UNQUOTE

US/SWEDEN - Nordic Capital in $4.1bn buyout of ConvaTec

  • Linn
  • LinkedIn  
  • Google plus  

Nordic Capital Fund VII and New York-based private equity firm Avista Capital Partners have acquired ConvaTec, a provider of wound therapeutics and ostomy care products, from Bristol-Myers Squibb for $4.1bn. The deal is expected to close in the third quarter of 2008.

In December 2007, Bristol-Myers Squibb announced a company restructuring strategy that would see non-pharmaceutical business units either floated or sold off. The vendor has subsequently been working with different acquirers to sign an agreement for the sale of ConvaTec.

Headquartered in Skillman, New Jersey, ConvaTec was formed in 1978 as a separate division of E.R. Squibb and Sons LLC to market the hydrocolloid ostomy skin barrier. It currently has over 3,000 employees and operates in 100 countries.

Bear Sterns acted as financial advisor to Nordic Capital and Avista Capital Partners and White & Case acted as legal council to the buyout houses. Citigroup Global Markets and Morgan Stanley served as financial advisor to Bristol-Myers Squibb.

  • LinkedIn  
  • Google plus  

More on Buyouts

Latest News