Tuesday, July 19, 2016
RoundTable Healthcare Partners, an operating-oriented private equity firm focused exclusively on the healthcare industry, announced today that it has entered into a definitive agreement to sell Beaver-Visitec International Holdings, Inc. ("BVI" or the "Company") to TPG Capital ("TPG"). TPG is a global private investment firm founded in 1992 with over $70 billion of assets under management. Terms of the transaction were not disclosed. The transaction is expected to close during the third quarter.
BVI, based in Waltham, MA, is a global developer, manufacturer, and marketer of specialized surgical devices for the ophthalmic marketplace. BVI brings together the brands of Beaver® blades, Visitec® cannulae and instruments, Merocel® and Weck-Cel® ophthalmic fluid management products, and Wet-Field Eraser® electrosurgery products. The products serve a wide variety of ophthalmic surgeries, including cataract, refractive, oculoplastic and vitreoretinal sub-specialty procedures. The Company operates two state-of-the-art manufacturing plants in Waltham, MA and Bidford in the United Kingdom. RoundTable formed BVI in 2010 by acquiring and integrating three separate ophthalmic product businesses from Becton Dickinson, Medtronic, and Aspen Surgical, respectively.
"BVI's management team has done a tremendous job building a world-class ophthalmic device company. They have created a market-leading product portfolio, a strong sales and marketing organization, and a lasting reputation for service and quality," said Joseph F. Damico, Founding Partner of RoundTable and Chairman of BVI. "We believe that TPG will be an excellent partner to help BVI achieve its next phase of growth."
Tom Kapfer, Chief Executive Officer of BVI, added, "RoundTable was invaluable in helping us execute on the vision of combining separate ophthalmic businesses into a well-run, global organization. Their support and resources have helped us accelerate organic growth initiatives and complete strategic acquisitions. We look forward to our new partnership with TPG and continuing to grow our business."
William Blair & Company, LLC acted as exclusive financial advisor to BVI, and Sidley Austin LLP acted as exclusive legal advisor to RoundTable in this transaction.
Source : finance.yahoo.com
