Altor exceeds 25% IRR on Ferrosan Medical Devices exit

A spokesperson for the GP told unquote" the deal exceeded Altor's return requirements of 25% IRR over the five-year holding period and also provided a good exit for Altor's 2003 Fund.

Danish pension funds Danica and PenSam are also part of the investor consortium acquiring FMD and thereby providing an exit for Altor's Fund III.

Danske Bank and Nykredit provided senior debt for the deal.

The GP's sale marks the end of an 11-year holding period, which began in February 2005 with the acquisition of Ferrosan.

Previous funding
Altor bought Ferrosan from Novo Nordisk and Idosan through the GP's Altor 2003 Fund in February 2005.

In February 2011, the company's consumer health division was exited to pharmaceuticals business Pfizer in a partial sale, which also saw Altor Fund III become majority owner of the medical devices unit.

Company
Headquartered in Søborg, FMD is a manufacturer of biomaterials for surgical use. Its products include topical haemostatic products to control bleeding during surgery and electromechanical devices used for biopsy and anaesthetic procedures.

With a production plant in Poland, the company employs a total staff of 200.

People
Altor – Johan Blomquist (partner).
FMD – Henrik Krøis (CEO).

Advisers
Vendor – Danske Bank (corporate finance).

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