Nordic Capital sells its remaining shares in global medical products and technology company ConvaTec
May 03 2018
Nordic Capital Fund VI and VII (“Nordic Capital”) has sold its remaining shares in ConvaTec Group Plc (“ConvaTec”). Under Nordic Capital’s ownership, ConvaTec has benefited from operational improvement, organic growth and complementary acquisitions across the globe.
The remaining shareholding of 143,158,828 ordinary shares (representing approximately 7.3% of the issued share capital) in ConvaTec was sold on May 3, 2018, through a book-building process which generated strong investor interest. The price was 220 pence per ordinary share, raising gross proceeds of GBP 315 million.
Raj Shah, Partner, advisor to the Nordic Capital Funds, commented: "Since the initial acquisition of ConvaTec from Bristol Myers Squibb in 2008, the company has developed to become one of the leading medical technology businesses globally. Nordic Capital has supported ConvaTec throughout this journey and has worked in close partnership with the company's management team to revitalise and grow the business across its four leading chronic care franchises.”
During the 8 years of Nordic Capital’s private ownership until the IPO in 2016, ConvaTec grew its revenues by more than 90 per cent and the number of employees increased from around 3,400 employees to around 8,500 in more than 100 markets today.
Raj Shah continued: "The investment in ConvaTec illustrates how Nordic Capital, through its extensive healthcare experience, selective investment focus and emphasis on value creation, acts as a strong private equity partner for corporates as well as developing global healthcare companies. We would like to thank the management team and all employees of ConvaTec for their hard work and collaboration throughout this journey.”
ConvaTec is a global medical products and technologies company focused on therapies for the management of chronic conditions, with leading market positions in advanced wound care, ostomy care, continence and critical care, and infusion devices.
In October 2016, ConvaTec was successfully listed on the London Stock Exchange, making it the largest European Healthcare IPO in more than 20 years and the largest Medtech IPO globally in more than 10 years. The divestment of the ConvaTec shareholding follows a period where Nordic Capital Funds have maintained a high level of transaction activity with 5 successful exits including 3 IPOs, and 9 new platform investments since the beginning of 2017.
Katarina Janerud, Communications Manager
Advisor to the Nordic Capital Funds
Tel: +46 8 440 50 69
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 companies, which are based in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital please see www.nordiccapital.com