Category Archives: News

Fund IV company Cardior Pharmaceuticals acquired by Novo Nordisk

Sunstone Life Science

Bagsværd, Denmark, and Hannover, Germany, 25 March, 2024 – Novo Nordisk and Cardior
Pharmaceuticals today announced that Novo Nordisk has agreed to acquire Cardior for up to
1.025 billion Euros, including an upfront payment and additional payments if certain
development and commercial milestones are achieved.

Cardior is a leader in the discovery and development of therapies that target RNA as a means to
prevent, repair and reverse diseases of the heart. The company’s therapeutic approach targets
distinctive non-coding RNAs as a platform for addressing root causes of cardiac dysfunctions
with an aim to achieve lasting patient impact.

The agreement includes Cardior’s lead compound CDR132L, currently in phase 2 clinical
development for the treatment of heart failure.

The acquisition is an important step forward in Novo Nordisk’s strategy to establish a presence
in cardiovascular disease. Novo Nordisk aims to build a focused, impactful portfolio of therapies
through internal and external innovation to address the significant unmet needs that still exist
within cardiovascular disease, the most common cause of death globally.

“By welcoming Cardior as a part of Novo Nordisk, we will strengthen our pipeline of projects in
cardiovascular disease where we already have ongoing programmes across all phases of clinical
development,” said Martin Holst Lange, executive vice president for Development at Novo
Nordisk. “We have been impressed by the scientific work carried out by the Cardior team,
especially on CDR132L, which has a distinctive mode of action and potential to become a first-inclass therapy designed to halt or partially reverse the course of disease for people living with heart failure.”

CVR no: 24 25 67 90
CDR132L is designed to halt and partially reverse cellular pathology by selectively blocking
abnormal levels of the microRNA molecule miR-132, potentially leading to long-lasting
improvement in heart function.

In a phase 1b trial published in the European Heart Journal1, CDR132L was reported to be safe
and well tolerated and the results suggested cardiac functional improvements in people with
heart failure compared to placebo. CDR132L is currently being investigated in the phase 2 trial
HF-REVERT in 280 people with heart failure with reduced ejection fraction (HFrEF) who have
previously suffered a heart attack (myocardial infarction). The first patient was dosed in the HFREVERT trial in July 2022.

Novo Nordisk plans to initiate a second phase 2 trial that will investigate CDR132L in a chronic
heart failure population with cardiac hypertrophy – a condition that causes the walls of the
heart muscle to become thick and stiff, affecting the heart’s ability to pump blood.
“This acquisition is a reflection of CDR132L’s transformative potential as a disease-modifying
therapy for heart failure,” said Claudia Ulbrich, MD, CEO and co-founder of Cardior. “Novo
Nordisk is the ideal partner based on its deep clinical and commercial expertise combined with
its resources to accelerate our late-stage development programme, including through larger
registrational studies. We look forward to advancing CDR132L towards market approval.”
The closing of the acquisition is subject to receipt of applicable regulatory approvals and other
customary conditions and is expected to happen in the second quarter of 2024.
The transaction will not impact Novo Nordisk’s previously communicated operating profit
outlook for 2024 or the ongoing share buy-back programme. Novo Nordisk will fund the
acquisition from financial reserves.

About heart failure
Heart failure is a chronic, progressive condition in which the heart muscle is unable to pump
enough blood to meet the body’s needs for blood and oxygen. The condition leads to frequent
hospitalisations, and more than half of people diagnosed with heart failure die within five
years2. Heart failure affects more than 65 million people globally and is most commonly caused
by heart conditions such as ischaemic heart disease, cardiomyopathy or high blood pressure3
.The condition cannot be cured. Current therapies can slow but not halt disease progression4
,and morbidity and mortality remain high5.

About Cardior’s approach

Cardior works to identify and counteract the molecular mechanisms of the broad area of
ischaemic-induced heart failure as well as specific cardiac diseases such as hypertrophic and
dilated cardiomyopathies. Cardior primarily seeks to advance a novel class of antisense
oligonucleotides (ASOs) targeting so-called non-coding RNAs (ncRNAs) that are able to act on
several key disease pathways simultaneously, triggering a concerted therapeutic effect against
key hallmarks of heart disease, including cardiac hypertrophy, fibrosis, impaired contractility
and reduced vascularization. Although ncRNAs are not translated into proteins, they are
important for the regulation of critical cellular processes and their dysregulation is a hallmark of
many diseases. With its deep knowledge in RNA biology, Cardior is developing a clinicallyoriented approach  to restore normal levels and functions of these key players in the pathological processes of cardiac diseases.

About Novo Nordisk
Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark. Our purpose is
to drive change to defeat serious chronic diseases, built upon our heritage in diabetes. We do so by pioneering scientific
breakthroughs, expanding access to our medicines, and working to prevent and ultimately cure disease. Novo Nordisk
employs about 63,400 people in 80 countries and markets its products in around 170 countries. For more information,
visit novonordisk.com, Facebook, Instagram, X, LinkedIn and YouTube.

About Cardior
Cardior Pharmaceuticals is a leading clinical-stage biopharmaceutical company pioneering the discovery and
development of RNA-based therapeutics designed to prevent, repair and reverse diseases of the heart. Cardior’s
therapeutic approach uses distinctive non-coding RNAs as an innovative platform for addressing the root causes of
cardiac dysfunctions. The company aspires to bring transformative therapeutics and diagnostics to patients and
thereby make a lasting impact on the treatment of cardiac diseases worldwide.

Contacts for further information
Media:
Ambre James-Brown
+45 3079 9289
abmo@novonordisk.com

Liz Skrbkova (US)
+1 609 917 0632
lzsk@novonordisk.com

Investors:
Daniel Muusmann Bohsen
+45 3075 2175
dabo@novonordisk.com

Jacob Martin Wiborg Rode
+45 3075 5956
jrde@novonordisk.com

David Heiberg Landsted
+45 3077 6915
dhel@novonordisk.com

Mark Joseph Root (US)
+1 848 213 3219
mjhr@novonordisk.com

Sina Meyer
+45 3079 6656
azey@novonordisk.com

Frederik Taylor Pitter
+45 3075 8259
fptr@novonordisk.com

Cardior media
Trophic Communications
Stephanie May
+49 171 1855682
may@trophic.eu

1 Täubel J et al. European Heart Journal 2021 Jan 7;42(2):178-188 Novel antisense therapy targeting microRNA-132 in
patients with heart failure: results of a first-in-human Phase 1b randomized, double-blind, placebo-controlled study –
PubMed (nih.gov)
2
Jones NR et al. European Journal of Heart Failure 2019 Nov; 21(11): 1306–1325 Survival of patients with chronic heart
failure in the community: a systematic review and meta‐analysis – PMC (nih.gov)
3 Bragazzi NL et al. Preventive Cardiology 2021;28(15):1682-1690 Burden of heart failure and underlying causes in 195
countries and territories from 1990 to 2017 – PubMed (nih.gov)
4 McDonagh TA et al. European Heart Journal 2021 Sep 21;42(36):3599-3726 2021 ESC Guidelines for the diagnosis and
treatment of acute and chronic heart failure – PubMed (nih.gov)
5 Savarese G, Lund LH. Cardiac Failure Review. 2017;03(01):7-11 Global Public Health Burden of Heart Failure – PubMed
(nih.gov)

Categories: News

Nuvation Bio to acquire Anheart Therapeutics in all-stock transaction

Decheng Capital
  • Acquisition transforms Nuvation Bio into late-stage global oncology company with potential to become a commercial organization by the end of 2025
  • Acquisition adds taletrectinib, a next-generation, potentially best-in-class ROS1 inhibitor with Breakthrough Therapy Designations currently completing two pivotal studies for the treatment of patients with ROS1-positive non-small cell lung cancer (NSCLC)
  • Acquisition also adds safusidenib, a potentially best-in-class mutant IDH1 inhibitor currently being evaluated in a global Phase 2 study of patients with grades 2 and 3 IDH1-mutant glioma
  • All-stock transaction preserves Nuvation Bio’s robust cash balance and enables development of both new assets and current pipeline without a need to raise capital in the near term

New York, NY, March 25, 2024 – Nuvation Bio Inc. (NYSE: NUVB), a biopharmaceutical company tackling some of the greatest unmet needs in oncology by developing differentiated and novel therapeutic candidates, and AnHeart Therapeutics Ltd. (AnHeart), a global clinical-stage biopharmaceutical company developing novel precision therapies for people with cancer, today announced that the companies have entered into a definitive agreement for Nuvation Bio to acquire AnHeart in an all-stock transaction (the Acquisition). Immediately following the closing of the Acquisition, the former shareholders of AnHeart will own approximately 33% and the current stockholders of Nuvation Bio will own approximately 67% of Nuvation Bio on a fully diluted basis. The Acquisition, which has been approved by the board of directors of each company and is subject to approval by AnHeart’s shareholders and other customary closing conditions, will position Nuvation Bio as a late-stage global oncology company with multiple programs in clinical development. The Acquisition is expected to close in the second quarter of 2024.

“This transaction represents a significant milestone for our company and reflects Nuvation Bio’s continued commitment to developing therapies for patients with the most difficult-to-treat cancers,” said David Hung, M.D., Founder, President, and Chief Executive Officer of Nuvation Bio. “AnHeart’s lead asset, taletrectinib, which will become our lead asset as it completes two pivotal studies, is a differentiated, next-generation ROS1 inhibitor with a potentially best-in-class profile that may overcome the significant limitations of existing therapies. We are impressed by what the AnHeart team has done to develop this asset and intend to build on the progress made to date.”

Dr. Hung added, “Nuvation Bio is well capitalized, and this all-stock transaction maintains our robust cash balance and removes any need for near-term financing to develop both new assets and our current pipeline. With our combined talented teams and resources, we will continue to focus on executing the development strategy for our differentiated pipeline. We expect this deal will bring Nuvation Bio much closer to realizing our goal of delivering novel cancer therapies to patients, and we look forward to this exciting next chapter together with the AnHeart team.”

“AnHeart, named for our deep sense of service to patients, has worked tirelessly over the past five years to advance our pipeline of next-generation precision oncology medicines. We are excited to continue our mission as part of Nuvation Bio given their shared vision to improve the lives of people with cancer,” said Junyuan Jerry Wang, Ph.D., Co-Founder and Chief Executive Officer of AnHeart. “We believe the pipeline and financial strength of the combined company have the potential to create a market leader, and we look forward to working with David and the Nuvation Bio team to bring new cancer therapies to patients in need of better options.”

MANAGEMENT AND ORGANIZATION

Nuvation Bio will continue to be led by its current management team, including David Hung, M.D., its Founder, Chief Executive Officer, and President, and expects AnHeart’s employees in China and the United States to join the Nuvation Bio team. Following the closing of the Acquisition, Min Cui, Ph.D., Founder and Managing Director of Decheng Capital, an investor in AnHeart, and Junyuan Jerry Wang, Ph.D., Co-Founder and Chief Executive Officer of AnHeart, will join the Nuvation Bio board of directors.

TRANSACTION DETAILS

At the closing of the Acquisition, Nuvation Bio will issue to the AnHeart securityholders, in exchange for all outstanding AnHeart shares, options, and other securities, approximately 43,590,197 shares of Nuvation Bio’s Class A common stock (inclusive of the shares of Class A common stock underlying the AnHeart equity awards to be assumed by Nuvation Bio), 851,212 shares of Nuvation Bio’s Series A Non-Voting Convertible Preferred Stock, and warrants collectively exercisable for 2,893,731 shares of Nuvation Bio’s Class A common stock at an exercise price of $11.50 per share.

Subject to approval by the Nuvation Bio stockholders (the Nuvation Bio Stockholder Approval), each share of Series A Non-Voting Convertible Preferred Stock issued by Nuvation Bio in the Acquisition will initially be convertible into 100 shares of Class A common stock. Additionally, the warrants issued in the Acquisition will be restricted until receipt of the Nuvation Bio Stockholder Approval. Any shareholders of AnHeart who are not accredited investors will receive cash for their AnHeart shares in lieu of receiving Nuvation Bio securities.

The holders of approximately 90% of AnHeart’s outstanding shares have entered into voting agreements, pursuant to which they have agreed to, among other matters, vote in favor of the Acqusition.

In connection with the execution of the definitive merger agreement, Dr. Hung entered into a voting agreement, pursuant to which he agreed to vote his shares of Nuvation Bio stock, representing approximately 27% of Nuvation Bio’s outstanding shares, for the Nuvation Bio Stockholder Approval. The closing of the Acquisition does not require the approval of the Nuvation Bio stockholders.

Nuvation Bio and AnHeart intend that the Acquisition will qualify as a tax-free reorganization. As AnHeart’s parent company after the Acquistion, Nuvation Bio will own all of AnHeart’s assets, including AnHeart’s intellectual property.

For further information regarding the terms and conditions contained in the definitive transaction agreement, please see Nuvation Bio’s current report on Form 8-K, which will be filed with the U.S. Securities and Exchange Commission (the SEC) in connection with the Acquisition.

PIPELINE UPDATES

  • Taletrectinib is being evaluated for the treatment of patients with ROS1-positive NSCLC in two pivotal Phase 2 studies, TRUST-I (NCT04395677) in China and TRUST-II (NCT04919811), a global pivotal study. Nuvation Bio will continue to advance both studies.
  • Taletrectinib has been granted Breakthrough Therapy Designations by the U.S. Food and Drug Administration (FDA) and China’s National Medical Products Administration (NMPA) for the treatment of advanced or metastatic ROS1-positive NSCLC.
  • The NMPA has accepted and granted Priority Review Designation to New Drug Applications for taletrectinib for the treatment of adult patients with locally advanced or metastatic ROS1-positive NSCLC who either have or have not previously been treated with ROS1 TKIs.
  • Nuvation Bio will continue to develop safusidenib, a novel, selective, potent, oral mIDH1 inhibitor being evaluated by AnHeart in a global Phase 2 study (NCT05303519) in patients with grades 2 and 3 IDH1-mutant glioma.
  • Nuvation Bio will continue to advance all clinical studies for its internally discovered pipeline candidates, including the Phase 1b studies of NUV-868 and the recently initiated Phase 1/2 study of NUV-1511.

CONFERENCE CALL

Nuvation Bio will schedule a conference call to discuss the acquisition after it has closed.

ADVISORS

Evercore is acting as Nuvation Bio’s exclusive financial advisor and Cooley LLP is acting as legal counsel, alongside Morrison & Foerster LLP as intellectual property counsel, Haiwen & Partners as Chinese legal counsel, and Conyers as Cayman Islands legal counsel. Davis Polk & Wardwell LLP is acting as legal counsel for AnHeart, alongside Fangda Partners as Chinese legal counsel and Walkers (Cayman) LLP as Cayman Islands legal counsel.

ABOUT NUVATION BIO

Nuvation Bio is a biopharmaceutical company tackling some of the greatest unmet needs in oncology by developing differentiated and novel therapeutic candidates. Nuvation Bio’s proprietary portfolio includes mechanistically distinct oncology therapeutic product candidates, each targeting some of the most difficult-to-treat types of cancer. Nuvation Bio was founded in 2018 by biopharma industry veteran David Hung, M.D., who previously founded Medivation, Inc., which brought to patients one of the world’s leading prostate cancer medicines. Nuvation Bio has offices in New York and San Francisco. For more information, please visit www.nuvationbio.com and https://www.linkedin.com/company/nuvationbio/.

ABOUT ANHEART THERAPEUTICS

AnHeart Therapeutics is a global clinical-stage biopharmaceutical company developing novel precision therapies for people with cancer. AnHeart’s lead investigational therapy, taletrectinib, is a next-generation ROS1-inhibitor currently in pivotal Phase 2 trials for ROS1-positive non-small cell lung cancer (NSCLC). Taletrectinib has been granted Breakthrough Therapy Designations by both the U.S. Food and Drug Administration (FDA) and the China National Medical Products Administration (NMPA). China’s NMPA has accepted and granted Priority Review Designations to New Drug Applications for taletrectinib for the treatment of adult patients with locally advanced or metastatic ROS1-positive NSCLC who either have or have not previously been treated with ROS1 TKIs. AnHeart’s second investigational therapy, safusidenib, is a mIDH1-inhibitor being evaluated in a Phase 2 trial for IDH1-mutant glioma.

AnHeart owns global rights to taletrectinib, except in Greater China, Japan, and Korea where AnHeart licensed commercial rights to Innovent Biologics, Nippon Kayaku and NewG Lab, respectively. AnHeart owns global rights to safusidenib excluding Japan, where Daiichi Sankyo retains development and commercial rights.

AnHeart’s mission is to improve the lives of people with cancer. AnHeart is supported by leading life sciences investors and has built an organization with deep oncology drug discovery and development expertise, with offices in New York and Shanghai. For more information, visit https://www.anhearttherapeutics.com/ and https://www.linkedin.com/company/anheart-therapeutics-official/.

FORWARD LOOKING STATEMENTS

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are sometimes accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, those under the captions “Management and Organization” and “Transaction Details” above and statements regarding the anticipated closing of the Acquisition, expected timing of establishing a commercial organization, potential therapeutic benefit of Nuvation Bio and AnHeart’s product candidates, advancement of clinical studies for such product candidates, and the sufficiency of Nuvation Bio’s current cash balance to fund ongoing activities. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the management team of Nuvation Bio and are not predictions of actual performance. These forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ from those anticipated by the forward-looking statements, including but not limited to the risk that the Acquisition may not close due to the failure of closing conditions to be satisfied or other reasons and the challenges associated with conducting drug discovery and initiating or conducting clinical trials due to, among other things, difficulties or delays in the regulatory process, enrolling subjects or manufacturing or acquiring necessary products; the emergence or worsening of adverse events or other undesirable side effects; risks associated with preliminary and interim data, which may not be representative of more mature data; and competitive developments. Risks and uncertainties facing Nuvation Bio are described more fully in its Form 10-K filed with the SEC on February 29, 2024, under the heading “Risk Factors,” and other documents that Nuvation Bio has filed or will file with the SEC. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this press release. Nuvation Bio disclaims any obligation or undertaking to update, supplement or revise any forward-looking statements contained in this press release.

NUVATION BIO INVESTOR CONTACT:

ir@nuvationbio.com

NUVATION BIO MEDIA CONTACT:

nuvation@argotpartners.com

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Platinum Equity Invests in TAK Communications

Platinum

Firm to partner with TAK’s current shareholders and management team, which will continue as equity partners in the business

Transaction extends momentum of Platinum Equity’s Small Cap team

Platinum Equity Invests in TAK Communications

LOS ANGELES (March 22, 2024) – Platinum Equity announced today a significant investment in TAK Communications, a national provider of communications and broadband infrastructure services. Financial terms were not disclosed.

Headquartered in Sioux Falls, South Dakota, TAK provides fiber and broadband network services, last-mile connectivity and on-premises technology deployment solutions for the broadband and telecommunications industries.

The company was founded in 2004 by CEO Micah Mauney and established itself as a regional provider of on-premises fulfillment services, including residential and commercial network equipment installations and support. In recent years, TAK has grown substantially and diversified its offerings in more than 40 states to include last-mile cable and fiber “drop” services (aerial and underground), network maintenance, new construction network build outs, and design and engineering services.

“TAK has built an impressive business with national scale that today provides full end-to-end capabilities across the network deployment value chain,” said Platinum Equity Co-President Jacob Kotzubei. “Fiber is the backbone of all key technologies used to deliver broadband internet and wireless connectivity and we believe that demand for bandwidth will only continue to grow.”

Platinum Equity has significant experience investing in technology and telecommunications businesses. The firm’s current portfolio includes Ingram Micro, one of the world’s largest providers of technology, mobility and cloud platform solutions.

The TAK investment was led by Platinum Equity’s Small Cap team.

“The broadband communications services space is highly fragmented, and TAK has significant room to grow both organically and through additional acquisitions,” said Platinum Equity Managing Director Dan Krasner. “Private and public investment is projected to continue flowing into the sector over the next few years, which we believe will only make TAK’s value proposition more essential to its current and future broadband customers.”

The company’s owners and management retained a significant ownership stake in TAK and continue to lead the company.

“Platinum has extensive experience helping founder-owned businesses leverage our operational expertise and M&A capabilities to maximize their potential,” added Krasner. “We are excited to work alongside Micah and the management team, and to bring our full toolkit in building TAK’s future success.

“I am proud of everything we have built over the last 20 years and am confident Platinum will be an outstanding partner for our next phase of growth,” said Mauney. “Platinum’s operations expertise is well suited to help us take the next step in delivering the very best customer experience, growing our amazing team members, and strengthening our goal in building America’s best communication services provider for our current and future customers.”

About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $47 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 450 acquisitions.

About TAK Communications
TAK Communications is a leading telecommunications and broadband service provider that offers full value chain communications services and solutions to its customers across the US, from project management, engineering, and construction to drops, fulfilment and door-to-door sales. TAK Communications prides itself on being a trusted business partner for its customers in the telecommunications sector, providing solutions that exceed their expectations. For more information, visit takcommunications.com.

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Kids Lodge Acquires BSO Wijs

Holland Capital

Amsterdam/Houten, March 22, 2024 – Our portfolio company Kids Lodge has acquired the childcare organization BSO Wijs. The acquisition allows Kids Lodge to further expand its childcare activities in the Utrecht region.

With 10 locations in the Utrecht region, BuitenSpeelOpvang (BSO) Wijs offers “outdoor play care” to children aged 4 and older. BSO Wijs provides a unique care experience where children engage in outdoor activities in nature throughout the year, such as building huts and playing hide and seek. The children are given all the responsibility and freedom to challenge and develop themselves.

The acquisition of BSO Wijs is part of Kids Lodge’s growth ambitions. With this partnership, Kids Lodge is further expanding its activities in the Utrecht region. Following the acquisition of In de Rups in Houten/Zeist (2021), De Bereboot in Helmond (2023), and ‘t Zonnetje in Houten (2023), the collaboration with BSO Wijs marks the next step in the growth strategy.

Louise de Ruiter (Director, Kids Lodge): “It is my dream to further establish Kids Lodge as a family childcare center where children, parents, and staff can all enjoy themselves and work with passion. We strive to provide a journey of discovery for everyone, monitoring and encouraging the development of both children and staff. Care and community are important values for us, creating a place where everyone feels welcome.”

Frija Bleijerveld and Sandra Hofhuis (Directors, BSO Wijs): “What started as letting children play outside after school has evolved into a stable company with a strong identity over the past 13 years. Now that BSO Wijs has established a solid foundation, we feel it’s the right time to pass the organization to a local party who shares our passion for childcare and intends to further develop and expand the concept.”

About BSO Wijs

BSO Wijs was founded in 2011 and offers “BuitenSpeelOpvang”. The core principle of BSO Wijs is to enable children to play outside all year round, fostering a day filled with movement. Playing outside not only enhances children’s coordination and movement skills but also promotes social skills.

About Kids Lodge

Established in 2009, Kids Lodge provides care to approximately 2,500 children aged 0 to 12 with a team of over 400 employees. In addition to childcare, Kids Lodge also offers a Party Lodge, Sports Lodge, and Family Lodge, aiming to establish itself as a family centre. With locations in Houten, IJsselstein, Zeist, Bunnik, and Helmond, Kids Lodge is a well-known name in the Utrecht region and beyond.

About Holland Capital

Holland Capital has been responsibly and successfully investing in promising Dutch and German SMEs with growth ambitions for over 40 years. The team understands entrepreneurship and fosters an open, sustainable, and professional relationship with the management teams of the invested companies, aiming for mutual growth. With offices in Amsterdam and Düsseldorf, Holland Capital focuses on Healthcare, Technology, and the recently added Agrifood-Tech sector. The firm actively supports Kids Lodge in both operational and strategic development since becoming a shareholder in September 2021.

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SER Welcomes New Investment from TA to Accelerate Growth

TA associates

Bonn, Germany, 21 March 2024 – SER (the “Company”), a leading global Intelligent Content Automation (“ICA”) software vendor in the Enterprise Content Management (“ECM”) market, today announced that TA Associates (“TA”), a leading global private equity firm, has agreed to make a strategic growth investment in the Company. SER and Carlyle, an investor in SER since 2018, welcome TA as the new lead investor.

“We are delighted to welcome TA to SER as an investor and we are proud that they share our perspective on the significant opportunities ahead for our business,” said Dr. John Bates, CEO of SER. “SER is revolutionizing the way enterprise content is automated, understood and managed. We have amazing customers, a fantastic team and market leading technology. We have had an outstanding partnership with Carlyle, with incredible support throughout the journey, and we are delighted that TA now joins us to supercharge the next phase of growth.”

Since its founding in 1984, SER has developed from a primarily DACH-focused ECM solutions provider into a category-defining ICA player with highly differentiated AI capabilities and an increasingly international enterprise customer base. In partnership with Carlyle, SER built out its senior management team, successfully executed a rapid shift to a subscription-first business model, expanded its innovation-led product offering, and entered new markets including the US, UK, continental Europe, and the Middle East, through considerable organic investment and M&A.

Today, SER has over 600 employees across 20 offices in 11 countries. The Company’s technology is trusted by blue-chip enterprise customers worldwide. SER’s flagship product, Doxis ICA (“Doxis”), combines traditional ECM capabilities with AI-enabled services that are designed to bridge and automate content across best-of-breed apps and multiple vendor ecosystems like SAP, Salesforce, Microsoft and more.

“SER’s impressive suite of next-generation ECM solutions help organizations work faster, smarter and more efficiently,” said Morgan Seigler, Managing Director at TA, and Stefan Dandl, Director at TA. “As the demand for AI-powered technologies continues, we believe SER has a meaningful opportunity to support organizations in their digital transformation journey, harnessing the Doxis platform to streamline document processing and content management needs. We look forward to partnering with Carlyle and SER to accelerate international expansion, invest in AI innovation and enhance the Company’s product offering.”

“We are immensely proud to have partnered with SER during such a significant period of growth and transformation for the business,” said Dr. Thorsten Dippel, Managing Director in the Carlyle Europe Technology Partners (“CETP”) Investment Advisory team. “Through our work with Dr. John Bates and his incredible team, the Company has developed into the category-leading, international ICA software vendor it is today. SER is well-placed to continue its success story as an enterprise software player of scale in the large and growing global ECM market. We are delighted to partner with TA as the new lead investor in SER as the Company enters the next phase of its growth journey.”

The transaction is subject to customary regulatory approvals.

About SER
Trusted by over 5 million users worldwide, SER is defining Intelligent Content Automation (ICA), the next generation of Enterprise Content Management which leverages AI to provide intelligent content understanding and process automation. SER’s highly scalable Doxis platform brings ICA capabilities into a single, unified platform that works seamlessly across multiple applications and vendor ecosystems, such as SAP, Salesforce and Microsoft. Offering many pre-built solutions and user-friendly no-code tooling, SER’s Doxis delivers rapid time-to-value, superior ROI and lower total cost of ownership for next-generation content applications. Headquartered in Bonn, Germany, SER has a well-established market leadership position in DACH and a fast-growing international business with blue-chip customers around the world.

About TA
TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries – technology, healthcare, financial services, consumer and business services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has over 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.

About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $426 billion of assets under management as of December 31, 2023, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 28 offices across four continents. Further information is available at www.carlyle.com. For more, follow Carlyle on LinkedIn and X.

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Carlyle-backed SER Welcomes New Investment from TA to Accelerate Growth

Carlyle

Bonn, Germany, 21 March 2024 – SER (the “Company”), a leading global Intelligent Content Automation (“ICA”) software vendor in the Enterprise Content Management (“ECM”) market, today announced that TA Associates (“TA”), a leading global private equity firm, has agreed to make a strategic growth investment in the Company. SER and Carlyle, an investor in SER since 2018, welcome TA as the new lead investor.

“We are delighted to welcome TA to SER as an investor and we are proud that they share our perspective on the significant opportunities ahead for our business,” said Dr. John Bates, CEO of SER. “SER is revolutionizing the way enterprise content is automated, understood and managed. We have amazing customers, a fantastic team and market leading technology. We have had an outstanding partnership with Carlyle, with incredible support throughout the journey, and we are delighted that TA now joins us to supercharge the next phase of growth.”

Since its founding in 1984, SER has developed from a primarily DACH-focused ECM solutions provider into a category-defining ICA player with highly differentiated AI capabilities and an increasingly international enterprise customer base. In partnership with Carlyle, SER built out its senior management team, successfully executed a rapid shift to a subscription-first business model, expanded its innovation-led product offering, and entered new markets including the US, UK, continental Europe, and the Middle East, through considerable organic investment and M&A.

Today, SER has over 600 employees across 20 offices in 11 countries. The Company’s technology is trusted by blue-chip enterprise customers worldwide. SER’s flagship product, Doxis ICA (“Doxis”), combines traditional ECM capabilities with AI-enabled services that are designed to bridge and automate content across best-of-breed apps and multiple vendor ecosystems like SAP, Salesforce, Microsoft and more.

“SER’s impressive suite of next-generation ECM solutions helps organizations work faster, smarter and more efficiently,” said Morgan Seigler, Managing Director at TA, and Stefan Dandl, Director at TA. “As the demand for AI-powered technologies continues, we believe SER has a meaningful opportunity to support organizations in their digital transformation journey, harnessing the Doxis platform to streamline document processing and content management needs. We look forward to partnering with Carlyle and SER to accelerate international expansion, invest in AI innovation and enhance the Company’s product offering.”

“We are immensely proud to have partnered with SER during such a significant period of growth and transformation for the business,” said Dr. Thorsten Dippel, Managing Director in the Carlyle Europe Technology Partners (“CETP”) Investment Advisory team. “Through our work with Dr. John Bates and his incredible team, the Company has developed into the category-leading, international ICA software vendor it is today. SER is well-placed to continue its success story as an enterprise software player of scale in the large and growing global ECM market. We are delighted to partner with TA as the new lead investor in SER as the Company enters the next phase of its growth journey.”

The transaction is subject to customary regulatory approvals.

 

Contacts

For SER
Maureen Cueppers
maureen.cueppers@sergroup.com

 

For TA
Maggie Benoit
mbenoit@ta.com

 

For Carlyle
Nicholas Brown
nicholas.brown@carlyle.com

 

About SER
Trusted by over 5 million users worldwide, SER is defining Intelligent Content Automation (ICA), the next generation of Enterprise Content Management which leverages AI to provide intelligent content understanding and process automation. SER’s highly scalable Doxis platform brings ICA capabilities into a single, unified platform that works seamlessly across multiple applications and vendor ecosystems, such as SAP, Salesforce and Microsoft. Offering many pre-built solutions and user-friendly no-code tooling, SER’s Doxis delivers rapid time-to-value, superior ROI and lower total cost of ownership for next-generation content applications. Headquartered in Bonn, Germany, SER has a well-established market leadership position in DACH and a fast-growing international business with blue-chip customers around the world.

 

About TA
TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries – technology, healthcare, financial services, consumer and business services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has over 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.

 

About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $426 billion of assets under management as of December 31, 2023, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 28 offices across four continents. Further information is available at www.carlyle.com. For more, follow Carlyle on LinkedIn and X.

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ParkHub and JustPark Agree to Merge Alongside Strategic Growth Investment from FTV Capital and LLR Partners

FTV Capital

Combination of leading parking technology and payments providers creates robust end-to-end platform to serve entire parking ecosystem in North America and the United Kingdom.

DALLAS and LONDON – ParkHub, a leading North American provider of parking management software and payments solutions, today announced an agreement to combine businesses with JustPark, one of the UK’s leading app-based parking reservations technology and payments platforms. The combination creates a full-service parking software and payments solution for customers across North America and the United Kingdom. As part of this transaction, ParkHub secured a strategic growth investment led by FTV Capital with participation from existing investor LLR Partners.

“After 18 years at the forefront of transforming parking experiences for millions, our merger with ParkHub catapults JustPark to new heights,” said Anthony Eskinazi, founder and CEO of JustPark. “Our dedication to improving the parking experience for drivers continues, and with our cutting-edge technology and unrivalled support, we’re set to revolutionize parking for our customers and partners both here in the UK, and now also in North America.”

ParkHub provides a complete parking technology ecosystem to optimize revenue-driven parking operations, including facilitating payments and delivering real-time business insights for parking operators and venue management companies across North America, serving some of the largest sports and entertainment venues, universities, municipalities and commercial asset holders. JustPark will continue to leverage its technology to facilitate an online marketplace in the UK by matching drivers with available parking spaces and monetizing unused parking capacity. Together, ParkHub and JustPark currently serve more than 20 million drivers and more than 500 B2B customers, representing $1 billion+ in booking volume. JustPark’s Eskinazi will continue to lead the UK business.

“We are excited to invest in JustPark’s vision to provide the world’s best parking experiences and look forward to leveraging the combined company’s capabilities for our marquee customers across North America and the UK,” said Jeff Shanahan, CEO at ParkHub. “Having successfully worked with FTV in the past, I’m confident that their track record and extensive expertise within the vertical software and payments space make them the ultimate value-add partner to complement LLR as we chart this next phase of growth.”

The accelerating transition from cash to digital payments and growing adoption of prepaid parking has precipitated a need for an end-to-end platform that helps high-velocity parking facilities more efficiently manage their parking operations. Adding to this momentum, primary ticketing vendors are increasingly relying on partnerships with prepaid parking providers for on- and off-venue parking to help improve ingress and effectively manage parking reservations. With this acquisition, we believe that ParkHub is well positioned to capitalize on these industry tailwinds by leveraging JustPark’s parking reservations and mobile payments capabilities.

“Both ParkHub and JustPark stand out as category-leading vertical SaaS and payments platforms in their respective markets, and we’re excited to help these two complementary, yet distinct, offerings come together and accelerate growth in the expansive parking software and payments market,” said Kyle Griswold, partner at FTV Capital. “We’re also thrilled for the opportunity to once again partner with both Jeff and LLR. Jeff has been a leader at several successful FTV portfolio companies and has extensive experience growing and scaling vertical software and payments companies.”

“We are thrilled to announce our combination with JustPark, and to partner with Anthony and the entire JustPark team. Together, we will continue to provide our customers and partners with industry leading parking software and payment solutions,” said Ryan Goldenberg, partner at LLR Partners. “In addition, we welcome FTV Capital to ParkHub’s board of directors and look forward to a successful strategic partnership.”

As part of this growth investment, Kyle Griswold and Adam Hallquist, principal at FTV Capital, joined ParkHub’s board of directors.

About ParkHub

ParkHub is the leading integrating software, payments, and data insights provider for the North American market. ParkHub solutions include multiple payment options, real-time operational data, robust performance analytics, dynamic pricing, and is the industry leader in seamless integrations with the nation’s renowned ticketing and parking reservation providers. For more information, visit ParkHub.com.

About JustPark

JustPark, established in 2006, is the UK’s favorite parking app, parking a car every 2 seconds. With 13 million drivers and more than 250,000 spaces – including 50,000 residential spaces and some of the UK’s biggest councils and car parking companies, JustPark markets and monetizes both unused driveways and car park capacity, benefitting drivers and creating revenue for space owners. Their investors include Index Ventures, LocalGlobe, Itochu and 10,000 retail investors via Crowdfunding.

About FTV Capital

FTV Capital is a sector-focused growth equity investment firm that has raised $6.2 billion to invest in high-growth companies offering a range of innovative solutions in three sectors: enterprise technology and services, financial services, and payments and transaction processing. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network®, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for two decades. Founded in 1998, FTV Capital has invested in 140 portfolio companies,  including BillingPlatform, EBANX, Kore.ai, LoanPro, Ottimate, ReliaQuest, True Potential and Vagaro, and successfully exited/partially exited companies including CardConnect (acquired by First Data), Enfusion (NYSE: ENFN), Globant (NYSE: GLOB), InvestCloud (recapitalized), RapidRatings (recapitalized), Strata Fund Solutions (acquired by Alter Domus), Vpay (acquired by Optum) and WorldFirst (acquired by Ant Financial). FTV has offices in San Francisco, New York, Connecticut and London. For more information, please visit www.ftvcapital.com and follow the firm on LinkedIn.

About LLR Partners

LLR Partners is a private equity firm investing in technology and healthcare businesses. We collaborate with our portfolio companies to identify and execute on key growth initiatives and help create long-term value. Founded in 1999 and with more than $6 billion raised across seven funds, LLR is a flexible provider of equity capital for growth, recapitalizations and buyouts. Learn more at www.llrpartners.com and follow the firm on LinkedIn.

Contact

Prosek Partners on behalf of FTV Capital
Alexa Ottenstein
Pro-ftvcapital@prosek.com
646-818-9051

Categories: News

Funding for TripleMed to achieve CE marking

Brightland Venture Partners

 

Funding for TripleMed to achieve CE marking
Afbeelding


Solutions for better treatment of aortic aneurysms step closer

Geleen, March 21, 2024.

TripleMed BV is a medical startup focused on improving the treatment of aortic aneurysms. A consortium of existing and new investors has contributed more than two million euros to enable the clinical trials needed for CE marking and market launch. The aim is to achieve CE marking early in 2025. LIOF previously invested from the Limburg Business Development Fund (LBDF) and has now taken a stake in the company through the Participation Fund. Existing shareholder Brightlands Venture Partners (BVP) reinvested in TripleMed from its Chemelot Ventures fund.

Lenn Houbiers, investment manager at LIOF: “The TripleMed solution will eventually lead to more efficient management of aortic aneurysms, better quality of life and lower healthcare costs. In doing so, TripleMed makes an important contribution to the health transition, one of the transitions on which LIOF is strongly focused.”

Solutions under development
TripleMed is currently conducting clinical studies at a number of hospitals in the Netherlands and Belgium to validate AneuFix Endoleak Repair (fixing a leak after aneurysm surgery) and AneuFill Prophylactic Sac Filling (preventive insertion of a polymer to prevent leaks). The AneuFix/AneuFill concept is a 2-component polymer in a syringe. Upon insertion, the 2 components are mixed and then harden into an elastic permanent implant in the aneurysm.

Clinical trials started in 2020, 33 patients have been treated to date. The interim results of the clinical trial are very positive, in 89% of the patients the leakage remains stopped for a long time. By the end of 2024, the company hopes to have treated 57 patients and thus completed the clinical study so that CE marking can be obtained for AneuFix, followed in 2026 by CE marking for Aneufill.

“We are pleased with the new financial injection that will allow us to continue our research and achieve the certification required for the market launch of both products” said Tjeerd Homsma, CEO of TripleMed.”

Extent of aortic aneurysms
More than 150,000 patients worldwide are treated for aortic aneurysms each year. As many as 10-15% of all aortic aneurysms previously treated with stent-grafts experience leakage and further growth of the aneurysm. No effective treatment currently exists for this.

About TripleMed
TripleMed was founded in 2011 by three reputed vascular surgeons, Dr. Hans Brom, Dr. Alexander de Vries and Prof. Dr. Michael Jacobs. The company is based at the Brightlands Chemelot Campus in Geleen. TripleMed focuses on developing innovative and cost-effective solutions for the treatment of aortic aneurysms.
Despite the obvious benefits of endovascular treatment using endoprostheses, the procedure is associated with a relatively high number of complications and repeat operations in the years following the initial surgery, which has a major impact on patients’ quality of life and high costs. With its products, TripleMed expects to make a significant improvement to more effective and cost-efficient treatment of aortic aneurysms.
More information:  www.triplemedical.com.

About Brightlands Venture Partners
Brightlands Venture Partners (BVP) is the fund manager of Chemelot Ventures and is a so-called ecosystem investor. BVP invests in companies benefiting from and contributing to the Brightlands campuses in the south of the Netherlands. Other funds under management are BVP Fund IV, Brightlands Agrifood Fund and Limburg Ventures. Chemelot Ventures has a portfolio of investments in startups and scaleups in sustainability and health. Together the BVP funds have made over 50 investments.
More information on https://brightlandsventurepartners.com/.

AneuFill procedure - TripleMed.PNG

Image on the left: During the procedure, AneuFill polymer is inserted through a filling catheter immediately after the endoprosthesis is placed (green).
Image on the right: The entire space of the aneurysm around the endoprosthesis is filled with AneuFill polymer (blue).

 

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KKR Invests In Avantus To Support Renewable Energy Deployment In The United States

KKR

Transaction Marks First U.S. Investment from KKR’s Global Climate Strategy

NEW YORK–(BUSINESS WIRE)– Today, KKR, a leading global investment firm, announced the signing of a definitive agreement pursuant to which investment funds and accounts managed by KKR agreed to acquire a majority stake in Avantus, a premier U.S. developer of large utility-scale solar and solar-plus-storage projects. Following the close of the transaction, KKR and existing investor EIG, a leading institutional investor in the global energy and infrastructure sectors, will be the sole equity investors in Avantus. Both equity sponsors are dedicated to supporting the next phase of Avantus’ growth, including having secured commitments for a substantial development financing facility alongside their equity commitments to the company, totaling upwards of $1 billion in the aggregate.

Founded in 2009, Avantus supports solar and energy storage development throughout the project lifecycle – from selecting a project site through operations – and owns a large project pipeline of 30 GWp of solar and 94 GWh of battery storage, enough to provide 20 million people with clean, reliable power. The company has a substantial presence and track-record of successful development in the southwestern U.S. and California power markets, which are among the highest-quality markets for development in the U.S. Since its founding, Avantus has developed and sold 6.5 GWp and 6.3 GWh of solar and storage projects, respectively.

Avantus is poised to benefit from material secular tailwinds supporting renewables development in the United States. According to BloombergNEF, global energy transition investment needs to almost triple from today’s investment levels to align with global climate goals. Together, investment in renewable energy and power grids is expected to continue to draw the largest share of energy transition spending.1

“To support an economy-wide energy transition, there is a need to significantly expand renewable energy generation by 2050 and enable grid electrification. Because of these tailwinds, we see enormous opportunity for Avantus. The company’s impressive team and development track record, coupled with its mature project pipeline, set it apart from other renewables developers,” said Charlie Gailliot, Partner and Co-Head of Global Climate Strategy, KKR. “We are delighted to support Avantus in realizing its full potential.”

Cecilio Velasco, Managing Director in KKR’s Infrastructure team, added, “We look forward to working with Avantus and EIG and leveraging KKR’s substantial resources and operational expertise to accelerate the growth of the business. Today marks the beginning of a new era for the company, one that will help further the transition of the power sector through sustainable, clean energy solutions.”

Blair Thomas, EIG Chairman and CEO, said, “EIG has been pleased to support Avantus since 2021, through capital solutions uniquely tailored to the company’s needs and goals. Throughout our partnership, Avantus has maintained and extended its position as one of the leading and most innovative renewables developers in the United States, helping to spur the industry’s rapid growth and expanding access to affordable, reliable and clean energy. We are excited to continue working with the Avantus team and are pleased to welcome KKR as we pursue the next phases of Avantus’ growth and evolution.”

“Solar is the fastest growing electricity source in the U.S.2, and along with energy storage, will serve as the backbone of a modern electric grid that is clean, reliable and resilient,” said Patrick Goff, Chief Financial Officer at Avantus. “KKR’s investment provides Avantus the financial backing and expertise to execute on our ambitious portfolio and lead the energy transition across the Western United States. We are thrilled to embark on this new chapter with KKR and EIG and continue our company’s growth.”

Following the closing of the transaction, KKR will support Avantus in creating an equity ownership program to provide all employees the opportunity to participate in the benefits of ownership of the company. This strategy is based on the belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars of total equity value to over 60,000 non-management employees across more than 40 companies.

With over 15 years of experience in infrastructure investing, KKR has deep expertise in renewable energy and climate-related investments and has invested more than $15 billion in this sector from its infrastructure platform alone. KKR is funding the investment from its global climate strategy, which is dedicated to investing in solutions at scale to support the transition to a low-carbon economy.

Jefferies LLC acted as sole financial advisor to KKR. KKR Capital Markets and Sumitomo Mitsui Banking Corporation (SMBC) acted as the lead structuring agents and arrangers of a development financing facility for the Company. Scotiabank served as financial advisor to Avantus.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Avantus

Avantus is shaping the future by making reliable, low-cost clean energy a global reality. Our legacy of leadership in next generation solar energy includes developing one of the nation’s largest solar clusters and one of the first projects to beat fossil fuel prices back in 2016. Today, we are expanding the boundaries of existing technologies to build one of the largest portfolios of solar plants with integrated storage, capable of providing 20 million people with affordable, zero-emission energy – day and night.

For more information, please visit www.avantus.com, and follow Avantus on LinkedIn.

About EIG

EIG is a leading institutional investor in the global energy and infrastructure sectors with $22.9 billion under management as of December 31, 2023. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 41-year history, EIG has committed over $47.1 billion to the energy sector through over 405 projects or companies in 42 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG’s website at www.eigpartners.com.

___________________________
1 BloombergNEF: Energy Transition Investment Trends 2024
2 U.S. Solar Market Insight 2023 Year in Review

Media:
KKR
Liidia Liuksila
(212) 750-8300
media@kkr.com

Avantus
Katie Struble
press@avantus.com

EIG
FGS Global
Kelly Kimberly / Brandon Messina
+1 212-687-8080
EIG@fgsglobal.com

Source: KKR

 

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Montagu to acquire Johnson Matthey’s Medical Device Components business

Montagu
Montagu, a leading private equity firm, has announced that it has agreed to acquire the carved-out Medical Device Components business (MDC) of Johnson Matthey Plc.

MDC develops and manufactures miniature components for minimally invasive medical devices used in high-growth clinical specialties. It focuses on complex and high-precision components made from Platinum Group Metals and Nitinol, with decades of expertise in the metallurgy, micro-machining, and coating of these specialty alloys.  As one of the few suppliers globally with the ability to design and produce these specialty components with the required scale and quality, MDC plays a crucial role in its markets and is uniquely positioned to support its blue-chip customers to accelerate innovation and improve patients’ lives. With manufacturing sites in the USA (San Diego), Mexico (Mexicali) and Australia (Tullamarine), MDC supports its customers on a global basis.

After the transaction closes, MDC will operate as a new standalone company, led by its existing management team.

MDC Chief Executive Don Freeman said: “We are delighted to be partnering with Montagu in the next phase of MDC’s development. They bring a significant amount of expertise in healthcare and in particular IP-led medical devices, and they share our ambitions for the business over the coming years, both organically and through M&A.”

We are delighted to be partnering with Montagu in the next phase of MDC’s development. They bring a significant amount of expertise in healthcare and in particular IP-led medical devices.

Don Freeman, Chief Executive, Medical Device Components

Adrien Sassi, Partner at Montagu said: “The carve-out of MDC aligns strongly with Montagu’s approach. MDC has rare and hard to replicate capabilities that enable it to handle the most complex and demanding precision-engineered components at scale. With support from Johnson Matthey, Don and his team have positioned the business to capitalize on the fast growth of its underlying markets and blue-chip OEM customers. We look forward to supporting their ambitious expansion plans.”

We look forward to supporting their ambitious expansion plans.

Adrien Sassi, Partner, Montagu

The transaction is subject to customary regulatory approvals and closing conditions.

This is Montagu’s second carve-out transaction announcement in three months. The firm completed its acquisition of Cook Medical’s biotech business unit in January and its subsequent merger with RTI Surgical. Since 2002, Montagu has initiated and successfully implemented over 30 carve-outs.

Raymond James & Associates, Inc. acted as financial advisor, Kirkland & Ellis LLP as legal advisor, and PwC as transaction advisor to Montagu.

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