Tag Archives: healthcare

EQT Life Sciences announces strategic alliance of its portfolio company iSTAR Medical with AbbVie

eqt

Alliance will provide opportunity for AbbVie to further expand its diverse eye care portfolio and provide additional treatment options for glaucoma patients.

Collaboration further supports the role of MINIject® in the treatment of glaucoma and accelerates goal to bring MINIject to more patients globally.

Deal terms include a $60M upfront payment to iSTAR Medical.

iSTAR Medical to continue development and commercialization of the MINIject device up to completion of the U.S. PMA study.

EQT Life Sciences today announced that AbbVie (NYSE: ABBV) and iSTAR Medical SA have entered into a strategic transaction to further develop and commercialize iSTAR Medical’s MINIject® device, a next-generation minimally invasive glaucoma surgical (MIGS) device for patients with glaucoma. This complementary alliance will support iSTAR Medical’s development and commercial efforts for MINIject®, as well as provide an opportunity to expand AbbVie’s eye care business, building on its glaucoma portfolio which includes drops, sustained release implants, and stent offerings. iSTAR Medical is a portfolio company of the LSP Health Economics Fund 2 managed by the EQT Life Sciences team.

MINIject® received Conformité Européenne (CE) marking approval to commercialize in European countries in the last quarter of 2021 and launched commercially in select European countries in early 2022. iSTAR Medical is currently enrolling a U.S. Pre-Market Approval study (STAR-V) to enable commercialization in the U.S.

“As a leading company in eye care with a commitment to a broad and diverse portfolio from the front to the back of the eye, along with our global footprint and infrastructure in glaucoma, we are well-positioned to support bringing this MIGS offering to patients and glaucoma specialists through this strategic alliance,” said Michael Robinson, M.D, Vice President, Global Therapeutic Area Head of Eye Care, AbbVie. “This alliance with iSTAR Medical is an important step as we continue to be an innovator in glaucoma by maximizing the value of interventional approaches throughout the treatment paradigm.”

“Today’s announcement is validation of the transformational role of MINIject in the treatment of glaucoma,” said Michel Vanbrabant, Chief Executive Officer, iSTAR Medical. “Our commitment has always been to enable more glaucoma patients globally to be treated effectively in a minimally-invasive manner with our MINIject® MIGS device, and this alliance accelerates that goal, especially in the United States. We will benefit from AbbVie’s strong global experience and knowledge base already established in glaucoma, and we are excited to be working with such a world class team.”

Under the terms of the agreement, iSTAR Medical will receive a $60M non-dilutive upfront payment and will continue to develop and commercialize MINIject® until completion of the STAR-V clinical study. AbbVie will hold the exclusive right to acquire iSTAR Medical and lead subsequent global development and commercialization of the MINIject device. If AbbVie exercises the right to acquire iSTAR, the stockholders of iSTAR Medical would also be eligible to receive additional contingent payments of up to $475M in a closing payment and upon achievement of certain predetermined milestones.

iSTAR Medical will remain an independent company through the completion of the STAR-V study. This financing will support the continued development and commercialization of MINIject®, including ongoing clinical studies and further enhancements to the technology. SVB Securities LLC acted as financial advisor to iSTAR Medical.

Forward-Looking Statements
Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “project” and similar expressions, among others, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, failure to realize the expected benefits from AbbVie’s acquisition of Allergan plc (“Allergan”), failure to promptly and effectively integrate Allergan’s businesses, competition from other products, challenges to intellectual property, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry and the impact of public health outbreaks, epidemics or pandemics, such as COVID-19. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie’s operations is set forth in Item 1A, “Risk Factors,” of AbbVie’s 2021 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its subsequent Quarterly Reports on Form 10-Q. AbbVie undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

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Meridian Adhesives Group Acquires Design Polymerics

September 9, 2022

Houston, TX- Meridian Adhesives Group (Meridian) announced today the acquisition of Design Polymerics, a manufacturer of high-performance sealants, adhesives, insulation mastics and indoor air quality products.

Design Polymerics was acquired by Lyle Davis in 1993, and the company has grown steadily over the past three decades. Through the company’s dynamic product line, commitment to sustainability, technical expertise and close partnerships with its customers, Design Polymerics has become a leader in the HVAC, Insulation and Indoor Air Quality industries.

“We are very excited about joining the Meridian team,” said Davis. “We believe Design Polymerics found the perfect partner to continue its growth and technical experience in our industry. We look forward to implementing manufacturing capabilities throughout the United States to better serve our customers while introducing new, innovative products to remain a leader in the HVAC, Insulation and IAQ industries.”

Design Polymerics will join Meridian’s Industrial Product Assembly Division alongside American Sealants, Inc.

“We are thrilled to have Design Polymerics join the Industrial Product Assembly Division of Meridian,” said Andrew Zaremba, President of the division. “We are looking forward to adding their proven product line to our portfolio and extending our reach into the HVAC market through Design Polymeric’s reputation as an industry leader in this space.”

This addition brings Meridian’s portfolio to 17 acquisitions and comes a day after American Securities’ announcement of the acquisition of Meridian from Arsenal Capital Partners.

“Design Polymerics is an excellent addition to our portfolio,” said Daniel Pelton, CEO of Meridian. “Management has built a solid adhesives company with a proven track record in the HVAC market, and I am excited to have Design Polymerics on board as we extend the Meridian footprint into new markets. This is the first of a new series of acquisitions to come with our new ownership American Securities, and we are thankful for their support as we continue to aggressively advance in the adhesives market.”

About Meridian Adhesives Group
Meridian Adhesives Group is a leading manufacturer of high-value adhesive technologies. With a broad portfolio of dynamic solutions, Meridian serves the electronics, infrastructure, and industrial (flooring, packaging, and product assembly) markets. The group’s operations are located in the Americas, EMEA, and Asia, with a multitude of sales/service offices worldwide that are positioned to serve Meridian’s global customer base. For more information, visit https://meridianadhesives.com.

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Balance Point Announces its Investment in Apollo Intelligence, LLC

Balance Point Capital
Westport, CT, September 8, 2022 – Balance Point Capital Advisors, LLC (“Balance Point”), in conjunction with its affiliated fund, Balance Point Capital Partners V, L.P., is pleased to announce an investment in Apollo Intelligence, LLC (“Apollo”, or “the Company”).  Balance Point provided debt capital as part of a flexible financing solution as part of Frazier Healthcare Partners’ (“Frazier”) acquisition of the Company.
Founded in 2019, and headquartered in Watertown, MA, Apollo is a market leader in life science research and insights.  Apollo’s unique integration of healthcare stakeholder access, powerful tech-enabled analytic tools, and domain expertise enables global healthcare organizations to efficiently develop, refine, and deliver life-changing innovations.  Through the Company’s proprietary, global, healthcare professional (HCP) panels, agile research platform, and expert services, Apollo delivers valuable insights that help life science companies make timely, informed decisions.
“We are thrilled to support an established industry leader such as Apollo, and we are excited to partner for the first time with Frazier Healthcare Partners,” said Balance Point Managing Partner Seth Alvord.
“Apollo holds a clear leadership position in today’s life sciences research landscape, and we believe that Frazier adds significant experience and resources to help Apollo grow,” added Nathan Elliott, Senior Managing Director at Balance Point Capital.
Daniel S. Fitzgerald, CEO and president of Apollo, said, “We are happy to have Balance Point as part of our team.  They are constructive, know our industry well, and support our mission to accelerate health innovation to improve life, as well as our strategy for growth.”
About Balance Point
Balance Point is an alternative investment manager focused on the lower middle market. With approximately $1.7 billion in assets under management, Balance Point invests debt and equity capital in select lower middle market companies across a variety of investment vehicles. Balance Point takes a long-term, partnership approach to investing and is committed to building lasting relationships with its partners, management teams and intermediaries.  Balance Point is a registered investment advisor. Further information is available at www.balancepointcapital.com.
About Apollo Intelligence
Apollo Intelligence’s mission is to accelerate health innovation to improve life. In 2019, Apollo launched with the acquisition of InCrowd, the pioneer of real-time, automated insights for the life science industry. To complement InCrowd and strengthen its global reach, in 2020, Apollo acquired Survey Healthcare Global, a global market leader of first-party healthcare data collection and custom survey solutions. Apollo provides access to 2 million healthcare stakeholders worldwide—including physicians, patients, caregivers, and allied healthcare professionals. Apollo’s 250+ employees support top global pharmaceutical brands, market research agencies, and consultancies across 13 different countries in the Americas, Europe, and Asia. For more information about Apollo, please visit our website at www.apollointelligence.net.

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ONCAP Partners with Ideal Dental

TORONTO, SACRAMENTO, July 5, 2022 – ONCAP today announced it has made a significant investment in Ideal Dental Management Partners (“Ideal Dental” or the “Company”), in partnership with its affiliated doctors.
Ideal Dental is a specialty dental service organization focused on providing business and administrative services to specialty dental service providers. The Company partners with doctors who independently diagnose and treat their patients, providing orthodontic, pedodontics, oral surgery and other therapeutic services. Together, they deliver exceptional care through the latest innovation and technology and the best patient experience possible – treating every patient and their family members with empathy and respect.

“Ideal Dental is devoted to clinical and operational excellence and we’re thrilled to partner with such an exceptional operating team and group of distinguished doctors,” said Aly Hadibhai, a Managing Director with ONCAP. “We see an opportunity to accelerate the Company’s growth plan through organic and inorganic initiatives and look forward to working together in this next phase of its evolution.”

“ONCAP has an impressive track record working with multi-site consumer-facing businesses operating in fragmented industries, making it the right partner for us,” Alejandra Salonga, Vice President of Operations with Ideal Dental. “I am confident they will help fulfill Ideal Dental’s vision of becoming the premier specialty dental services organization in the Western U.S.”

The investment was made by ONCAP IV, Onex Corporation’s (TSX:ONEX) $1.1 billion private equity fund. The terms of the transaction are not being disclosed at this time.

About ONCAP
ONCAP is the mid-market private equity platform of Onex. In partnership with operating company management teams, ONCAP invests in and builds value in North American headquartered small- and medium-sized businesses that are market leaders and possess meaningful growth potential. For more information on ONCAP, visit its website at www.oncap.com.
Onex is an investor and asset manager that invests capital on behalf of Onex shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Onex’ two primary businesses are Private Equity and Credit. In Private Equity, we raise funds from third-party investors, or limited partners, and invest them, along with Onex’ own investing capital, through the funds of our private equity platforms, Onex Partners and ONCAP. Similarly, in Credit, we raise and invest capital across several private credit, public credit and public equity strategies. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, insurance companies and family offices. In addition, through our private wealth platform, we service high net worth clients in Canada. In total, as of March 31, 2022 Onex has $49.2 billion in assets under management, of which $8.2 billion is Onex’ own investing capital. With offices in Toronto, New York, New Jersey, Boston and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms. Onex is listed on the Toronto Stock Exchange under the symbol ONEX. For more information on Onex, visit its website at
www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.

About Ideal Dental Management Partners
Ideal Dental Management Partners was built on the shared passion and mission to provide exceptional dental care through the latest innovation and technology, and the belief that everyone deserves to have the confidence and positivity that comes from a healthy, beautiful smile. Ideal Dental Management Partners and the independent specialty dental care practices it supports operate 28 locations on the West Coast through its dental specialty brands. Combined, the brands have provided high-quality dental specialty care to more than 200,000 patients. Ideal Dental Management Partners is headquartered at 3075 Beacon Blvd., West Sacramento, CA 95691.

For Further Information:
Onex
Jill Homenuk
Managing Director – Shareholder
Relations and Communications
Tel: +1 416.362.7711
Ideal Dental
Alejandra Salonga
Vice President of Operations
info@idealdentalmp.com

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Intelerad announces significant investment from TA to accelerate growth

HG Capital

A joins Hg and ST6 in supporting Intelerad to advance clinical efficiency and patient care through innovative medical imaging technology.

RALEIGH, NC and MONTREAL, CANADA, July 14, 2022 – Intelerad, a leading global provider of enterprise medical imaging solutions, today announced that TA Associates (“TA”), a leading global growth private equity firm, has signed a definitive agreement to make a growth investment in the company. TA joins Intelerad’s majority investor, Hg, a leading software and services investor, and ST6, a highly experienced team of software operating executives and minority investor. The transaction is expected to close in the third quarter of 2022 pending customary regulatory approval.

“We’re excited to welcome TA as a partner on our continued journey to improve healthcare through innovative technology. With their deep industry knowledge and experience scaling healthcare technology companies, the addition of TA and continued support from Hg will help Intelerad to significantly advance our growth strategy and value to customers.”

Mike Lipps, CEO of Intelerad

Founded in 1999, Intelerad provides medical imaging software and enterprise workflow solutions to healthcare providers worldwide. Headquartered in Raleigh, NC and Montreal, Canada, the company serves nearly 2,000 customers around the world, including radiology groups, outpatient imaging centers, hospitals and healthcare systems, managing over 50 billion medical images and empowering more than 300,000 clinicians, who collectively read over 140 million exams on Intelerad’s platform each year.

“We have followed Intelerad for several years and continue to be impressed by its differentiated solutions, strong growth and leadership position.”

Mark Carter, a Managing Director at TA.

“Building on its momentum in the sector, we believe Intelerad is well positioned to further strengthen and expand its suite of solutions. We are supportive of Intelerad’s vision and excited to join the team as it enters the next phase of its growth journey,”

Ethan Liebermann, a Managing Director at TA

“Intelerad has built a platform that is making a difference in patient care by enabling significant efficiencies and speed-to-results for healthcare organizations. We’re proud to have supported the Intelerad team, who have achieved significant progress in such a short period, doubling the size of the business in two years.”

Hector Guinness and JB Brian, Partners at Hg

Globally, demand for scalable imaging and workflow solutions continues to increase as imaging sites consolidate and the volume of procedures grows, placing greater pressure on productivity. Intelerad’s growth strategy is to provide customers with one of the most scalable imaging platforms in the world, and as a result, Intelerad customers are already benefiting from an expanded suite of solutions, best-in-class flexibility, and increased support which will enable them to drive clinical efficiency and focus on providing enhanced patient care.

“The COVID-19 pandemic has intensified the challenges facing this industry and accelerated the demand to improve patient care. Intelerad has recognized this need and is actively working to make its customers more productive, more agile, and more responsive. We look forward to partnering with TA to promote organic development and pursue strategic growth opportunities. The new investment from TA will help Intelerad further deliver the critical value that our customers need right now.”

Mark Friedman, Intelerad Executive Chairman and Managing Director at ST6.

Kirkland & Ellis is providing legal counsel to TA. Skadden, Arps, Slate, Meagher & Flom LLP, DLA and McCarthy Tétrault LLP are providing legal counsel to Hg and Intelerad.

For further details:

Hg
Tom Eckersley
+44 (0)208 148 5401

Brunswick
Azadeh Varzi
+44 (0)207 404 5959
Hg@brunswickgroup.com

About Hg
Hg is a platform for software and services champions, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $40 billion, with an investment team of over 160 professionals, including a portfolio team of almost 50 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 45 software and technology businesses, worth over $100 billion aggregate enterprise value, with over 65,000 employees globally, growing at over 20% per year

Visit www.hgcapital.com for more information and sign up for the Hg Newsletter to stay updated with Hg and portfolio news.

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Adelis passes the baton in Nordentic to Corus

Adelis Equity

Adelis Equity Partners Fund I (“Adelis”) divests its majority stake in Nordentic, the largest dental labs Group in the Nordics, to Corus. Corus is a leading dental labs Group in Europe, with operations in France, Spain, the Netherlands, Belgium and Portugal.

Adelis invested in Nordentic in 2017, in partnership with the founders and key management of Nordentic, including the CEO, Johnny Tekin. During Adelis’ ownership, over 20 dental labs have come together as one Group, and as a pioneer in the technical development of the industry. By combining management’s deep industrial knowledge with strategic acquisitions and investments in lab technology, Nordentic has evolved as one of Europe’s leading dental labs Group, solely focusing on onshore/local production.

“Johnny, the rest of Nordentic’s management, and the lab managers have done a fantastic job transforming Nordentic as well as managing the company through the challenging times of Covid-19. We are proud of what we have achieved together and look forward to following Nordentic in its journey together with Corus”, say Hampus Nestius and Joel Russ at Adelis.

Thomas Berglund, Chairman of Nordentic says: “It has been an honor to work with the team of Nordentic. Through joint efforts, we have created a strong company for our customers, employees, and owners.”

“Adelis and our board of directors have been great partners to Nordentic, and I am very grateful for their contribution over the past years. They have been material in helping us set and deliver on the vision of Nordentic and have been a good speaking partner on both strategic and operational matters. I am very excited to join forces with Corus. We are both pioneers in the industry. I look forward to shaping the future of our industry together with them,” says Johnny Tekin, CEO of Nordentic.

The parties have agreed not to disclose the purchase price. The transaction is expected to close during Q3 2022.

Adelis was advised by Clearwater International, White & Case and Svalner on the transaction.

For further information:

Johnny Tekin, Nordentic, johnny.tekin@nordentic.com

Joel Russ, Adelis Equity Partners, joel.russ@adelisequity.com

Hampus Nestius, Adelis Equity Partners, hampus.nestius@adelisequity.com

About Nordentic

Nordentic is the leading dental lab company in Scandinavia with over 20 labs that have come together as one group since 2016. Nordentic has been a pioneer in the technical development of the industry. By combining management’s deep industrial knowledge with strategic acquisitions and investments in lab technology, Nordentic has evolved as one of Europe’s leading dental labs Group, solely focusing on onshore/local production.

About Adelis Equity Partners

Adelis is a growth partner for well-positioned, Nordic companies. Adelis partners with management and/or owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 35 platform investments and more than 150 add-on acquisitions. Adelis today manages approximately €2.5 billion in capital. For more information, please visit www.adelisequity.com.

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Gilde Healthcare Acquires Sanquin Reagents

GIlde Healthcare

The specialized private equity fund invests in scaling-up production and development of new medical tests

Gilde Healthcare, a specialized healthcare investor, today announces its intention to acquire Sanquin Reagents from Sanquin Health Solutions (SHS) with its private equity fund. Sanquin Reagents produces and sells blood group and immune reagents, materials needed for diagnostic research and drug development. Sanquin Reagents is an international producer in the field of hematology and immunology reagents, supplying tests to laboratories for medical diagnostics and research.

The investment by the private equity fund of Gilde Healthcare offers Sanquin Reagents the opportunity to scale up the production of diagnostic tests and to strengthen its leading position in the development of immunoreagents. Sanquin Reagents will remain located in the New West Health & Innovation District in Amsterdam, where it is part of an international platform of innovative companies and organizations in the field of transfusion medicine, hematology, oncology and immunology. Gilde Healthcare will invest in the growth of Sanquin Reagents’ high-quality scientific research team, building on its specialist knowledge and strong international reputation.

Sanquin Health Solutions (SHS) is active in the fields of diagnostics, in vitro reagents, technology innovation and science campus development. It invests in start-ups and scale-ups in order to foster future growth under new ownership. “Sanquin Reagents has been able to develop well within Sanquin’s network over the past few years. There is a great product line, a solid organization, and an incredible amount of knowledge and potential for new products. Under Gilde’s wing, Sanquin Reagents will certainly be able to grow and make even more of an impact. Patients worldwide will benefit from this,” says Pieter de Geus, Managing Director of SHS.

For Gilde Healthcare, the investment in Sanquin Reagents is the first investment of its recently announced €517 million Private Equity Fund IV (GHPE IV). “We are very happy with this announcement. We invest in companies that enable better healthcare at lower cost. Sanquin Reagents’ strong R&D focus on developing new reagents fits with this investment philosophy. We see ample opportunity to expand the unique research and production capabilities and develop new reagents,” said Hugo de Bruin, partner at Gilde Healthcare.

“We are proud of our history and the strong market position we have built. It is our ambition to become the most innovative developer and manufacturer of hematology and immune reagents. The collaboration with Gilde Healthcare enables us to attract new talent and expand our network,” says Harry Bos, PhD, Managing Director of Sanquin Reagents.

The acquisition, which is still subject to the usual approval under the Works Councils Act, is expected to be completed in the coming months.

Contact details:
Hugo de Bruin (Partner)
email: debruin@gildehealthcare.com
Mob: +31.6.55301905

Pieter van der Meer (Managing Partner)
email: vandermeer@gildehealthcare.com
Mob: +31.6.54308551

About Sanquin Health Solutions
It is the mission of Sanquin Health Solutions (SHS) to fully unlock and utilize the potential of blood and science for the benefit of patients. SHS is the parent company of Sanquin’s private activities in the fields of diagnostics, in vitro reagents, technology innovation and science campus development. SHS also has a number of participating interests. SHS is 100% owned by the Sanquin Blood Supply Foundation. Proceeds from SHS’s commercial activities benefit, among other things, its research activities, which are used to develop new drugs and treatment methods.

About Sanquin Reagents
Reagents are products used in hospital laboratories to demonstrate certain characteristics or abnormalities in blood samples. Sanquin Reagents was one of the first producers of blood group reagents. Sanquin Reagents develops a wide range of blood group and immune reagents in its own research facilities and diagnostic laboratories. The products are available worldwide through a network of distributors.

About Gilde Healthcare
Gilde Healthcare is a specialized healthcare investor managing over €1.9 billion ($2.0 billion) across two fund strategies: Private Equity and Venture&Growth. The firm is headquartered in Utrecht (The Netherlands) with local offices in Frankfurt (Germany) and Cambridge (United States). The Private Equity fund of Gilde Healthcare participates in profitable lower mid-market healthcare companies based in North-Western Europe. The Private Equity fund targets healthcare providers, suppliers of medical products and service providers to pharma, medtech and healthcare. Gilde Healthcare’s Venture&Growth fund invests in therapeutics, medtech and healthtech in Europe and North America. More information: www.gildehealthcare.com

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Arsenal Capital Partners Acquires Innovative Products & Equipment as its Second Investment to Build Leading Automation Solution Business

Arsenal Capital Partners

Expands Automation Capabilities in Medical Device and Life Sciences

August 23, 2022

New York, NY- Arsenal Capital Partners (“Arsenal”), a private equity firm that specializes in investments in industrial growth and healthcare companies, today announced that it has completed an investment in Innovative Products & Equipment, Inc. (“Innovative”), which it will combine with Eckhart, Inc. (“Eckhart”) to build a leading automation solutions provider serving highly complex applications in high-growth end markets. The terms of the Innovative acquisition were not disclosed.

Innovative, an automation solutions provider which focuses on the medical device and life sciences markets, represents Arsenal’s second investment in the automation sector, following the acquisition of Eckhart in December 2021. Together, Innovative and Eckhart will provide specialized automation solutions, including Factory of the Future (design simulation) services, single & multi-cell automation systems, and fully automated assembly lines, as well as automation technologies, including Autonomous Guided Vehicles (“AGVs”), Autonomous Mobile Robots (“AMRs”), thermal bonders, servo presses, and semi-automated tooling.

“We are excited to work with the Innovative team to enhance our delivery of advanced, end-to-end automation capabilities for our customers,” said Andy Storm, CEO of Eckhart. “Rich, Eric, Dale, Kevin and the rest of the Innovative team have developed a reputation in the medical device and life sciences markets for solving mission-critical issues for their customers, and we believe joining forces will position us well for our next phase of growth.”

Rich Brownstein, Principal and Co-President of Innovative, stated, “We are thrilled to partner with Arsenal, Andy, and the Eckhart team. The scale, capabilities, and resources that we can provide as a combined company will allow us to strategically accelerate growth as we support our global customer base with higher productivity, efficiency, and precision. Arsenal’s reputation and experience investing in innovation-forward industrial technology and healthcare companies gives us confidence in the future growth prospects of our industry and company.”

Sal Gagliardo, an Operating Partner of Arsenal, added, “Innovative is the latest example of our commitment to invest significant capital behind the substantial growth in automation and expand our presence in attractive, specialized end markets, such as medical device and life sciences.”

SVB Securities served as exclusive financial advisor and Ruberto, Israel & Weiner P.C. served as legal advisor to Innovative on this transaction.

Harris Williams LLC served as financial advisor and Kirkland & Ellis LLP served as legal advisor to Arsenal and Eckhart.

About Innovative Products & Equipment
Founded in 1980 and headquartered in Hudson, New Hampshire, Innovative provides complex automation and product & process development solutions to blue-chip customers in specialized markets, with a focus on medical device and life sciences. Innovative’s technologies and solutions include automated assembly and test systems, machine vision solutions, integrated robotics, and engineering services. For additional information, please visit www.ipeinc.com.

About Eckhart
Eckhart, based in Warren, Michigan, designs, builds, and sustains advanced industrial solutions used to solve complex manufacturing needs. Eckhart’s proven portfolio of Industry 4.0 technology includes autonomous guided vehicles (AGVs), collaborative robot systems, traditional robotics, assembly automation & simulation, 3D printing tool development & production, and Factory of the Future consulting for the world’s largest manufacturers. For more information, please visit www.eckhartusa.com.

Contact for Arsenal:
Jackie Schofield at Prosek Partners
Pro-Arsenal@prosek.com

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CVC Credit supports Astorg’s acquisition of OPEN Health

CVC Capital Partners

CVC Credit is pleased to announce that it has co-arranged the debt facilities to support leading global private markets firm Astorg, in its acquisition of OPEN Health, a leading global provider of scientific communications and market access services to the pharmaceutical industry.

Established in 2011 and with more than 1,000 employees in 15 locations and six countries, OPEN Health provides best-in-class scientific communications, health economics and outcomes research and market access services for more than 170 life sciences customers. Driven by new specialty drug launches and increased outsourcing by pharmaceutical companies, OPEN Health’s large addressable market is forecast to grow at 9-10% p.a. between 2021 and 2025 and enjoys high barriers to entry with large pharma companies looking for credible partners with long track records. OPEN Health is highly cash generative and has a track record of capitalising on cross-selling opportunities across its sticky customer base.

Quotes

OPEN Health is a great business, with significant sector experience, a high-quality management team and a blue chip customer base

Moris Nachmias Director, CVC Credit

Moris Nachmias, Director at CVC Credit, commented: “OPEN Health is a great business, with significant sector experience, a high-quality management team and a blue chip customer base. We are confident that Astorg, with its market expertise, will be the perfect partner to accelerate growth at OPEN Health and continue to build on the company’s successful track record of innovation.”

Andrew Davies, Partner and Co-Head of Private Credit at CVC Credit added: “I am delighted that we were able to secure our position as a partner for this opportunity. Our aim is always to partner with top-quality sponsors and back strong, stable businesses, and this is certainly the case with OPEN Health.”

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AURELIUS sells operating business of Transform Hospital Group to Y1 Capital

Aurelius Capital

Munich, August 16, 2022 – AURELIUS announces the disposal of Transform Hospital Group’s operating business to the UK-based private equity firm Y1 Capital. The transaction includes the cosmetic surgery and medical aesthetics business. Transform Hospital Group (THG) was formed, during AURELIUS’ ownership, from the merger of separate businesses Transform and The Hospital Group.

In the UK, THG is a provider of healthcare and wellbeing services in surgical and non-surgical cosmetic procedures, as well as weight loss treatments. THG has approximately 330 employees and operates a network of 11 outpatient clinics in England and Scotland, as well as operating two dedicated state-of-the-art surgical procedure hospitals. The company was founded as Transform in 1974, is headquartered in Manchester and initially started in the hair treatment business. In 1984, the first hospital was opened in Bowdon (South Manchester). By 1996, the first clinic was opened in Scotland. A flagship cosmetic surgery hospital was launched in Manchester in 2005. Transform was acquired by AURELIUS in 2015 and subsequently merged with The Hospital Group in 2016. In 2020, THG demonstrated its importance to the UK healthcare system, adapting its hospital operations to help support the NHS in the COVID-crisis.

Following a competitive sale process, the private equity-healthcare specialist Y1 Capital has been identified as the buyer best suited to further unlock the company’s full potential. Y1 Capital owns a portfolio of trading healthcare businesses across the UK and Europe. Therefore, the buyer will be able to take advantage of synergies with their Signature Medical business, which offers Cosmetic Surgery and Hair Transplants. The former THG-Chief Executive Officer and current Chief Executive Officer of Y1 Capital, Tony Veverka, will also be able to support the business with his deep market expertise.

“The last few years have been exceptionally challenging – especially in the healthcare sector. During the COVID-crisis, the THG team made an enormously valuable contribution to safeguarding access to healthcare in the UK, whilst supporting the NHS. Our thanks goes to all involved at THG, for their ongoing efforts. Under the ownership of Y1 Capital, AURELIUS looks forward to seeing THG thrive, utilising the synergies with Signature Medical.”, says Gerhard Engleder, Vice President at AURELIUS.

Signing and closing of the transaction took place on August 15, 2022. While the operating businesses for cosmetic surgery and medical aesthetics is sold to Y1 Capital, AURELIUS will continue to own The Pines hospital located in Manchester. The financial terms of the deal are not being disclosed.

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