Tag Archives: healthcare

Genstar Capital to Acquire CRF Health from Vitruvian Partners and Combine with Bracket

Combined organization will bring together complementary strengths with a shared focus on accelerated customer value through patient-centric clinical technology solutions

London, United Kingdom and Wayne, Pennsylvania, USA (July 17, 2018) – Genstar Capital, a leading investor in healthcare technology and services companies, is pleased to announce the acquisition of CRF Health, a global provider of eCOA and eConsent solutions for the life sciences industry. As part of the transaction, CRF will be combined with Bracket, a provider of software and technology-enabled solutions utilized in clinical trials. Bracket is a portfolio company of Genstar.

CRF Health has been majority-owned by Vitruvian Partners, a leading growth-and technology-focused investment firm, since 2015.

The newly combined organization will drive accelerated value for pharmaceutical companies and CRO customers, providing patient-centric solutions, combined with deep and broad therapeutic area expertise, across a strong and efficient global footprint.

“CRF Health earned an outstanding reputation with 20 years of experience providing eCOA and now eConsent solutions to the biopharma industry around the world,” said Mike Nolte, who will lead the combined organization as CEO. “CRF’s technology and therapeutic experience dovetail well with our solutions, and they expand our ability to support increasingly complex clinical research. I am excited to bring two outstanding teams together to provide a reliable and scalable platform that accelerates the development of life changing medicines for our families and communities across the globe.”

The combined company will have over 1,500 employees worldwide, and will be in a position to accelerate the penetration of user-friendly technologies across the clinical trial spectrum – driving the transfer from manual, paper based services to electronic while improving service quality and data integrity.

“This is an exciting step forward for patients, clients, and our new combined team,” said Rachel Wyllie, CEO of CRF Health, who will become the Executive Chairman of the combined company. “The complementary nature of the two businesses provides us with the platform and scale for future growth in our dynamic markets, while ensuring our customers have more access to the latest patient-centric innovations in clinical research.”

Jean-Pierre Conte, Chairman and Managing Director at Genstar Capital, added, “Bringing CRF and Bracket together will create a world-class healthcare technology company supporting clinical trials and will accelerate adoption and growth in eCOA, eConsent, patient engagement, rater training and trial supply management solutions. We look forward to working with the outstanding leaders at both organizations. This notable event in pharmaceutical services is another example of Genstar’s private equity strategy of driving change at our portfolio companies to create high-growth and extremely valuable companies. Healthcare is an important sector for Genstar and we continue to identify great opportunities to apply our growth model to build great companies.”

Philip Russmeyer, Partner at Vitruvian Partners, commented, “We are delighted to support the combination of Bracket and CRF to further accelerate, and build upon, the excellent advances that our partnership with the strong management team at CRF has produced over the past years.”

The transaction is expected to be completed by the end of 2018 and is subject to customary closing and regulatory approvals.

Jefferies International Limited served as exclusive financial adviser and Dickson Minto as legal adviser to CRF.  Ropes & Gray LLP served as legal adviser to Genstar Capital.

About Bracket

Bracket (www.bracketglobal.com) is a technology company that accelerates clinical research and improves the experience of patients accessing potentially life-changing therapies. Our solutions, combined with deep scientific and clinical insight, link engaged patients to researchers, provide faster, more reliable decision making, and help provide longer, healthier and more productive lives for our families and communities around the globe. Bracket has over 800 employees and delivers services in more than 90 countries to a diverse base of global customers, including 15 of the top 20 biopharma companies.

About CRF Health

CRF Health is the leading provider of patient-centered eSource technology solutions for the life sciences industry. With experience in more than 800 clinical trials, over 100 languages and across 74 countries, CRF Health’s TrialMax® platform consistently demonstrates the industry’s highest data accuracy, patient and site compliance, and patient retention. The integrated TrialMax platform includes eCOA solutions for collecting PROs (Patient Reported Outcomes), ObsROs (Observer Reported Outcomes), ClinROs (Clinician or Rater Reported Outcomes), and PerfOs (Performance Outcomes), and features TrialConsent®, an electronic solution for collecting and managing informed consent in clinical trials. CRF Health’s eSource solutions improve trial engagement by making the patient the center of the clinical trial process.

About Genstar Capital

Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for more than 25 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar manages funds with total capital commitments of approximately $10 billion and targets investments focussed on targeted segments of the healthcare, financial services, software, and industrial technology industries.

About Vitruvian Partners

Vitruvian is a European growth-focused investment firm specialised in ‘dynamic situations’, where companies undergo growth and change typically driven by technology. Vitruvian helps portfolio companies scale their operations by providing an operational support system and assistance with strategic initiatives including acquisitions. Other notable investments to date include global market leaders in their field such as Just Eat, FarFetch, Skyscanner, EasyPark, Snow Software, Trustpilot, Voxbone, Callcredit, Ebury and others. The €2.4bn Vitruvian Investment Partnership III (“VIP III”) is among the largest pools of capital in Europe supporting innovative and higher growth companies. Vitruvian has backed 30 companies in its first two funds and has assets under management of c. €5 billion, operating out of offices in London, Munich, Stockholm, Luxembourg and San Francisco. More information can be found at: www.vitruvianpartners.com

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MEDIA INQUIRIES:

Contact: Chris Tofalli
Chris Tofalli Public Relations
914-834-4334

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Fortino Capital is investing in the international expansion of e-health company Dobco Medical Systems

Fortino Capital

Fortino Capital is investing EUR 2.2 million in Dobco Medical Systems, a Belgian software company specialising in online solutions for medical imaging. Fortino Capital will help Dobco Medical Systems’ management with the further development of their platform and their international expansion.

Dobco Medical Systems was founded in 2011 and quickly became the reference for online medical imaging in the Benelux. Their most well-known solution, the PACSonWEB platform, is used in 9 out of 10 Flemish hospitals. PACSonWEB is a secure cloud platform that provides an efficient way to exchange medical images and reports between all involved parties. Dobco is thus able to simplify complex processes within medical imaging and provide doctors and patients with medical information faster, more accurately and in a secure manner.

“Together with Fortino Capital, Dobco Medical Systems can take the next step and further scale up the company. Thanks to Fortino Capital’s knowledge of Software-as-a-Service, as well as their experience in putting companies on the map in an international context “, confirms Jan Dobbenie, CEO at Dobco Medical Systems.

Dobco’s aim is to further expand its platform and service offering both in Belgium and internationally to Norway, Switzerland, the Netherlands, France and Cyprus. With Fortino as its partner, the company is looking to strengthen its sales team so it can meet the increasing international demand.

Matthias Vandepitte, partner at Fortino Capital, explains: “We are impressed with the expertise at Dobco Medical Systems. Their commercial traction confirms the added value for their customers, as well as the potential for further international growth. This explains our enthusiasm to further grow the company together with the Dobco team.”

Dobco Medical Systems has a turnover of approximately EUR 3 million and currently employs 24 people. With this investment, Fortino Capital emphasises its role of providing growth capital to companies that are successful in their domestic market, such as Dobco Medical systems, to further grow on an international level. This venture capital investment is the tenth software investment in Fortino Capital’s portfolio.

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The Carlyle Group agrees to invest in LPG Systems, manufacturer of non-surgical aesthetic and physiotherapy devices

Carlyle

Fresh capital will support international expansion and growth

Valence, France, 16 July 2018 – Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announces that it has agreed to acquire a majority stake in LPG Systems (LPG), the specialist manufacturer of non-surgical aesthetic and physiotherapy devices, to support the company’s continued international expansion and growth trajectory. Equity for the transaction will come from Carlyle Europe Technology Partners III and Carlyle Asia Growth Partners V. The Guitay family will remain shareholders alongside Carlyle. The transaction is subject to customary regulatory approval and is expected to close by end of September this year.

Founded in 1986 by Louis-Paul Guitay, LPG has developed a non-surgical technology that serves the global medical, physiotherapy and aesthetics markets. The company’s technology enables physicians to provide advanced solutions for a broad range of medical, therapeutic and aesthetic applications including body contouring, cellulite and fat reduction, facial rejuvenation, burn treatment, scars reduction, lymphatic drainage and neuro physical training. Physiotherapists, medical clinics as well as Spas and luxury hotels in more than 100 countries currently use LPG devices.

Key to LPG’s success is its unique, patented technology, based on cells stimulation called Endermologie®. It is a treatment that the company has developed in close collaboration with scientists and practitioners, and is widely recognized by more than 140 scientific studies and 80 medical publications. LPG’s product portfolio is designed around the concept of well-being, offering a balance between efficiency and natural, painless treatments.

Nathalie Guitay, Chair of LPG, said: “Carlyle’s investment is testament to the strength of LPG’s product portfolio and our unparalleled technology. For more than 30 years, we have invested in R&D to develop non-surgical devices with wide-ranging applications that are suitable for our customers and patients. With the support of Carlyle, and drawing on its experience in international healthcare and consumer markets, we believe we are well positioned to further grow LPG’s international presence and to broaden our customer base whilst enhancing our product portfolio and the application of our devices.”

Vladimir Lasocki, Managing Director and co-Head of the Carlyle Europe Technology Partners team, said: “LPG is a business with strong brand recognition and an incredible reputation among both medical practitioners and end customers. LPG has successfully expanded the use of its technology across a broad range of physiotherapeutic and medical-aesthetic applications, and today they are well positioned to take advantage of the rising demand for non-surgical, natural treatments.”

Ling Yang, Managing Director of the Carlyle Asia Partners team, added: “We believe there is a great opportunity to further expand LPG’s business in Asia, particularly in China and Japan, through Carlyle’s local presence. We look forward to partnering with LPG’s management team as the company continues to grow and innovate.”

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About LPG Systems

For 30 years, LPG has been developing, manufacturing and marketing patented advanced technologies for the medical, physiotherapy, aesthetic and athletic markets worldwide. Endermologie® is the only 100% natural, non-invasive and non-aggressive technique that exist today. It mechanically stimulates the cells to naturally revive and rejuvenate skin. It allows simultaneous treatment of fat reduction and body contouring.

About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $201 billion of assets under management across 324 investment vehicles as of March 31, 2018. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,575 people in 31 offices across six continents.

Web: www.carlyle.com
Videos: www.youtube.com/onecarlyle
Tweets: www.twitter.com/onecarlyle
Podcasts: www.carlyle.com/about-carlyle/market-commentary

About Carlyle Europe Technology Partners

Carlyle Europe Technology Partners (CETP) seeks to invest in European technology, media and telecommunications (TMT) companies. CETP’s European team of advisors provides strategic direction and resources to help accelerate the growth of companies in which CETP has invested and to support their efforts to expand internationally and to open up new market opportunities. The current fund is now the fourth one in the CETP franchise. In total, more than 143 investors from 34 countries have made commitments to CETP funds.

About Carlyle Asia

The Carlyle Asian private equity team (excluding Japan) has more than 50 investment professionals in eight offices, including Beijing, Hong Kong, Jakarta, Mumbai, Seoul, Shanghai, Singapore and Sydney. As of March 31, 2018, Carlyle’s Asian private equity platform has invested more than US$15 billion of equity, and currently has US$16.3 billion of assets under management.

In China, Carlyle has invested more than US$8 billion of equity in over 95 transactions as of March 31, 2018.

In Japan, Carlyle is the only global alternative asset manager to establish a dedicated Japan buyout fund denominated in yen. Carlyle’s Japan buyout funds, which have made 23 investments in Japan, have a track record of supporting Japanese mid-cap companies’ overseas business expansion, enhancing their operational efficiency and strengthening their management infrastructure.

Media Contacts

LPG Systems
Mandarine Basset
mandarine.basset@lpgsystems.com

The Carlyle Group

Katarina Sallerfors
Katarina.sallerfors@carlyle.com
+44 (0)20 7894 3554

Brian Zhou
Brian.zhou@carlyle.com
+86 10 57067070

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Forbion exceeds target with EUR 270 million first close of its fourth life sciences VC fund

Forbion

Investment focus will be on new drugs and technologies that will truly impact the future of medicine

Naarden, The Netherlands, and Munich, Germany, 11 July 2018 – Forbion, a leading European life science venture capital firm, has today announced the first close of its fourth flagship fund Forbion IV, at EUR 270 million, exceeding the EUR 250 million target size.

Forbion IV, like its predecessor fund, Forbion III, will primarily focus on EU and the UK (together c. 80% of investment), with the remainder of the fund targeting opportunities in North America.

Building on the successful Forbion III strategy, Forbion’s latest fund will have an even sharper focus on biotech. Forbion will also look to build on its proven ability to curate, initiate and transform investment ideas into standalone, high-return businesses, built around exciting new science, proven teams or assets sourced externally from Pharma. It will thus build a portfolio of approximately 15 companies, of which ten will be existing “growth” opportunities and five will be new companies (co-)founded by Forbion, so-called “build” opportunities.

The fourth fund will target substantial initial stakes of 20-50%, looking to take lead positions and work alongside entrepreneurial management teams to deliver exceptional returns as shown by Forbion’s highly successful third Fund (2015 vintage), which has already delivered three exits with several more in the making, including one near-term IPO.

Forbion has assembled a highly specialized and experienced team to manage the Fund, led by Sander Slootweg, Geert-Jan Mulder and Martien van Osch. The investment team are in turn supported by a high caliber group of operating partners, venture partners and advisers which affords Forbion exceptional reach and depth into its chosen markets.

A strong pipeline of investment opportunities has already been identified and the first close will facilitate Forbion’s discussion on these deals.

Forbion is targeting Autumn 2018 for the final close of Forbion IV.

Commenting, Sander Slootweg, Managing Partner, said:
“We have received exceptional support from both new and existing investors to reach the EUR 270 million first close. This is testament to the unrivalled experience and track record Forbion has built over many years of investing in European life sciences opportunities.

“The success of our first close not only reflects Forbion’s consistent delivery of upper quartile returns but also its clear vision and proprietary methodology for identifying new prospects. We continue to see the opportunities for superior returns, in part due to the ongoing undersupply of capital for European development-stage life sciences investment and its non-cyclical nature.

“Forbion will continue to benefit from its deep European and US/Canadian network and from its fundamental commercial understanding of the political, legal, regulatory and cultural dynamics at work across Europe; these factors contribute to our standing as an investor of choice in the European life sciences.

“We welcome our new investors and look forward to executing on our robust pipeline of opportunities and delivering continued outperformance.”

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Breath Therapeutics Appoints Noreen Roth Henig, M.D. as Chief Medical Officer

GIlde Healthcare

Breath Therapeutics Appoints Noreen Roth Henig, M.D. as Chief Medical Officer

– Dr. Henig adds leadership and development expertise in pulmonary disease, inhaled therapies, and orphan disease to the executive management team

– Breath Therapeutics is targeting Bronchiolitis Obliterans with their first molecule, a Phase 3 ready asset

Munich, Frankfurt, Boston — Breath Therapeutics B.V. (Breath), a private company developing advanced drug-aerosol therapeutics in pulmonary orphan indications, announced today the appointment of Noreen Roth Henig, M.D. as Chief Medical Officer. Dr. Henig joins the executive management team and will lead Breath’s clinical development activities.

Dr. Henig brings to Breath more than 20 years of clinical and development leadership experience at emerging and leading biopharmaceutical companies, complemented by extensive medical experience in pulmonary and transplant medicine. Her expertise substantially strengthens BOSTON, the lead development program of inhaled L-CsA (Liposomal Cyclosporine A), for the treatment of Bronchiolitis Obliterans (BO), a lethal orphan respiratory disease. Breath’s pipeline of inhaled therapeutics is targeting severe respiratory diseases with high unmet medical need.

“Noreen´s background in advanced lung disease and lung transplant, her senior drug development expertise, and her strong strategic corporate thinking is an outstanding combination and perfectly complements the Breath management team“, said Dr. Jens Stegemann, Chief Executive Officer of Breath Therapeutics.

Noreen Henig stated: “I am looking forward to joining the Breath Therapeutics team and to growing the young company. This is a unique opportunity to develop a promising Phase 3 ready asset for a true unmet medical need“.

Prior to joining Breath, Dr. Henig was CMO of ProQR Therapeutics, where she oversaw all preclinical and clinical development of candidate molecules and was also responsible for patient safety, data transparency, medical ethics and governance. She successfully led the young biotech company through organic growth and was instrumental in raising a pre-IPO series and a successful NASDAQ IPO for the then preclinical stage company. Previously, Dr. Henig served as Senior Director, Global Medical Affairs, Respiratory and PAH of Gilead Sciences, where she designed and executed clinical trials, up to Phase 4. In particular, she provided medical support to two therapies indicated for severe pulmonary disease. Throughout her career, Dr. Henig has held several senior academic positions related to respiratory diseases and lung transplant at the California Pacific Medical Center and the Stanford University School of Medicine. She earned her M.D. with Distinction in Immunology from the Albert Einstein College of Medicine, completed training in Internal Medicine at UCSF and Pulmonary and Critical Care Medicine at University of Washington, Seattle.

 

About Bronchiolitis Obliterans (BO)

Bronchiolitis Obliterans (BO) is a severe progressive orphan disease of the bronchioles of the lung that leads to death from respiratory failure. BO is the leading cause of loss of transplanted lungs. Of more than 25 000 people currently living with a lung transplant, approximately half will die within the next five years, mainly related to BO. BO also occurs in patients following allogeneic hematopoietic stem cell transplant, autoimmune disease and some environmental exposures.

About Breath Therapeutics

Breath is a clinical stage biopharmaceutical company specializing in advanced and first-in-class inhalation therapies for severe respiratory diseases with high unmet medical need. For its clinical development, the Company is using new proprietary drug formulations optimized for inhaled administration with exclusively licensed, high performance nebulizers. Breath is focusing on integrated therapy solutions in the interaction between diagnostics, therapeutics and eHealth therapy monitoring.

Breath´s lead development program BOSTON is addressing the treatment of BO with a proprietary formulation of liposomal cyclosporine for inhalation. With proceeds from a USD 46 million Series A financing by top-tier European investors Sofinnova, Gimv and Gilde Healthcare, the Company is currently initiating Phase 3 studies in the US and Europe. PARI Pharma, a worldwide leading nebulizer company, is a strategic development partner and licensor for the eFlow® nebulizer technology for Breath’s BOSTON program.

Breath Therapeutics is Germany and US based with offices in Frankfurt, Munich and Boston.

For more information, please visit www.breath-therapeutics.com

Contact:

Breath Therapeutics B.V.
Dr. Jens Stegemann, CEO
Email: contact@breath-therapeutics.com

Media inquiries:

MC Services AG
Dr. Claudia Gutjahr-Loeser, Managing Director
Tel. +49 89 210 228–0
Email: breath-therapeutics@mc-services.eu

 

Gilde Healthcare

Gilde Healthcare is a specialized European healthcare investor managing two business lines: a lower mid-market buy-out fund and a venture & growth capital fund. It has over €800 million ($1 billion) under management and is actively looking to lead new investments in digital health, diagnostics, medical devices, therapeutics and healthcare services across Europe and the US.

 

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CapMan Buyout to sell InfoCare Group to Katalysator

Funds managed by CapMan Buyout have agreed to sell their holdings in InfoCare Group to the Norwegian private equity investment company Katalysator.

CapMan Buyout funds’ exit from portfolio company InfoCare Group (“InfoCare”) is already the sixth transaction within the last eight months.

InfoCare is one of the leading IT services companies in the Nordic countries. InfoCare’s services comprise field service, staffing services and spare parts logistics within the IT sector. In 2017 the net sales of InfoCare was approximately MEUR 90 and it employed a total of 870 persons.

“InfoCare is an undisputed market leader for more than 30 years in the Nordics and over the last years, the company has undergone a significant reorganization in terms of divestment of non-core business, new management, initiating cost efficiency programs and a new strategy for growth. InfoCare has a lot of potential to create stronger growth in existing and new business areas with the help of highly professional employees and satisfied top tier customers,” says Hanna Ideström, Investment Director at CapMan Buyout and responsible for the investment in InfoCare.

“We are very satisfied to have Katalysator as the new majority owner of InfoCare. Katalysator’s active and long-term investment perspective is important for us to realize our new strategy Skylift. With main focus on Customer Orientation, Operational Excellence and Growth we are going to lift InfoCare to new heights. Together with Katalysator and our fantastic employees, that is our most important asset, will we make this happen. I would like to thank CapMan for the continuous support during CapMan’s ownership,” says Kjell Magne Leirgulen, CEO of InfoCare.

“InfoCare has established a unique position in the Nordic market within IT services and we are very impressed by the management team. Katalysator will through active ownership support the management team and the development of the business, with strong customer focus, best practice operations and new growth initiatives. We see a significant potential for continued growth in the Nordics and look forward to work together with InfoCare’s employees in the coming years,” says Jon Håkon Pran, CEO of Katalysator.

Katalysator is a family owned investment company focusing on investments in medium-sized companies in Scandinavia. Katalysator currently has a portfolio of 6 companies and the team comprises 5 investment professionals.

The completion of the transaction is pending certain conditions including approval from competition authorities. Bridgehead acted as an advisor for CapMan Buyout in the transaction.

The CapMan Buyout team comprises 12 investment professionals working in Helsinki and Stockholm. The funds managed by CapMan Buyout invest in medium-sized, unlisted companies in the Nordic countries.

For more information, please contact:
Hanna Ideström, Investment Director, CapMan Buyout, tel. +46 705 861 348
Kjell Magne Leirgulen, CEO, InfoCare Group, tel. +47 97 72 31 21
Jon Håkon Pran, CEO, Katalysator, tel. +47 91 33 93 42


CapMan
www.capman.com
@CapManPE

CapMan is a leading Nordic private asset expert with an active approach to value-creation in its target companies and assets. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers we have developed hundreds of companies and real estate and created substantial value in these businesses and assets over the last 28 years. CapMan has today approximately 120 private equity professionals and manages approximately €2.8 billion in assets under management. We mainly manage the assets of our customers, the investors, but also make investments from our own balance sheet. Our objective is to provide attractive returns and innovative solutions to investors. Our current investment strategies cover Real Estate, Buyout, Russia, Credit, Growth Equity and Infrastructure. We also have a growing service business that currently includes procurement services (CaPS), fundraising advisory (Scala Fund Advisory), and fund management services.

 

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Oura Health strengthens its position in the US market

Tesi

Oura Health, the Finnish health technology company behind the Oura ring, has moved its total private funding to 12.5M€ after the closure of a round led by US-based Bold Capital Partners and Finland’s Tesi. The company also appoints new board members with US industry expertise for latest growth phase.

The Oura ring and app guides wearers towards better sleep, recovery and readiness to perform by analyzing the body’s sleep, activity levels, daily rhythms and physiological responses. The funding will be used to scale US market operations and push the Oura platform forward.

Former Oura Health CEO Petteri Lahtela will focus on developing new products and services in his new roles as Oura Health President and Chief Innovation Officer while continuing his position on the Oura Health board. Former Ouraring Inc. President Harpreet Rai has been appointed as the new Oura Health CEO, with US industry specialists Stephen Friend and Kevin Lin also joining the Oura Health board.

“The successful launch of the new Oura ring shows the level of innovation and craftsmanship that Oura Health is capable of. Moving forward, our main goal is to drive awareness and sales in our largest market, while doubling down on the very innovation that brought us here in the first place,” says Harpreet Rai, CEO of Oura Heath.

“I have great respect for Harpreet. He knows the US market and can lead us towards growth and greater market penetration. I’m excited for this next phase for Oura, and am looking forward to focusing on new innovative products and services which I am most passionate about,” says Oura Health CIO Petteri Lahtela.

Oura Health CEO Harpreet Rai previously led investments in technology, media and telecom at New York-based Hedge Fund Eminence Capital. He is joined on Oura’s board by Twitch Co-founder and former COO Kevin Lin, and M.D., Ph.D. Stephen H. Friend, Chairman of the Board and Past-President of Sage Bionetworks, a non-profit organization that provides the tools and environment to conduct dynamic, large-scale collaborative biomedical research. Approximately 60% of active Oura users and pre-orders for the new Oura ring originate from the US.

“Oura has built an extremely capable team that combines and harnesses technological, commercial and design expertise. There has been strong demand for the new ring. Meanwhile, both operative and governance changes within the company will boost Oura’s growth and development. Finland is home to a number of international brands famous for products and services based on biometric measuring. Oura has all the resources needed to join this elite band,” says Jussi Sainiemi, Investment Director at Tesi.

“We have succeeded in creating a new category within wearables. We combined science, technology and design with ultimate wearing comfort. Bringing sleep and recovery from daily mental and physical strain into the core of the user experience with the first generation Oura ring was the right choice. Our users are very committed and our retention rates are much higher compared to wearables in general. We need to continue innovating in all areas to maintain our pioneering position,” concludes Lahtela.

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Mr. Kevin Lin, the co-founder and former COO of Twitch, has been appointed chairman of the board. He brings along his vast experience in scaling teams, building communities, growing sales and developing monetization strategies based on his experience at Twitch. He also notably raised multiple rounds of funding and delivered significant shareholder value with Twitch’s exit to Amazon.

M.D., Ph.D. Stephen H. Friend is the Chairman of the Board and Past-President of Sage Bionetworks, a non-profit organization that provides the tools and environment to conduct dynamic, large-scale collaborative biomedical research. Dr. Friend was most recently at Apple Inc. where he worked on ways to impact people’s lives in health and disease. Currently he’s designing a virtual institute to explore fundamental issues around how to make individual symptom predictions and how to return agency to individuals so they might navigate their own paths between health and disease.

Harpreet Rai is based in San Francisco and has a long background in finance. He was previously at Eminence Capital for 9 years, a multi-billion dollar hedge fund in New York City, where he led investments in technology, media and telecom. Prior to Eminence, Harpreet was at Morgan Stanley in their M&A group. Harpreet Rai joined Ouraring Inc., Oura Health’s US subsidiary, as President in 2017 and succeeds Petteri Lahtela as the new CEO, effective June 1st, 2018.

For additional information

Media kit with pictures

John Cozzi
press@ouraring.com

Jussi Sainiemi, Investment Director, Tesi
+358 40 564 4660
jussi.sainiemi@tesi.fi

About Oura Health Ltd.
Oura Health Ltd. is a Finnish health technology company founded in 2013. Oura is the world’s first wellness ring and app that shows how your body responds to your lifestyle by analyzing your sleep, activity levels, daily rhythms and the physiological responses in your body. Personalized for you, Oura guides you towards better sleep, recovery and readiness to perform. Oura has users in over 60 countries, and several top universities, research organizations, sleep clinics, and companies are utilizing the data and insights Oura provides.

In addition to the CES 2016 Best of Innovation Award, Oura Health has received among others the Fitness Award of the American Women’s Health Magazine in May 2016. In 2017, Oura Health was selected as the Best Health/Lifestyle Startup in Finland at the Nordic Startup Awards. Oura Health Ltd.’s HQ and major manufacturing facilities are located in Oulu, Finland. Other locations include Helsinki and San Francisco. For more information, visit www.ouraring.com.

About BOLD Capital Partners
BOLD Capital Partners (“BOLD”), is a venture capital firm targeting investments in early stage and growth technology companies. BOLD is particularly interested in entrepreneurial leaders that leverage exponential technologies to transform the world and create innovative solutions to humanities’ grand challenges. The investment platform leverages the resources of Singularity University and the Peter Diamandis ecosystem to actively seek and support world-class entrepreneurs. BOLD has offices in Santa Monica and Palo Alto, California.

About Tesi
Tesi (Finnish Industry Investment Ltd) is a venture capital and private equity company that accelerates companies’ success stories by investing in them directly and via funds. Tesi always invests together with other investors, providing them with access to high quality deal-flow in Finland. Our investments under management total €1.2 billion and we have altogether 700 companies in portfolio. www.tesi.fi and @TesiFII

 

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Nordic Capital acquires healthcare-spend and clinical solutions company Prospitalia

Nordic Capital

  • Accelerating the growth of technology-enabled procurement services in healthcare with leading Group Purchasing Organisation

Nordic Capital Fund IX today announces the acquisition of Prospitalia, a leading healthcare-spend management and technology-enabled clinical solutions company for acute, post-acute and other healthcare service providers and vendors in Germany. Nordic Capital will support Prospitalia’s management in its plan to further strengthen the company’s market position and to further develop supporting technology-enabled healthcare procurement services. This acquisition is the third healthcare investment by Nordic Capital’s latest fund, Fund IX, and builds on Nordic Capital’s leading healthcare franchise in Europe.

Founded in 1993 and headquartered in Ulm, Germany, Prospitalia started as a Group Purchasing Organisation for healthcare providers in Germany. In recent years, the company has tapped into the significant opportunity for technology-enabled clinical solutions. Prospitalia optimises healthcare spend, promotes operating efficiency, strengthens clinical efficiency and improves compliance for its partners through superior technological solutions. The company’s solutions leverage multiple unique, rich data insights to drive its value added services, which have created deep and long-standing relationships with healthcare providers as well as suppliers. The company has almost 200 employees and serves over 3,000 customers in Germany, the UK, the Netherlands and Australia with an aggregated managed spend of EUR 2.4 billion.

Throughout over 25 years of healthcare and technology investing, Nordic Capital has gained significant experience in building high quality and sustainable businesses. Nordic Capital will support Prospitalia’s management as it continues to build the company into the platform of choice for healthcare-spend management and technology-enabled clinical solutions providers.

Prospitalia, which was acquired from Five Arrows Principal Investments, is the third healthcare investment for Nordic Capital Fund IX. Since inception in 1989, the Nordic Capital Funds have invested in 25 healthcare platforms across Europe and in the USA.

The parties have agreed to not disclose the financial details.

 

Media contact:

Nordic Capital

Katarina Janerud, Communications Manager
Advisor to the Nordic Capital Funds
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

 

About Nordic Capital

Nordic Capital is a leading private equity investor in the Nordic region with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a proven track record. Core sectors are Healthcare, Technology & Payments, Financial Services, Industrial Goods & Services and Consumer & Retail, and key regions are the Nordics, Northern Europe, and globally for Healthcare. Since inception in 1989, Nordic Capital has invested EUR 12 billion in close to 100 investments. The Nordic Capital Funds are based in Jersey and are advised by advisory entities, which are based in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital, please visit www.nordiccapital.com

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CVC Fund VII acquires controlling stake in Recordati S.p.A.

Andrea Recordati remains as CEO and invests alongside the consortium.

CVC is pleased to announce that a consortium of funds (the “Consortium”) led by CVC Fund VII has agreed to buy the holding company that owns a majority interest in Recordati.

Chairman Alberto Recordati said: “Today is an important moment in the further development of the company my grandfather founded over 90 years ago. We have found in CVC a partner who shares our vision, values and passion for the company, its employees and its role in developing and distributing healthcare around the world.”

Andrea Recordati, CEO, said: “I believe that this is a great outcome for the company and its employees who will benefit greatly from having CVC as a partner. In the process of finding the best partner to take Recordati forward, it was important to find a party that would allow Recordati to remain independent, with continuity for management and employees, and accelerate its growth strategy as a leading global consolidator in the pharmaceutical industry. I am very pleased to be working alongside CVC in accelerating Recordati’s global expansion. I am personally reinvesting alongside the Consortium as I believe in and support Recordati.”

Giampiero Mazza, Head of CVC Italy, said: “We are honoured to be chosen by the Recordati family who have put great trust in us to continue in their role as the majority shareholder of their company. We have a great admiration for the business which we have known for over many years since Giovanni Recordati was CEO. We are excited by the opportunity to support this excellent management team, led by Andrea Recordati who we have asked to remain as CEO and who carries on the company’s legacy and provides the continuity of the business and its strategy alongside Fritz Squindo, Recordati’s Managing Director and CFO.”

Cathrin Petty, Head of EMEA Healthcare at CVC, added: “Recordati has always been a very carefully managed, international pharma company with a broad platform of products and a strong geographical footprint in primary care. Over the last decade Recordati has built up a very attractive rare disease business which we look forward to expanding in addition to the core business. We hope that through our expertise and global healthcare network we will help accelerate this growth across orphan and specialty care to build a global leader in the industry.”

The transaction is structured as a fully financed acquisition by the Consortium of the family’s holding company FIMEI S.p.A for an Enterprise Value of €3.03bn. FIMEI owns 51.8% of Recordati S.p.A., implying a 100% equity value for Recordati S.p.A. of €5.86bn, equivalent to €28.00 per share. The members of the Recordati family will receive part of the consideration in the form of a deferred and subordinated long-term debt security in the amount of €750 million. Furthermore, Andrea Recordati in his capacity as CEO will invest alongside the Consortium.

Closing of the FIMEI purchase is anticipated to take place in the last quarter of 2018 and is subject only to mandatory competition approvals. Following closing, in accordance with CONSOB rules, the Consortium will make a mandatory tender offer (“MTO”) to the remaining minority shareholders. The Consortium’s current expectation is that Recordati will remain a publicly listed company. The Recordati family requested, and the Consortium has agreed, to provide other shareholders with a full cash offer at €28.00 per share, which implies a higher economic value than the cash and deferred payment made to the Recordati family. The offer of the full price in cash to the minority shareholders in the MTO is subject to the absence of a material market correction prior to closing of the FIMEI transaction (defined as a decrease in the FTSE MIB index of more than 20%). In such an event, the Consortium intends to lower the cash offer price in the MTO, in consultation and agreement with CONSOB, to a price equivalent to the actual consideration paid to the Recordati family (taking into account the present value of the deferred payment).

Leopoldo Zambeletti and Rothschild are acting as financial advisor to CVC. Gattai, Minoli, Agostinelli & Partners together with White & Case LLP are acting as legal advisors to CVC. Facchini, Rossi are acting as tax advisor to CVC. Committed financing for the transaction is being provided by Deutsche Bank, Credit Suisse, Jefferies and Unicredit.

The Consortium led by CVC Fund VII includes PSP Investments and StepStone.

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Gimv and Mérieux Développement accelerate the expansion of SGH Healthcaring – Stiplastics’ parent company embarks on its first external growth deals with the acquisition of Rovipharm and RR Plastiques

GIMV

20/06/2018 – 18:00 | Portfolio

Antwerp / Lyon / Saint-Marcellin, 20 June 2018, 6:00pm

Just six months after having acquired Stiplastics Healthcaring and setting up the SGH Healthcaring Group, Gimv and Mérieux Développement are pleased to announce the acquisition by SGH Healthcaring of French companies Rovipharm and RR Plastiques. These first acquisitions will enable the Group to take on a new dimension, doubling in size, and to complete its product range thanks to the complementary fit of their product portfolios.

SGH Healthcaring designs, develops and manufactures standard and smart plastic solutions for the pharmaceutical industries and the health sector. The Group structures its activities around two strategic areas:

  • specific developments of devices in four main areas: the observance and administration of medication, respiratory devices, pre-analytics and e-health with IoC® [Internet of Care],
  • a standard range of medical devices for the dosage and administration of medication.

Rovipharm and RR Plastiques bring their know-how in this second area, bolstering SGH Healthcaring’s portfolio of dispensers for medication in liquid form. Rovipharm is a leader in Europe in medication dosage pipettes. It stands out due to its capacity to develop high-quality products in cleanrooms at a competitive cost. RR Plastiques is a leading player in droppers to dispense ear and eye care solutions and will notably bring to the table its capacity to use various specific materials (Sebs, Eva, Santoprène®, plasticised PVC, etc.). As part of this transaction, Médicos is retaining RR Plastiques’ minor applications for the cosmetic industry.

When they made their joint investment in Stiplastics Healthcaring in January 2018, Gimv and Mérieux Développement wanted to create a European leader in the manufacture of medical devices, notably for the administration of medication in both liquid and solid form. This objective hinged on a buy & build roadmap that was carefully thought out well ahead of the acquisition. This preparation and the active support of the Group’s shareholders – notably through discussions with the sellers – facilitated the rapid implementation of SGH Healthcaring’s external growth strategy with as goal to establish a market leader in its sector.

While Gimv and Mérieux Développement had opted to make their initial investment in Stiplastics Healthcaring without LBO financing, this double acquisition was done in parallel with a refinancing process that puts SGH Healthcaring in perfect stead to pursue its buy & build strategy. Its solid shareholders and a financing package that has been put together by Bluebay will help to fulfil its ambitions.

“We are very proud to welcome these two established companies and their talented people to SGH Healthcaring, where they will join us in our ambitious plan to expand in a consolidating market. These first deals lift our turnover up to approximately EUR 40 million for 2018. These acquisitions and the external financing put in place provide a firm basis for SGH Healthcaring to pursue its development strategy” explained Benoit Chastaing, Partner Health & Care at Gimv.

“Less than six months after investing in Stiplastics Healthcaring, we are very pleased to achieve this first major milestone in the roadmap that we have put together with the management team of Stiplastics Healthcaring to form a large group that can meet the increasing demands of the healthcare industry” said Jean-François Billet, Senior Partner at Mérieux Développement.

“When the ownership structure was changed, we clearly expressed our ambition to create a European leader in medical devices, amid increasingly-stringent regulatory constraints and greater demands from clients. These two acquisitions mark a first step in our ambitious growth” added Jérôme Empereur, Chairman and Chief Executive Officer at SGH Healthcaring.

The financial details of the transactions will not be disclosed.

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