approach in the US, driving expansion into underpenetrated and new geographies, and fostering new product development. Dunlop is expected to benefit from EQT’s deep sector expertise within tech and digitalization in its mission to further expand its e-commerce platform. EQT also intends to support Dunlop’s growth ambitions through add-on acquisitions.

Florian Funk, Partner at EQT Partners and Investment Advisor to EQT Mid Market Europe, comments: “EQT is honored by GEM’s trust and grateful to have been granted an exclusive process. This enables us to work together in the future and build on the impressive track record of Dunlop Protective Footwear. We regard this outcome as a testimony to our EQT brand value and acknowledged reputation to help high-quality companies unlock their full potential. We are very excited to join the Dunlop journey and to support the management team in accelerating its global growth ambitions going forward.”

Thijs van Remmen, Partner at Gilde Equity Management: “We have been a shareholder in Dunlop for many years and have supported the company through several phases of development. Starting by focusing Dunlop entirely on its niche of protective wellington boots, we then helped the company to steadily gain market share globally, including the step-change acquisition of competitor Onguard in the US. We believe the company is in a better position than ever to propel itself to the next level. That is why we will reinvest significantly and remain a shareholder in the company.”

Allard Bijlsma, CEO of Dunlop, adds: “Our Dunlop Protective Footwear company has a clear plan towards the future, in which driving comfort and protection for our end users is the central theme. With our Dunlop brand and our best in class product offerings, like Purofort, we are acknowledged as the innovation leader in our business. I’m delighted that the EQT team has joined us to support our global roll-out and thus being able to accelerate on our ambitions. I’m convinced that EQT can deliver great value to our business by making use of their global network of experts in virtually every field.”

The transaction is subject to customary conditions and regulatory approvals. It is expected to close in Q2, 2018. The parties involved have agreed not to disclose financial details of the transaction.

Contacts
Florian Funk, Partner at EQT Partners, Investment Advisor to EQT Mid Market Europe, +49 89 2554 99 504
EQT Press Contact, +46 8 506 55 334

About EQT
EQT is a leading investment firm with approximately EUR 49 billion in raised capital across 26 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About GEM
Gilde Equity Management (GEM) is an independent private equity firm in the Benelux with more than 30 years of experience and over EUR 1 billion under management through funds with a long-term investment horizon. Since 1996, GEM focuses exclusively on the Benelux mid-market segment and invests in international companies based in the Netherlands and Belgium.

More info: www.gembenelux.com

About Dunlop Protective Footwear
Dunlop Protective Footwear is the leading global manufacturer of protective wellington boots. In more than 50 countries worldwide, the Company provides comfortable and protective footwear to the workers in Agriculture & Fishery, Food processing, Industry and the Oil, Gas & Mining industry. Dunlop has more than 500 employees, three production sites in the Netherlands, Portugal and the US, and sales people around the world. Dunlop Protective Footwear is headquartered in Raalte, the Netherlands.

More info: www.dunlopboots.com

 

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Hg agrees sale of Teufel to Naxicap Partners

HG Capital

30 April 2018: Hg today announces the sale of Teufel, a leading European direct-to-consumer online brand for audio solutions, based in Germany, to Naxicap Partners, one of France’s leading private equity companies.

Teufel’s ability to control its entire value chain puts it in a unique position and enables it to offer better value for money to its customers. Based in Berlin with around 200 employees, Teufel is focused on the mid-to-high-end segment of the audio solutions market and has built a very strong customer base over the last 40 years.

Since Hg partnered with Teufel in 2010, it has supported the successful transition from a traditional loudspeaker company to a high-quality brand for state-of-the-art audio solutions, through the introduction of new categories and technologies, including wireless streaming, headphones and portables.

Martin Block and Stefan Margolis, Hg, said:
“We wish Sascha and Joachim well for the next phase of growth and we congratulate them and the team at Teufel for the great results over the last few years. Teufel has achieved a number of milestones during this time, including the acquisition of Raumfeld in 2010 and substantial revenue growth, increasing from around €40m to over €100m today.”

Sascha Mallah and Joachim Wimmers, Managing Directors at Teufel said:
“We are very happy to be joining forces with Naxicap Partners, a very successful and experienced investor in the field of consumer audio. Together we are going to tap Teufel’s full potential across new markets. We will continue to offer our core products, such as AI speakers, headphones, portable audio and compact home cinema, to a wider direct customer base. We want to thank Hg for their strong commitment over the years and highly valuable support. The future will be loud!”

 

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Mentha Capital enters into partnership with OFYR

Mentha Capital

Mentha Capital has recently expanded its portfolio by taking a stake in OFYR. OFYR’s main goal is to transform outdoor cooking into a more social activity, replacing traditional barbeques with something far more user-friendly and pleasing to the eye, whilst still enabling high-quality cooking.

OFYR’s leading product is a unique cone-shaped, high-performance cooking-unit which in combination with a wide range of supporting products forms a complete outdoor lifestyle concept. OFYR targets both high-end users such as professional chefs, focused on advanced cooking, and people who want to combine outdoor cooking with social events. Their products are used by both high-end restaurants and by consumers at home in their gardens. OFYR was first launched in the Netherlands in 2015 and is now sold in over 70 countries.

Peter Tourné, CEO and shareholder of OFYR: “We are delighted that in Mentha Capital we have a business partner that will be instrumental in bringing OFYR to the next level.”

Hans Goossens, founder and shareholder of OFYR: “I am very proud that in a short space of time we have brought OFYR to a level that such an established partner is willing to collaborate with us.”

Mentha Capital will support OFYR in accelerating its growth. Mark van Ingen, Investment Director at Mentha Capital: “What OFYR has managed to achieve in the last three years is extremely impressive. They have transformed a great idea into a mature company and established a new brand and category in a traditional market. We are pleased to actively support and work together with the company in realizing its ambitious growth plans.”

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Piab becomes a new subsidiary within Patricia Industries

Investor

Patricia Industries, a part of Investor AB, has agreed to acquire the Swedish company Piab Group AB from EQT. Piab is a leading gripping and moving solutions company that develops and manufactures a complete line of products such as vacuum pumps and ejectors, suction cups and vacuum conveyors used for gripping and moving applications in automated manufacturing and logistics processes. These products are typically placed at the end of a robotic arm or mechanical machine, and help customers improve productivity, energy-efficiency and working environments. Piab’s customer base covers a wide range of industries, such as automotive, e-commerce logistics, food, pharma, packaging, robotics OEMs, and electronics.

“Piab has a strong management team and corporate culture. It provides critical premium products in an attractive market niche. We see significant growth opportunities, driven by the trend towards increased automation. Piab has leading market positions, a large share of recurring revenue, high profitability and strong cash flow generation. By utilizing our broad network of seasoned industrialists and our experience within the engineering sector, we look forward to contributing to taking Piab to the next level”, comments Investor AB CEO Johan Forssell.

The enterprise value amounts to SEK 6.95 bn. For the 12-month period ending March 31, 2018, sales amounted to approximately SEK 1.2 bn. (pro forma) and the EBITDA and EBITA margins were 29-30 percent and 28-29 percent respectively. Since 2013, average annual sales growth has been approximately 20 percent, of which 11 percent organic. Continued growth in both sales and profit is expected during 2018.

Patricia Industries expects to inject approximately SEK 5.5 bn. in equity for majority ownership of the company. The remainder of the acquisition will be financed by external debt and equity participation by the management and key individuals within Piab.

“We are proud to become owners of Piab and we look forward to working together with the top-notch management team to further develop the company. Focus will remain on growth, including increased penetration in existing markets and broadening of the product portfolio, both organically and through acquisitions”, states Christian Cederholm, Co-Head Patricia Industries.

“I am thrilled for Piab to become a part of Patricia Industries and Investor. Their long-term approach, engaged ownership model and focus on innovation will clearly help propel Piab in its next development phase, not least when it comes to expansion into new markets. This will help us strengthen our market position and offering even further”, says Anders Lindqvist, CEO of Piab.

The acquisition is subject to approval by the relevant competition authorities. Closing is expected during the second quarter, 2018. The transaction is not of the kind subject to disclosure obligation by Investor AB pursuant to the EU Market Abuse Regulation.

About Piab
Piab provides smart solutions for the automated world, helping thousands of end users and machine producers in e-commerce logistics, food, pharma, automotive and other manufacturing industries to improve energy-efficiency, productivity and working environments. With 430 employees and SEK 1bn in sales 2017, Piab is a global organization, serving customers in almost 70 countries from a network of subsidiaries and distributors. By leveraging the ongoing technological development in automation and robotics, and targeting high-growth segments and geographies, Piab’s vision is to become the global leader in gripping and moving solutions. For more information, visit www.piab.com.

About Patricia Industries
Patricia Industries, a part of Investor AB, makes control investments in leading companies with strong market positions, brands and corporate cultures within industries positioned for secular growth. Our ambition is to be the sole owner of our companies, together with strong management teams and boards. We invest with an indefinite holding period, and focus on building durable value and capturing organic and non-organic growth opportunities.

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Latour acquires Johnson Level & Tool Mfg. Co., Inc.

Latour logo

Investment AB Latour has, through its subsidiary Hultafors Group AB, signed an agreement to acquire Johnson Level & Tool Mfg. Co., Inc., (“Johnson”) based in Wisconsin in the United States. Closing will take place with immediate effect.

Johnson is a well-recognized provider of layout and measuring tools, being a market leader in several channels of distribution. Net sales amounted to c:a 36 MUSD in 2017 with a profitability well in line with Latour’s financial targets. The company has 70 employees.

The acquisition is part of Hultafors Group’s strategy to strengthen its presence in North America. Through the acquisition Hultafors Group will gain access to a wide network of distribution points in relevant sales channels in the United States, as well as a complete portfolio of levels, lasers and other construction measuring, marking and layout tools.

“We are excited and honored to be given the opportunity to inherit this company, which the Johnson family has built up and developed over many, many years. Johnson brings a strong portfolio of products and customer relationships that I believe will make a significant contribution to Hultafors Group going forward”, says Ole Kristian Jødahl, CEO at Hultafors Group AB.

“Hultafors Group is a company which we have known for 30 years and we believe the long-term perspective and commitment that characterizes Hultafors Group will form an excellent foundation for further developing Johnson as a company for many years to come”, say Bill and Bob Johnson, previous owners of Johnson.

As an effect of the acquisition the net debt of Investment AB Latour is expected to increase to almost SEK 5,0 billion.

Göteborg, April 30, 2018

INVESTMENT AB LATOUR (PUBL)
Jan Svensson, CEO

For further information, please contact:
Ole Kristian Jødahl, CEO Hultafors Group AB, +47 900 88 305
Jens Eriksson, Director, M&A and Strategy Hultafors Group AB, +46 702 114 601

Hultafors Group offers a dynamic range of premium brands to rely on – for distributors and craftsmen alike. Through its various brands Hultafors Group is represented in 40 countries and has over 11,000 point of sales. Hultafors Group has 700 employees and an annual turnover of about SEK 1.9 billion.

Investment AB Latour is a mixed investment company consisting primarily of wholly-owned industrial operations and an investment portfolio of listed holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of ten substantial holdings with a market value of about SEK 50 billion. The wholly-owned industrial operations has an annual turnover of about SEK 10 billion.

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EQT Infrastructure to sell IslaLink to Fiera Infrastructure

eqt

  • EQT Infrastructure to sell IslaLink, the Spanish independent and neutral fiber infrastructure provider, to Fiera Infrastructure
  • IslaLink provides indispensable telecom infrastructure in and around the Balearic Islands, operating the only route-redundant fiber infrastructure connecting Mallorca and Ibiza with the Spanish mainland
  • IslaLink also owns and operates terrestrial fiber ring in Mallorca providing local operators with neutral and independent fiber infrastructure services
  • During EQT Infrastructure’s ownership, IslaLink has been transformed to a focused and scalable telecom infrastructure platform with multiple growth avenues

The EQT Infrastructure II Fund (“EQT Infrastructure”) has entered into a definitive agreement to sell IslaLink S.L.U. (“IslaLink or “the Company”) to Fiera Infrastructure (“Fiera”), a Canadian infrastructure investor. Headquartered in Madrid, Spain, IslaLink is an independent and neutral fiber infrastructure provider. The Company owns and operates the route-redundant Balalink submarine fiber-optic system connecting the Mediterranean islands of Mallorca and Ibiza with mainland Spain, as well as a terrestrial fiber ring in Mallorca, providing local operators with neutral and independent fiber infrastructure services.

EQT Infrastructure acquired IslaLink in November 2014, and during its ownership period the Company has grown its business activities in the Balearic Islands, increased its customer base, improved efficiency within the organization and de-risked the business. Building on its long-lasting partnership-like relationships with blue-chip customers, IslaLink has further strengthened a market leading position in its core Balearic Islands region.

Moreover, EQT Infrastructure has supported IslaLink’s transformation from a founder-led business into a lean and agile organization under the leadership of CEO Esther Garcés, and her experienced management team.

Daniel Pérez, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, comments: “We are proud of having been part of IslaLink’s journey over the past four years. Today, the Company focuses on delivering mission critical fiber infrastructure services to telecom operators and other customers on the Balearic Islands. IslaLink has successfully been repositioned under the leadership of Esther Garcés and her team, into a scalable telecom infrastructure platform with multiple development avenues and an exciting growth outlook”.

Esther Garcés, CEO of IslaLink adds: “With the support of EQT, the longstanding relationship with our customers and our dedicated colleagues, we have continued to strengthen IslaLink’s leading position on the Balearic Islands. Together with Fiera, we will now continue to deliver on our mission which is to develop and provide indispensable telecom infrastructure in underserved markets”.

Closing of the transaction is subject to customary antitrust approval.

Greenhill acted as financial adviser and Allen & Overy as legal adviser to EQT Infrastructure.

The parties have agreed not to disclose the transaction value nor any financial details.

Contacts
Daniel Pérez, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, +46 8 506 554 72
EQT Press office, +46 8 506 55 334

About EQT
EQT is a leading investment firm with approximately EUR 49 billion in raised capital across 26 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About IslaLink

Headquartered in Madrid, Spain, IslaLink is an independent and neutral fiber infrastructure provider, specialized in submarine fiber-optic cables and related activities. IslaLink provides fiber infrastructure in and around the Balearic Islands, operating the only route-redundant fiber infrastructure connecting Mallorca and Ibiza with the Spanish mainland, as well as a terrestrial fiber ring in Mallorca, providing local operators with neutral and independent fiber infrastructure services.
More info: www.islalink.com

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Hg agrees sale of Radius to Vistra

HG Capital

26 April 2018. Hg today announces the sale of Radius to Vistra, one of the world’s leading corporate service providers of international incorporations, trust, fiduciary, and fund administration services.  The terms of this transaction were not disclosed.

Radius provides tailored solutions for fast growing companies that are looking to expand into international markets. With more than 500 clients operating in 80 countries around the world, Radius eases and enables the process of international expansion by setting up required international entities then integrating a company’s legal, accounting, payroll, tax and human resources services. Headquartered in the US, Radius now has over 880 employees based in Boston, with offices in San Francisco, Bedford (Massachusetts), Estero (Florida), Mumbai, Indore (India), London, Bristol (United Kingdom), Singapore, Beijing, São Paulo and Amsterdam.

Hg’s Services team has previously identified accountancy and trust/administrative services as a core sector and this sits within Hg’s wider focus of partnering with technology-enabled companies. Radius is a leader in a highly fragmented sector with significant growth potential, a growing client base and a high degree of recurring revenue.

Hg has worked with the company to strengthen the management team, develop its proprietary technology, undertake M&A opportunities, identify and acquire new talent, support integration and build stronger sales capabilities to fuel continued growth.

The combination of Radius and Vistra, backed by Baring Private Equity Asia (“BPEA”), enables the company to continue this trajectory and benefit from the large-scale network, customer base and product capabilities that Vistra brings.

Nick Luckock, Partner at Hg, said:
“We have joined Radius in its journey to become global growth experts since 2013 and have been delighted to work with Stephen and his team to build a company with unrivalled expertise and global coverage. As the company moves forward to the next stage of its growth, we wish them well as part of Vistra.”

Stephen Chipman, CEO at Radius, said:
“I would like to thank Hg for being a great partner as we developed Radius into a leading provider of international expansion services for US-based companies. Nick and his team had a transformative impact on our business. We are thrilled to join Vistra, whose expertise and global coverage joined with our own capabilities will allow us to become the market leader in international expansion services.”

Martin Crawford, CEO of Vistra, said:
“By combining Radius and Vistra’s international expansion services businesses we are significantly growing our expertise and global coverage. Our leading teams on-the-ground in key markets and proprietary technology mean we can deliver the best outcomes for clients as they expand internationally. We warmly welcome Stephen and his team to the Vistra family.”

Jefferies International Limited acted as financial adviser to Radius and Hg. Skadden also advised on the transaction.

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Cinven to acquire Partner in Pet Food

Cinven

International private equity firm, Cinven, today announces that it has signed an agreement to acquire Partner in Pet Food (‘PPF’), a leading European pet food manufacturer, for an undisclosed amount.

Headquartered in Hungary, PPF is a market-leading pet food manufacturer with nine manufacturing operations across Europe. PPF supplies pet food to more than 250 customers in Europe, including traditional retailers, discounters, speciality pet retailers and online specialists. Its product range covers the main categories of dog and cat food including wet and dry food including single serve products. Established in 1999, the company employs more than 1,400 people and produces more than 450,000 tons of pet food per annum, distributed across 38 countries in Europe.

Cinven’s Consumer team identified PPF as an attractive investment opportunity given:

  • Pet food represents a large and resilient market, with growth underpinned by long-term trends such as the rise in pet ownership; owners buying specialist pet food; and a shift towards more premium products. The €23 billion European pet food market is forecast to continue growing at a sustained pace over the coming years;
  • PPF is a market-leading player with well-invested, pan-European production capabilities and a strong reputation for quality, reliability and innovation;
  • Attractive growth opportunities exist for PPF across its core markets throughout Europe, working together with its retail partners to deliver innovative and quality products across offline and online channels;
  • PPF has a proven track record of strong financial performance and cash-flow generation through the economic cycle, and dynamic revenue growth over the past five years;
  • A fragmented European market for pet food manufacturers represents an opportunity for PPF to participate in consolidation and capitalise on Cinven’s strong buy and build expertise, building on PPF’s existing operations; and
  • The business is managed by an exceptional team, led by Chairman and CEO Attila Balogh, together with his team, since 2009.

Maxim Crewe, Partner at Cinven, commented:

“PPF represents an opportunity to acquire one of the leading pet food manufacturers in Europe, which has demonstrated sustained growth through the cycle under its management team, led by Attila Balogh. The Cinven Consumer team has been reviewing the fast-growing pet care market for some time and we believe that PPF is well placed to continue supporting its retail partners in capitalising on this growth across both traditional retail channels as well as online.”

Matteo Corà, Senior Principal at Cinven, added:

“The European pet food market is one of the most attractive spaces in the wider consumer sector. Strong demand for pet food products – and premium products in particular – is being driven by the increased ‘humanisation’ of pets; owners want to give their pets healthier foods in a more convenient way. PPF is a highly successful business with further opportunities for growth organically, leveraging its production capabilities and track record for product innovation, and through acquisition.”

Chairman and CEO of PPF, Attila Balogh, said:

“Our mission at PPF is to provide a full range of high quality pet food products and to be the number one pet food producer in Europe. We have a great business model and are very proud of our customer relationships, the quality of our products, our European production network and innovation track record. We now have an opportunity to grow the business further and are delighted to partner with the team at Cinven to drive further organic growth, as well as focus on buy and build opportunities, in order to offer new products and reach a wider range of customers.”

Within the Consumer sector, Cinven recently acquired Planasa, a leading plant variety and nursery operators for berries worldwide to capitalise on the growth in the health and wellness consumer segment.

In addition to PPF and Planasa, Cinven’s other current Consumer sector investments are:

  • Allegro, a leading online marketplace in Poland (January 2017); and
  • Kurt Geiger, a retailer of footwear and accessories in Europe (February 2016).

Completion of the acquisition of PPF is subject to Workers Council and customary regulatory approvals.

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Vyaire Medical executes on its plan to become a global leader in respiratory care

Apax

26 April 2018

Acquires Acutronic Medical Systems and agrees to acquire imtmedical

Chicago and London, April 26th 2018 – Vyaire Medical (the “Company”), a global leader in respiratory care, today announced that it has acquired Acutronic Medical Systems and, separately, entered into a definitive agreement to acquire imtmedical.

Acutronic, a Switzerland and Germany-based leader in the design and manufacture of neonatal ventilation equipment, is globally recognized for its innovative ventilation solutions designed for both neonatal and pediatric intensive care units.

imtmedical, based in Switzerland, is a developer, manufacturer and distributor of acute care mechanical ventilation products utilized in acute care centers, long-term care facilities, home healthcare as well as the emergency services and transport markets. The imtmedical transaction, which is subject to customary regulatory and other approvals, is expected to close in the second quarter.

The Acutronic and imtmedical acquisitions immediately enhance Vyaire Medical’s product offering, complementing investments made by the Company through internal development programs. In combination, these investments have allowed Vyaire Medical to completely renew its ventilation portfolio within the past 18 months.

Dave Mowry, Vyaire Medical’s President and Chief Executive Officer, said, “The transactions we are announcing today, along with our own internal development efforts, underscore our commitment to positioning Vyaire Medical as a global respiratory care leader. Our acquisition of Acutronic and imtmedical immediately enhance our product portfolio, expand intellectual capital and broaden our technological capabilities; all of which will accelerate Vyaire Medical’s growth. We could not be more excited about taking these amazing products, in combination with our own, to market to advance our mission of improving patient outcomes and providing increased value to our customers.”

Vyaire Medical also announced today that funds advised by Apax Partners (the “Apax Funds”) have completed their purchase of Becton, Dickinson & Company’s remaining stake in the Company. Vyaire Medical is now an independent, standalone company owned by the Apax Funds.

Steven Dyson and Arthur Brothag, Partners at Apax Partners, said, “These new acquisitions are exciting steps forward for Vyaire Medical and build on the strong progress made by the Company’s management over the past year and a half. We join Dave Mowry in welcoming both the Acutronic and imtmedical teams to the Vyaire family and are excited about our joint future. We look forward to our ongoing work with Vyaire Medical as it continues to grow as the leader in respiratory care.”

About Vyaire Medical
Vyaire Medical supports and improves the lives of patients with a laser-focus on improving patient outcomes and increasing value for customers. The Chicago, IL-headquartered company was formed in October 2016 to serve healthcare customers with innovative device and service solutions across the respiratory and anesthesia continua of care. Vyaire’s brands have a 65-year track record of pioneering, innovating, and advancing respiratory diagnostics, ventilation, and anesthesia delivery & patient monitoring. From industry-pioneering brands that include Bird, Bear, and Jaeger to respected industry leaders AirLife®, Vital Signs®, Viasys, and many others – Vyaire Medical has nearly 27,000 distinct part numbers recognized, trusted and preferred by specialists in the respiratory therapy and anesthesiology healthcare markets worldwide. Learn more at www.vyaire.com.

About Apax Partners
Apax Partners is a leading global private equity advisory firm. Over its more than 35-year history, Apax Partners has raised and advised funds with aggregate commitments of over $50 billion. The Apax Funds invest in companies across four global sectors of Healthcare, Tech & Telco, Services and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. Apax Partners has a strong track record in corporate carve-outs, supported by its Operational Excellence Practice, a team of dedicated operating specialists who support deal teams and drive value creation in the portfolio. For more information see: www.apax.com.

About Acutronic Medical Systems
Acutronic is a Switzerland and Germany-based global leader in the area of neonatal ventilation equipment, offering innovative solutions for the Neonatal Intensive Care Unit (NICU) and Pediatric Intensive Care Unit (PICU). Over the course of its long history, Acutronic has established itself as a pioneer within the neonatal monitoring and ventilation segment of the respiratory markets. Acutronic’s products and solutions consistently earn high praise and accolades from customers and are well-respected across the broader markets by key opinion leaders around the globe. Learn more at: www.acutronic-medical.ch.

About imtmedical
imtmedical is known for its world class developments in medical ventilator and testing devices and its internationally renowned medical ventilation experts. imtmedical brings continuous efforts to improve and protect its substantial R&D activities, its innovative solutions, and thereby supporting its leading position in the marketplace as an innovative company providing highest quality and leading medical ventilators to its customers. Learn more at: www.imtmedical.com.

Media Contacts  

For Vyaire Medical:

David Stafford | +1 872-757-0300 | david.stafford@vyaire.com

For Apax Partners:

Global Media: Andrew Kenny, Apax | +44 20 7 872 6371 | andrew.kenny@apax.com
USA Media: Todd Fogarty / Aduke Thelwell, Kekst | +1 212-521 4800 | Apax@kekst.com
UK Media: Matthew Goodman / James Madsen, Greenbrook | +44 20 7952 2000 | apax@greenbrookpr.com

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