PE-backed STS Medical Group picks up Luigi Salvadori

The transaction was carried out alongside the company's existing shareholders. These included Luigi Salvadori himself, who was appointed honorary president of the eponymous business, as well as strategic adviser and board member of STS Medical Group.

According to STS Medical Group, the company's undisclosed existing debt was rolled over into the new capital structure.

STS Medical Group was set up as an acquisition vehicle in 2012 by Monitor Clipper Partners, which is now a minority shareholder, and entrepreneur Augusto Orsini. The latter initiated talks with Salvadori to discuss the possibility of an acquisition.

Prior to the Luigi Salvadori deal, STS Medical Group purchased German surgical-draping systems company Sengewald Klinikprodukte. According to the business, further bolt-on purchases are being eyed within the CPT market.

The investment vehicle predicts a 10% growth of the surgical custom procedure trays (CPTs) sector in Europe, given the continent's ageing population. According to figures quoted by STS, the segment amounted to around $800m in Europe in 2014 with less established countries such as Spain and Italy offering greater room for growth.

Company
Founded in 1907, Florence-based Luigi Salvadori is a medical clothing designer and manufacturer. It offers medical clothing and procedural kits for hospitals, local health providers and nursing homes.

Luxembourg-headquartered STS Medical Group was established in 2012 and specialises in the design and distribution of CPTs, CPT components, protective clothing and medical devices. Comprising five business units across Europe, the business employs 900 staff and posted a consolidated turnover of roughly €65m in 2014.

People
Monitor Clipper Partners was represented by partner Stephen Lehman. Augusto Orsini is CEO at STS Medical Group, while Luigi Salvadori is CEO at Luigi Savadori.

Advisers
Equity – CP-DL Capolino Perlingieri & Leone, Giancarlo Capolino Perlingieri, Maria Pia Carretta, Valentina Ciocca (Legal); Wolf Theiss, Katerina Kraeva, Rebeka Kleytman, Julia Haralampieva (Legal); MNKS, Catherine Baflast, Soledad Pascual (Legal); Fantozzi & Associati Studio Legale e Tributario, Guido Petraroli, Paolo Ruggiero (Tax); Alvarez & Marsal, Alberto Franzone, Luca Barzaghi, Angelo Carella (Financial due diligence).
Company – Raynaud and Partners, Daniele Raynaud, Jessica Fiorani, Gloria Manunza (Legal); Fazzini & Associati, Luigi Fazzini (Tax); Kontiki Merchant Partners, Carlo Luigi Rossi (Corporate finance).

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• Topics
• Benelux
• Expansion
• Healthcare
• Luxembourg
• Italy
• Acquisition finance