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EQT to buy BSN Medical for €1.8 billion

Private equity fund EQT VI has agreed to buy medical device manufacturer BSN Medical from Montagu Private Equity for €1.8 billion (£1.4 billion).

BSN has annual sales of €700 million and around 4,000 employees. It is a major supplier of wound care, compression therapy and orthopaedic products to hospitals and pharmacies around the world.

The company was founded in 2001 as a joint venture between Beiersdorf AG and Smith & Nephew, and was acquired by Montagu Private Equity in 2005.

“We view BSN as a highly attractive growth case with strong resilience across the business cycle,” said Marcus Brennecke, partner at EQT Partners in Germany, and investment advisor to EQT VI.

“While continuing to strengthen the position in key markets and in key product segments, there is tremendous potential in entering new geographic markets, especially in Asia and Latin America. BSN’s global foot-print and large sales force provide an excellent platform for add-on acquisitions.”

BSN’s chief executive, Claus-H Wiegel, said: “We will look forward to working with EQT to deliver the next phase of BSN’s growth story.”

The transaction is subject to regulatory clearances. Morgan Stanley and Deutsche Bank acted as financial advisors to EQT VI. Goldman Sachs and HSBC acted as financial advisors to Montagu and BSN.

Posted on: 11/06/2012

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