Tag Archives: healthcare

EQT VII acquires health technology company Certara for USD 850 million

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  • EQT VII acquires Certara, the global leader in model-informed (in silico) drug development and regulatory science, focused on optimizing drug development and improving health outcomes
  • Certara’s solutions help to inform and accelerate drug development and regulatory approval processes, while addressing the key efficacy, safety, productivity and commercial challenges facing the biopharma industry
  • EQT VII to support Certara’s growth trajectory by leveraging EQT’s operational and financial resources, including its global network of industrial advisors and deep expertise within the healthcare and pharmaceutical services sectors

Princeton, NJ and New York, NY, July 11, 2017 – The EQT VII fund (“EQT VII”) today announced that it has agreed to acquire Certara (the “Company”), the leading provider of technology-driven decision support solutions for drug development, for an enterprise value of USD 850 million. The Company is being acquired from Arsenal Capital Partners. As part of the transaction, Arsenal Capital Partners will retain a minority ownership stake in Certara, with the Company’s current management team, led by Edmundo Muniz, MD, PhD, continuing to lead the organization, building on a multi-year track record of both organic growth and strategic acquisitions.

Certara is the leading provider of model-informed drug development technology and services, as well as a best-in-class provider of regulatory science, writing, and submission management software and services. Certara’s solutions help inform the drug development and regulatory approval process and address the key efficacy, safety, productivity and commercial challenges facing the biopharma industry. The Company serves 1,200 commercial companies, 250 academic institutions and numerous regulatory agencies, across 60 countries. Certara is headquartered in Princeton, New Jersey with over 500 employees globally, including key operations and senior management in Northern Europe.

Eric Liu, Partner at EQT Partners, Investment Advisor to EQT VII said: “We are deeply impressed by what the Certara management team has accomplished over the last few years. Today, Certara is the global leader in an exciting and rapidly developing market, uniquely positioned to transform the field of drug development. Under Edmundo’s leadership the Company has assembled a strong and visionary management team and a highly-talented scientific staff, while fostering a mission-driven culture and accelerating growth. We are excited to support the development of Certara through continued investment in next generation technology, further international expansion and complementary acquisitions.”

“We are excited to team up with EQT as we look toward Certara’s next phase of growth,” said Edmundo Muniz, MD, PhD and CEO of Certara. “This new strategic partnership with EQT will enable us to strengthen our core offerings as well as to capitalize on transformative next-phase growth opportunities. We are looking forward to a great partnership that will benefit our customers, our employees, and our industry.”

Centerview Partners is serving as financial advisor and Simpson Thacher & Bartlett LLP is serving as legal advisor to EQT VII. Jefferies LLC is serving as lead financial advisor and William Blair & Company as co-advisor to Certara. DLA Piper and Morgan, Lewis & Bockius LLP are serving as legal advisors to Certara.

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Gimv invests in Arseus Medical, leading distributor of medical equipment and consumables

Gimv

06-07-2017 17:45

Gimv invests in Arseus Medical, leading distributor of medical equipment and consumables

Today, Gimv announced an investment of EUR 15 million in Arseus Medical (www.arseus-medical.be), distributor of equipment and consumables for the medical sector (hospitals, medical specialists, care homes) and supplier of associated services. Gimv takes a substantial interest in the company in addition to the entrepreneurs Cedric De Quinnemar and Jan Ponnet, who took over Arseus Medical in 2014 and who will also stay on board after this transaction. All parties will provide growth capital with the objective of allowing the firm to continue to grow at an accelerated pace in the coming years.

Under the auspices of the current management, the work in the past few years established a strong structure, clear segmentation and a number of expansions including 3 complementary takeovers. In the new partnership with Gimv, Cedric De Quinnemar (current CEO) and Jan Ponnet will continue to contribute to the further growth of the company as members of the Board of Directors. In addition, room will be created for the appointment of a new CEO with a strong MedTech-expertise, helping to lift the firm to the next level.

Arseus Medical NV

From its head office in Bornem  (Belgium),  Arseus is active in the following four market segments; ophthalmology (exclusive distribution of high-tech equipment to ophthalmologists), specialised medical equipment on an exclusive basis for numerous other specialisations (such as cardiology, gynaecology, laser surgery, intensive care units, neuro and vascular surgery, etc.), medical supplies (sale and rental of mobility articles, orthopaedic materials and ostomy and incontinence materials), and the provision of first line care (diagnostics, consumables and devices for general practitioners, rest homes and home care).

In each of these four market segments, the firm holds a leading position and has a strong basis to build on and to expand into adjacent markets. In 2016, Arseus Medical realised a turnover of EUR 30 million with 90 employees, half of whom hold commercial positions.

For the coming years, Arseus Medical has the ambition to grow both organically and by doing acquisitions, while capitalising on an increased demand for care from an ageing population and technological developments that will enable it to provide better care at a lower cost. The company also has the ambition to lead the consolidation in the Benelux of what has been a fragmented market until now. By providing this growth equity, all parties want to strengthen the company’s market position and  grow in each of the four segments. The further internationalisation of the firm is also a priority, with the Dutch market as primary focus. Gimv’s experience in MedTech and Health Care Services is a valuable addition to Arseus Medical, which feels its strategic plan will be bolstered by it.

Cedric De Quinnemar, CEO Arseus Medical, on this transaction: “This collaboration will enable to speed up the current growth trajectory and will also further establish the company as clear market leader. There are a number of possibilities in each of these segments which we can capitalise on more assertively with the new structure. These include, for example, the commercialisation of innovations and new care models, the takeover of interesting complementary companies and the expansion of our services. This will make us an even more valuable partner for our clients, suppliers and personnel.”

Dr. Peter Byloos, Partner within the Gimv Health & Care platform, adds: “The current Arseus Medical is an ideal platform for further acquisitions in a number of specialised sectors at home and abroad. The objective is to further integrate services and thus to create long-term value in a consolidating care sector. We are looking forward to realising this plan with the strong team of Arseus Medical in the coming years.”

In addition to Breath Therapeutics, ImCheck Therapeutics and MVZ Holding, this is the fourth investment by the Gimv Health & Care platform this year. Through the Gimv Health & Care Fund, its specialised team invests in mature health care companies as well as innovative concepts in the care sector. The fund’s current portfolio includes companies such as Almaviva Santé, Benedenti, Eurocept, Equipe Zorgbedrijven, MVZ Holding and Spineart. With the Arseus-partnership, the team continues to build a strong portfolio of growth companies in the healthcare sector in Belgium and neighbouring countries.

No further financial details about the transaction will be announced.

 

www.private-equitynews.com

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3i to invest c.$136m in Cirtec Medical


3i Group plc (“3i”) today announces that it has agreed to invest c.$136m in Cirtec Medical (“Cirtec”), a leading provider of outsourced medical device design, engineering and manufacturing. 3i will invest alongside management.

Cirtec is headquartered in Brooklyn Park, Minnesota and has been in operation for over 25 years. It operates three facilities across the United States and has over 400 employees.

The company specialises in outsourced solutions for active implantable devices in the areas of neuromodulation, drug delivery, cardiac rhythm management, ventricular assist and minimally invasive devices. Customers rely on Cirtec’s expertise to provide value-add solutions throughout the entire development cycle to help bring life-enhancing therapies to market.

Cirtec has an attractive customer base mix comprised of both traditional blue-chip OEMs (Original Equipment Manufacturers) and fast growing start-up companies.

The medical device outsourcing (MDO) market is expected to grow at a high single digit rate over the next five years, as medical device OEMs increasingly focus on core competencies of R&D and commercial initiatives. Cirtec is strategically positioned to serve the most attractive therapeutic end-markets that are set to grow at a rate beyond the broader MDO industry.

Richard Relyea, Partner at 3i, US commented:

“We are pleased to announce our investment in Cirtec. We look forward to working with the management team to build upon this strong platform for growth, in particular, leveraging our local presence and network to help accelerate the company’s expansion.”

Brian Highley, CEO, Cirtec added:

“We look forward to partnering with 3i. We feel that their approach, sector understanding and international reach makes them the right partner to support the next stage of our growth.”

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KRY, the Swedish video-based healthcare provider, announces €20m Series A investment

KRY (kry.se), the Swedish digital health startup that makes healthcare more accessible and convenient through on-demand video consultations, today announces a €20m ($23m) Series A funding round led by global venture capital firm Accel with participation from existing investors Index Ventures, Creandum, and Project A. Index led KRY’s Seed round in 2016.

KRY will use the funding to deepen penetration in current markets, launch in new markets, and reach its goal of providing sustainable healthcare with equal access for everyone in Europe. As part of the investment, Sonali de Rycker, who led Accel’s investments in Spotify and Avito, will join KRY’s board.

KRY reduces pressure on highly strained healthcare systems, by offering a more accessible and convenient digital consultation service. KRY estimates that with existing technology, 90% of all primary care visits can be transferred online in future, with the service currently capable of handling 60% of the 100 most common diagnoses in primary healthcare. By using KRY, patients who do not need a physical examination can see a doctor faster, while time at a physical clinic is freed up for those who are most in need of in-person care. Additionally, KRY increases accessibility for those who may have difficulties travelling to a clinic due to long distances, waiting times, mental/physical disability, or language barriers. In contrast to other telemedicine companies, KRY is not built for the healthcare industry, with the company focussing on customer service and experience.

Johannes Schildt, KRY CEO and co-founder, comments: “KRY is built by patients, for patients. Our main priority is always to build a service that allow patients equal access to healthcare on their own terms. We welcome Accel who share a great ambition for healthcare to be revolutionised across Europe.”

Sonali de Rycker, Partner at Accel, adds: “KRY brings tremendous efficiencies and cost savings to the healthcare system while providing much needed access to timely healthcare for consumers. We are thrilled to back Johannes and the KRY team, who have already achieved impressive growth in Sweden, Norway and Spain in a short period of time.”

How KRY works

Stockholm-based KRY is Sweden’s first ever digital medical centre, allowing patients to have a video consultation with a KRY-employed healthcare professional via their mobile phone or tablet, rather than a physical appointment. KRY, which launched in 2015, serves more than 1% of all primary healthcare in Sweden, employing over 200 doctors. KRY is also available in Norway and Spain.

Patients can download the KRY app – available on iOS and Android – and select a suitable time for a video-based doctor’s appointment. Prior to the appointment, the patient describes their symptoms in writing, uploads relevant pictures, and responds to symptom-specific questions. At the scheduled time, the doctor calls the patient through the app to start the video consultation. During the video call,  patients may receive prescriptions for medication, advice, referral to a specialist, or lab or home tests with a follow-up appointment. Prescribed medication and home tests can then be delivered straight to the patient’s home within two hours.

KRY’s video conferences cost 250 Swedish Krona (around £25/$31) per session.

Societal impact

By 2025, Sweden aims to be a world leader in e-health facilities, making it easier for people to receive a good and equal provision of care. However, as with most European welfare states, Sweden’s healthcare system is currently struggling with staggering costs, strained resources, as well as unequal and decreasing access for patients, leaving vulnerable groups behind. KRY aims to play a central role in meeting current and future needs for patients and healthcare professionals, and while the service currently complements primary healthcare, in the future it will act as a viable substitute. Had they not had access to the service, 93% of KRY’s patients would have been in need of a physical appointment.

About KRY

Founded in 2014 by Johannes Schildt, Fredrik Jung-Abbou, Josefin Landgård, and Joachim Hedenius, KRY aims to provide around-the-clock healthcare for patients all over the world, reducing the pressure on traditional healthcare providers.

KRY, which has more than 100,000 users across Sweden, Norway, and Spain, is an approved healthcare provider, with its doctors all subject to the industry standard rules and regulations. KRY has hundreds of doctors available to connect with patients seven days a week. In August 2016 KRY raised €6.1 million seed funding, which helped the company launch in Norway and Spain and secure key hires.

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BioGeneration Ventures Fund III Secures EUR 66m, exceeding EUR 50m target

BioGeneration Ventures

  • Attracted by the strong performance of BioGeneration Ventures (BGV), new investors joined BGV III including the European Investment Fund, whose contribution comes from InnovFin Equity Facility and the Dutch Venture Initiative II
  • BioGeneration Ventures focuses on entrepreneurship and innovation in therapeutics, medical devices and diagnostics in Europe
  • BGV III already made 4 investments and expects to make 15 investments in total

Naarden, The Netherlands, 27 June, 2017 – BioGeneration Ventures (BGV), the early stage life sciences venture capital firm with funds focussed on European biotechnology companies, announces today an investment by the European Investment Fund (EIF) and other new investors in BGV III, taking the total capital commitments to EUR 66m, out of a maximum EUR 75m. The Fund is supported by the “InnovFin – EU Finance for Innovators” initiative under Horizon 2020 and the European Fund for Strategic Investments.

The new fund will build on the track record of the first two BGV funds which yielded major successes including Dezima Pharma and Acerta Pharma. BGV was founding investor in both companies which were sold within three years at multi-billion dollar valuations. At USD 7 billion Acerta was the largest private exit in Europe in the biotech sector to date. These companies are typical examples of the biotech sector’s ability to generate so-called “unicorns” delivering outsized returns for investors.

The firm’s third fund will focus on therapeutics, medical devices and diagnostics, within Europe, in particular in Benelux and Germany. Four investments have already been made from the fund into German immuno- oncology company Catalym, and Dutch companies Escalier Biosciences, Scenic Biotech and Varmx, working on autoimmune diseases, target discovery, and haematology respectively.

Edward van Wezel, Managing Partner said: “Our third fund makes BGV amongst the largest life sciences funds dedicated to seed investments in Europe. Over the last decade we have made over twenty investments in the European life sciences ecosystem. We’ve observed an ever-increasing interest from pharma in acquiring innovations earlier. With this third closing we are significantly exceeding our target fund size and are delighted with the commitment of EIF and other new and existing investors in BGV III. We expect to reach the maximum fund size of EUR 75m before the end of 2017.”

Pier Luigi Gilibert, Chief Executive of the European Investment Fund, said: “The EIF enhances SMEs access to finance. By investing in BGV’s new fund, the EIF is continuing its long-standing support for entrepreneurship and innovation in early stages of company development.”

BGV operates as a joint venture with Forbion Capital Partners, providing access to the later stage perspective on early innovation and a global network of experts and pharma companies. The BGV team has broad experience in investment, life sciences, business development, and commercial operations. The team includes experienced biotech entrepreneurs as venture partners and advisors.

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About BioGeneration Ventures (BGV)

BioGeneration Ventures (BGV) is a specialist life sciences venture capital firm, with a focus on early stage European biotech, medtech, and diagnostics companies. BGV has a strong track record of significant financial returns through investing in innovations in healthcare and providing the expertise to build world- class teams. BGV manages funds investing in areas where the science, the unmet medical need, and the potential to promptly demonstrate a significant proof of concept all come together.

Successful investments include divestment of Dezima Pharma to Amgen for up to USD 1.55 billion in total deal value and in Acerta Pharma for up to USD 7 billion with a guaranteed payment of USD 4 billion. In both companies BGV was founding investor. The Acerta Pharma sale was the largest exit ever of a privately held European biotech company. Over the last decade BGV has made over 20 investments.

About EIF

The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe’s micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.

About the Investment Plan for Europe

The Investment Plan focuses on strengthening European investments to create jobs and growth. It does so by making smarter use of new and existing financial resources, removing obstacles to investment, providing visibility and technical assistance to investment projects. The Investment Plan is already showing results. The projects and agreements approved for financing under the European Fund for Strategic Investments – the financing arm of the plan – so far are expected to mobilise over EUR 168 billion in total investments across 28 Member States and to support more than 387 000 SMEs.

On 14 September 2016, the European Commission proposed extending EFSI by increasing its firepower and duration as well as reinforcing its strengths. Find the latest EFSI figures by sector and by country here.

About InnovFin Equity

InnovFin Equity is part of InnovFin – EU Finance for Innovators, the new generation of EU financial instruments and advisory services developed under Horizon 2020, the EU’s research and innovation programme, to help innovative firms access finance more easily.

InnovFin Equity consists of several predominantly early stage equity products. The products aim at improving access to risk finance by early-stage RDI-driven SMEs and small midcaps through supporting mainly early-stage risk capital funds that invest, on a predominantly cross-border basis, in individual enterprises. SMEs (and small midcaps) located in Member States or in Horizon 2020 Associated Countries are eligible as final beneficiaries. The aggregate investments to venture capital funds made out of InnovFin SME Venture Capital are expected to support between EUR 1.6 to EUR 2 billion of equity financing to final beneficiaries.

About DVI II

Publicly launched in March 2016, DVI-II is a EUR 200m Venture and Growth Capital Fund-of-funds initiative of the EIF and PPM Oost, supported by the Dutch Ministry of Economic Affairs.

DVI-II intends to build a balanced portfolio of 15 to 20 venture and growth capital funds that are able to demonstrate a strong investment focus on the Netherlands. DVI-II supported Fund Managers need to focus on companies in their early or development stages. Eligible funds should also have a strong innovative angle, by focusing on companies operating in different technology areas, such as ICT, Life Sciences, Cleantech or Energy.

As an advisor to DVI-II, the EIF can rely on over 20 years of experience in the European Venture Capital market and successful implementation of similar initiatives in close collaboration with national and regional partners across Europe.

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EQT VII to invest in global “hidden champion” and medical mobility technology market leader Ottobock

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  • EQT VII to acquire a 20% stake in Germany-based Ottobock, the global market leader in medical mobility solutions ranging from prosthetic and orthotic products to wheelchairs and accompanying services
  • Founded by Otto Bock in 1919, the Company has been an industry innovator and has launched the first completely microprocessor-controlled lower limb prosthesis, among others
  • EQT will support majority owner Professor Hans Georg Näder and the management team on Ottobock’s continued growth trajectory and focus on innovation

The EQT VII Fund (“EQT VII”) has entered in to an agreement to acquire a 20% stake in Ottobock (or “the Company”) from Otto Bock HealthCare GmbH.

Since its foundation in 1919 by Otto Bock, the Company has been a synonym for revolutionizing, innovating and moving forward medical mobility technology. Otto Bock started the first serial production of prosthetic components post World War I. After World War II, the Company introduced the modular solution for upper and lower limb prosthesis. In 1997, Ottobock launched the C-Leg, the world’s first completely microprocessor-controlled lower limb prosthesis solution. Over nearly a century, Ottobock’s products have allowed users to achieve a better quality of life, more mobility and independence. True to this philosophy, Ottobock has actively supported the Paralympic Games since 1988 and has been a partner of the International Paralympic Committee since 2005.

Ottobock is headquartered in Duderstadt, Germany and operates subsidiaries in more than 50 countries with more than 7,000 employees worldwide. In 2016, the Company generated more than EUR 880 million in sales and EQT valued the Company at EUR 3.15 billion.

“I am very pleased to take EQT on board as a partner who shares the values of a family-backed company given its Wallenberg background. EQT also has a track record of sustainable value creation and growth”, says Professor Hans Georg Näder, majority shareholder and grandson of the company founder. “I am convinced that EQT’s experience in developing companies will allow us to continue Ottobock’s success story well beyond the Company’s 100th birthday”, concludes Professor Näder.

“We are impressed by Ottobock’s long heritage of innovation and its ability to define the landscape of mobility solutions in the area of wearable home rehabilitation regarding the growing market of human bionics. Based on EQT’s deep healthcare expertise, and as one of the most active investors in the sector, we will be a strategic partner to Professor Näder, the management and the Company. We look forward to working together and contributing to the continued success of Ottobock”, added Marcus Brennecke, Partner at EQT Partners and Investment Advisor to EQT VII.

About EQT

EQT is a leading alternative investments firm with approximately EUR 37 billion in raised capital across 24 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About Ottobock

Ottobock develops medical technology products and fitting concepts for people with limited mobility in the fields of Prosthetics, Orthotics, Human Mobility (wheelchairs, rehabilitation devices) and MedicalCare. Subsidiaries in over 50 countries offer quality “Made in Germany” worldwide and employ more than 7,000 people. Ottobock has been a family-managed company since its founding in 1919 and has also been supporting the Paralympic Games with its technical know-how since 1988.

More info: www.ottobock.com

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Ahlström Capital becomes the largest shareholder in both Detection Technology and Glaston

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Ahlström Capital has acquired shares representing approx. 39% of Detection Technology  Oyj and approx. 18% of Glaston Coorporation from Oy GW Sohlberg Ab(“GWS”). Ahlström Capital has hence become the largest shareholder in both companies. AC Invest Seven and Eight BV, wholly owned subsidiaries of Ahlström Capital, have today, 21 June 2017, acquired shares in Detection Technology and in Glaston from GWS. The acquisition price for the shares acquired in Detection Technology was EUR 18.27 per share, which represents a 11 % premium on the volume weighted average price for the last 30 days.
The total acquisition price for the acquired Detection Technology shares was approx. EUR 95.The acquisition price for shares acquired in Glaston was EUR 0.44 per share, which represents a 10 % premium

on the volume weighted average price for the last 30 days.

The total acquisition price for the acquired Glaston shares was approx. EUR 14.9 million.

Detection Technology is a global provider of X-ray imaging subsystems, components and services for medical, security and industrial applications.

The company’s net sales was EUR 76 million and EBIT 15 million in 2016.
Detection Technology has over 200 active customers in 40 countries. The company employs over 400 people in Finland, China and the US. Detection Technologies shares are listed on Nasdaq First North Finland.

Glaston is an international pioneer in glass processing technology and a leading supplier of lifecycle solutions in glass processing machines. The company provides a wide and advanced range of glass processing heat treatment machines, maintenance and upgrade services, tools and expert services.

Glaston’s net sales was EUR 107 million and comparable operating profit EUR 3 million in 2016. The company has over 400 employees, most of them located in Finland and China. Glaston’s shares are listed on NASDAQ Helsinki Ltd.
“These two companies fit well to Ahlström Capital as the deal broadens our portfolio with two attractive high-tech businesses.

Both companies have strong management and show good development potential with sustainable value creation opportunities”, says Hans Sohlström, President and CEO of Ahlström Capital.“

Detection Technology ,with a strong customer service approach, has had sever al years of impressive net sales growth.

We believe that the positive development will continue as the company focuses not only on customization and flexible production, but also on cost efficient product design at competitive manufacturing costs. Glaston has a leading technological position and a global sales and service network well in place to benefit from a recovering market. The competitiveness of the company has improved thanks to actions taken by the management during the last years”,

Hans Sohlström comments on the acquired companies.

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Ferd partners with Fürst

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Ferd is now taking its first steps in the healthcare sector by collaborating with Fürst Medisinsk Laboratorium. The aim is for the collaboration to expand Fürst’s services and markets.

Fürst Medisinsk Laboratorium has 400 employees and specialises in medical biochemistry, clinical pharmacology, microbiology and pathology. The company analyses samples from over 12,000 patients a day, making it the largest medical laboratory in the Nordic region.

The company was founded by Valentin and Astri Fürst in 1950.

“My father joined Fürst in the mid-1970s and eventually became a co-owner. The company has been 100% owned by my family since 1995”, comments Asle Helgheim, who has been involved in the company since joining its board in 1992.

Long-term partner
It was announced just before Easter that Ferd was buying 40% of the share capital of Fürst Medisinsk Laboratorium. The company continues to be majority-controlled by Asle Helgheim and family after the sale of shares to Ferd.

“We chose to partner with Ferd because it possesses a great deal of expertise as well as significant resources. I don’t mean its financial resources so much as its people. Ferd will contribute to the company through its significant expertise, which will be essential for developing Fürst further, both on existing platforms and into new markets”, comments Asle Helgheim.

Going forward, the company wants to offer its services in new areas, including in genetics. The company is also in the process of developing the IT tool WebMed, which is a modern patient notes system designed to give primary care doctors a better overview of each patient’s progress.

“Over the long term, we want to invest beyond Norway, initially in Sweden, and also to continue to improve our core business. To do this, we need a high-quality, ambitious and long-term partner”, explains Asle Helgheim.

Efficient solutions
At Ferd, the investment team consisted of Trond Solberg, Maria Syse-Nybraaten, Gustav Martinsen and Julie Wiese. Ferd and Fürst had been in contact with one another and had been exploring the possibility of a partnership since summer 2016.

“Following a strategic decision to gain exposure to the healthcare sector, we are very pleased with the opportunity of partnering with the Helgheim family to develop a company as exciting as Fürst”, comments Maria Syse-Nybraaten.

The entire article is available (in Norwegian) here.

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RB Enhances Consumer Health Position with the Completion of its Acquisition of the Mead Johnson Nutrition Company

RB

June 15, 15:00 (BST) Slough, UK–RB(Reckitt Benckiser) is pleased to announce the completion of the acquisition of

the Mead Johnson Nutrition Company (“Mead Johnson”).

 

The transaction takes RB to a global market leadership position in consumer health and hygiene. Mead Johnson brings the addition of two infant & child nutrition Powerbrands Enfa and Nutramigen, and is a natural extension of RB’s existing health portfolio which is trusted around the globe by millions of consumers.

 

Rakesh Kapoor, RB chief executive, said: “The closure of the acquisition marks an inflection point in RB’s evolution to become a leader in consumer health and hygiene . By combining the best of RB’s global scale with MJN’s science -based innovation, RB is well positioned to deliver further value for all stakeholders. We continue to execute on our strategy of providing innovative health solutions for healthier lives and happier homes to millions of people around the world.”

 

Mead Johnson will initially operate as a separate division within RB and be led by Aditya Sehgal, who joins RB’s Executive Committee. Aditya’s previous roles included responsibility for RB’s operations in China & North Asia, RB’s global health care division and RB’s North American business. The Mead Johnson division will continue its mission to nourish the world ’s children for the best start in life. Mead Johnson’s infant and children’s nutrition business will increase RB’s revenues in consumer health by approximately 90%*, as well as increasing its developing market scale by approximately 65%*.

 

RB expects the acquisition to be accretive to adjusted diluted earnings per share in the first full year following completion and double-digit accretive by the third full year following completion . The post-tax return on invested capital is expected to exceed RB’s cost of capital by the fifth full year following completion.

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EQT Mid Market to sell its stake in swiss smile to Jacobs Holding AG

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  • EQT Mid Market to sell its stake in swiss smile, a leading quality dental chain in Switzerland, to Jacobs Holding AG
  • During EQT Mid Market’s investment period, swiss smile has developed its corporate platform, made several add-on acquisitions and strongly increased revenues as well as strengthened the management team

The EQT Mid Market fund (“EQT Mid Market”) has entered into an agreement to sell its stake in swiss smile (or the “Company”) to Jacobs Holding AG (“JAG”).

swiss smile is headquartered in Zurich and was founded in 2002 by the dentists and entrepreneurs Dr. Haleh Abivardi and Dr. Golnar Abivardi. The Company operates eleven clinics in Switzerland, provides a full range of dental care and services, and differentiates itself through a strong brand, high medical standards, convenient opening hours, a modern infrastructure and an outstanding patient experience. In addition, swiss smile has its own cosmetic products range in a joint venture which are distributed internationally.

EQT Mid Market invested in swiss smile in August 2013. The plan was to build and develop its corporate platform, expand the market position and accelerate growth. swiss smile has undergone a significant transformation together with EQT Mid Market through several key initiatives:

–       Development of the organizational structure to prepare for further growth

–       Acquisition of four dental practices to strengthen the footprint in Switzerland and manifest the already strong position in Zurich

–       Opening of two new greenfield practices in Winterthur and Berne

–       Strengthening the management team

–       Substantial investments in marketing and corporate branding

The growth initiatives have resulted in strong financial performance, with swiss smile nearly doubling revenues in the period from 2012 to 2016.

“Since EQT invested in swiss smile, the market position in Switzerland has been strengthened further through acquisitions and greenfield openings while at the same time accelerating financial growth. The Company has evolved into a strong platform in its service offering to both patients and dentists. swiss smile is well prepared to continue to drive consolidation of the Swiss dental market. The management team has done an impressive job and we look forward to seeing swiss smile develop as part of JAG who have recently invested in the dental sector also in the Nordics and UK,” says Vesa Koskinen, Partner at EQT Partners and Investment Advisor to EQT Mid Market.

The parties have agreed not to disclose the financial details of the transaction which is expected to close by the end of June 2017.

Contacts
Vesa Koskinen, Partner at EQT Partners, Investment Advisor to EQT Mid Market, +358 9 69624737
EQT Press Office, +46 8 506 55 334, press@eqtpartners.com

About EQT
EQT is a leading alternative investments firm with approximately EUR 36 billion in raised capital across 23 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More information: www.eqtpartners.com

About swiss smile

swiss smile is a leading quality dental chain in Switzerland. Founded in 2002 by the dentists and entrepreneurs Dr. Haleh Abivardi and Dr. Golnar Abivardi, swiss smile today operates eleven clinics in Switzerland. swiss smile provides a full range of dental care and services and differentiates itself through a strong brand, high medical standards, convenient opening hours, a modern infrastructure and an outstanding patient experience. Both in Switzerland and internationally, swiss smile has won several prizes for its innovative concept, exceptional services and excellent quality.

More information: www.swiss-smile.com

About Jacobs Holding AG
Jacobs Holding is a global professional investment firm based in Zurich and founded in 1994 by entrepreneur Klaus J. Jacobs. Its sole economic beneficiary is the Jacobs Foundation, one of the world’s leading charitable foundations dedicated to child and youth development. Jacobs Holding has an established track record of holding its investment for long periods with the aim to successfully compete and become global market leaders in their respective fields. Previous investments include Jacobs Suchard AG and Adecco Group AG, current investments are Barry Callebaut AG, Colosseum Smile and Southern Dental.

More information: www.jacobsag.ch

 

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