Gyrus buys LivaNova heart valve business for €60m

Gyrus is currently deploying from its open-ended Cortex Fund, which had collected €240m in November 2019 to back mid-market companies on a deal-by-deal basis. The firm is also currently raising for its Gyrus Principal Fund, which has a target of €200m.

The GP was set up in early 2019 by Robert Watson (formerly of Altaris and Hg) and Guy Semmens (formerly Argos Soditic).

Part of the purchase price, €10m, will be paid at the end of 2022. The agreement also includes customary warranties and limitations on liability, including that the LivaNova has agreed for a period of seven years following closing to provide reimbursement for certain expenses that may arise out of hazardous substances relating to former operations at the Saluggia, Italy, campus in an amount of up to €37.5m.

Gyrus has also made an offer for the heart valve's French division, but a decision remains to be made.

Following the transaction, LivaNova will focus on its primary platforms of neuromodulation and cardiovascular.

Christian Mazzie has been hired as the future CEO of the business, and will be supported by the existing heart valve management team.

Company
The LivaNova heart valve business has a portfolio of products that includes Perceval, a sutureless aortic valve, and tissue and mechanical valves to fit the differing needs of cardiac surgeons and patients worldwide. The business employs approximately 900 employees worldwide with major operations in Saluggia, Italy, and Vancouver, Canada. The company is based in London.

People
Gyrus Capital – Guy Semmens (managing partner).

Advisers
Equity – Deloitte (financial due diligence, tax); Alira Health (commercial due diligence); NCTM (legal); Eversheds-Sutherland (legal).
Company – Goldman Sachs (corporate finance); Cleary Gottlieb Steen & Hamilton (legal).

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• Topics
• Buyouts
• UK / Ireland
• Healthcare
• United Kingdom
• Carve-out
• Gyrus Capital