Irish giant Medtronic plc announced the acquistion of Italy’s Bellco, a pioneer in hemodialysis treatment solutions (download here the press release). Sellers were private equity funds Charme II, Amadeus Capital Partners and Capital Dynamics.
The deal was quite a surprise as in the last hours rumors were that Chinese conglomerate Fosun was in talks to buy control of Bellco through its Fosun Pharma division (see here a previous post by BeBeez).
Based in Mirandola (Modena), Bellco has about 40 years of history and is a pioneer in blood purification treatments. It has created therapies and systems for the treatment of renal failure, multiple organ failure and sepsis. The company is said to be valued more than 200 million euros in enterprise value, MF Milano Finanza writes today, or twice its 2015 revenues which topped 110 million euros with an ebitda slightly lower than 10 million euros.
Bellco’s portfolio bolsters Medtronic’s legacy renal access business and will be a foundational component of the company’s recently formed Renal Care Solutions business. Headquartered in Dublin and listed on the New York Stock Exchange, Medtronic is among the world’s largest medical technology, services and solutions companies and has a 106 billion dollars market cap.
Montezemolo&Partners sgr had bought control of Bellco through its Charme II fund in 2012 (the company was then priced on a 55 million euros equity value basis). In February 2013 Charme II sold a 20% stake in Bellco’s capital to Amadeus Capital Partners and Capital Dynamics funds, retaining a 75% stake (see here a previous post by BeBeez).
This is the last divestment for Charme II fund. Montezemolo&Partners is now operating through its Charme III fund which announced a first closing in its fundraising at 400 million euros one year ago (see here a previous post by BeBeez) and has now reached 450 millions raised, the final closing being expected by next June at 500 million euros.