First Round News Hubb
Advertisement Banner
  • Home
  • First Round News
  • Funding News
  • Contact
No Result
View All Result
  • Home
  • First Round News
  • Funding News
  • Contact
No Result
View All Result
First Round News Hubb
No Result
View All Result
Home First Round News

The Capital Quest | KKR to buy UK arm of Apax-backed Healthium Medtech

admin by admin
December 7, 2022
in First Round News


Alternative investment firm KKR said Tuesday it has agreed to acquire Clinisupplies, a market leader in continence care products in the UK, from Healthium Medtech, an initial public offering (IPO) bound company that is controlled by PE major Apax.

Clinisupplies’ management team will continue to hold a minority position. Financial details of the transaction were not disclosed.

Clinisupplies is a UK-based manufacturer and distributor of continence care products, including urinary collecting devices and catheters. Clinisupplies’ products are supplied to hospitals and pharmacies, while also available for delivery to patients directly through its home delivery services – Clinidirect. It is headquartered in Watford, London, and employs over 400 employees.

Healthium via another unit had acquired the firm in 2016 from Hemang Badiani. Although the deal value was not disclosed, it was believed to be in the region of $15-20 million.

Last year, Clinisupplies acquired VitalCare for an aggregate consideration of up to ₤9.25 million, equivalent to approximately Rs 95.3 crore then, besides certain other items including cash in hand and cash equivalents. VitalCare is engaged in the business of manufacturing and sales of white labelled urology and anal irrigation product.

This deal was supported by a loan from Apax, which was to be partly repaid from the proceeds of the proposed IPO of Healthium. With this deal, the IPO size could be tweaked.

Claus Bjerre, KKR Senior Advisor and former Chief Executive Officer of Atos Medical AB and former President, North America, of Coloplast, will serve as Chairman of Clinisupplies’ board. KKR will also rope in industry veteran Douglas Le Fort to the board.

Paul Cook, CEO of Clinisupplies, commented: “With KKR’s global network and market knowledge, and with this strong suite of industry advisors, we will be able to expand into new products and geographies, helping to support more and more people and bringing us one step closer to our goal of becoming an international leader in the chronic care market.”

Claus Bjerre, KKR Senior Advisor, commented: “Clinisupplies has an industry leading track record as a fully integrated provider of continence care solutions to clinics and patients across the UK. Its business model covers the entire value chain, from R&D and manufacturing to direct-to-patient sales and distribution, allowing the group to continuously understand and address the evolving needs of patients, clinicians, and caregivers alike.”

KKR is investing in Clinisupplies through KKR Health Care Strategic Growth Fund II, a $4 billion fund focused on investing in high-growth health care companies. KKR has a long track record of supporting health care companies globally, having invested approximately $17 billion in the sector since 2004.

KKR was advised by Houlihan Lokey (financial advisor), Gibson, Dunn & Crutcher LLP (legal counsel), PWC (financial & tax) and BCG (commercial). RBC Capital Markets was the lead financial adviser and Kirkland & Ellis the lead legal adviser to Apax and Healthium Medtech for this deal.

Related



Source link

Previous Post

First Orion Enhances Digital Communication Exchange Platform

Next Post

The Top VCs Investing in Community Driven Companies

Next Post

The Top VCs Investing in Community Driven Companies

Recommended

The Capital Quest | Mt K Kapital raises $43 mn realty fund for Mumbai Metropolitan Region

3 weeks ago

Startup Fundraising Checklist | Visible.vc

5 months ago

Ascent Cloud Announces Fall 2022 Release of Territory Planner

3 months ago

10 Rosh Hashanah Resolutions for Startup Founders

4 months ago

Dropbox Acquires FormSwift

2 months ago

The Capital Quest | Israeli startups Kubiya, Tensorleap raise seed funding

3 months ago

first-round-white

© 2022 First Round News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • First Round News
  • Funding News
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • First Round News
  • Funding News
  • Contact

© 2022 First Round News Hubb All rights reserved.