M&A Deal Summary

Constitution Capital Partners, Avista Capital Partners, The Carlyle Group and Nordic Capital Acquire ConvaTec

On August 2, 2008, private equity firms Constitution Capital Partners, Avista Capital Partners, The Carlyle Group and Nordic Capital acquired medical products company ConvaTec from Bristol-Myers Squibb for 4.1B USD

Acquisition Highlights
  • This is Constitution Capital Partners’ 1st, Avista Capital Partners’ 3rd, The Carlyle Group’s 10th and Nordic Capital’s 5th transaction in the Medical Products sector.
  • This is Constitution Capital Partners’ , Avista Capital Partners’ , The Carlyle Group’s 17th and Nordic Capital’s 2nd largest (disclosed) transaction.
  • This is Constitution Capital Partners’ 1st, Avista Capital Partners’ 2nd, The Carlyle Group’s 19th and Nordic Capital’s 2nd transaction in the United Kingdom.
Investment Fate
  • ConvaTec went public in 2016.
  • ConvaTec was sold to a financial buyer in 2017.

M&A Deal Summary

Date 2008-08-02
Target ConvaTec
Sector Medical Products
Buyer(s) Constitution Capital Partners
Avista Capital Partners
The Carlyle Group
Nordic Capital
Sellers(s) Bristol-Myers Squibb
Deal Type Divestiture
Deal Value 4.1B USD

Target

ConvaTec

Reading, United Kingdom
website
ConvaTec is a global medical products and technologies company that provides advanced wound care, ostomy care, continence, and critical care, and infusion devices. ConvaTec was formed in 1972 and is based in Reading, United Kingdom.

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Buyer(S) 4

DESCRIPTION

Constitution Capital Partners is a private equity firm focused on buyouts of North American companies. Constitution typically invests in private equity partnerships, however the Firm also makes direct private equity and credit investments. Constitution Capital Partners does not have any sector preferences. The Firm was formed in 2008 and is headquartered in Andover, Massachusetts.


DEAL STATS #
Overall 6 of 25
Sector (Medical Products) 1 of 2
Type (Divestiture) 1 of 1
Country (United Kingdom) 1 of 1
Year (2008) 2 of 4
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-10 Light Tower Rentals

Odessa, Texas, United States

Light Tower Rentals, Inc. is a diversified specialty equipment rental company focused on oil and gas operations in the prolific Permian Basin, with yards in other leading U.S. basins including the SCOOP/STACK, Eagle Ford, Bakken and Marcellus. LTR’s core equipment rental fleet includes mobile natural gas and diesel driven power generators, light towers, mobile housing units, field heaters and fluid handling products, which are all supported by a best in class service platform.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-11-12 Ladder Capital

New York, New York, United States

Ladder Capital is a commercial real estate finance company that originates and invests in a diverse portfolio of commercial real estate and real estate-related assets, focusing on senior secured assets. Ladder’s investment activities include: (i) direct origination of mid-market commercial real estate first mortgage loans of $5 million to $100 million; (ii) investments in investment grade securities secured by first mortgage loans on commercial real estate; and (iii) investments in net leased and other commercial real estate. Ladder Capital was founded in 2008 and is headquartered in New York, New York.

Buy $1.0B
Buyer

Avista Capital Partners

New York, New York, United States

website


Category Private Equity Firm
Founded 2005
PE ASSETS 6.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Avista Capital Partners is a private investment firm formed by a group of professionals with roots from DLJ Merchant Banking Partners. Avista makes controlling and minority investments in US based energy, healthcare, and media companies with revenues greater than $25 million. Typical transactions include leverage buyouts, build-ups, and growth capital financings. Avista Capital was formed in 2005 and is based in New York City with an additional office in Houston, Texas.


DEAL STATS #
Overall 17 of 53
Sector (Medical Products) 3 of 8
Type (Divestiture) 3 of 8
Country (United Kingdom) 2 of 3
Year (2008) 3 of 3
Size (of disclosed) 1 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-07-29 Royal Offshore

Corpus Christi, Texas, United States

Royal Offshore is a Corpus Christi-based company focused on the exploitation and development of oil and natural gas assets in the Gulf of Mexico. Royal Offshore’s properties currently consist of over 55 leases in the Gulf of Mexico. Royal Offshore is managed by various Royal entities which are a part of Royal Holding Company, Inc.

Buy $350M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-09-01 The Star Tribune Media Company

Minneapolis, Minnesota, United States

The Star Tribune Media Company LLC is the information provider in the Minneapolis/St. Paul metropolitan area and includes the Star Tribune newspaper, StarTribune.com and other print and digital products and services. The Star Tribune is the largest daily and Sunday newspaper in the Twin Cities area with daily circulation in excess of 360,000 and Sunday circulation of approximately 600,000. The Star Tribune is the 10th largest Sunday paper and 14th largest daily paper in the United States.

Sell -
Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 376.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 336 of 695
Sector (Medical Products) 10 of 16
Type (Divestiture) 34 of 71
Country (United Kingdom) 19 of 50
Year (2008) 23 of 28
Size (of disclosed) 17 of 133
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-07-28 TrenStar

Greenwood Village, Colorado, United States

TrenStar, Inc. is a provider of outsourced logistics and supply chain infrastructure to major manufacturers across a variety of vertical markets. The company uses a combination of in-house and off-the-shelf logistics software along with RFID technology to track and monitor the asset base of its customers.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-08-05 Voice Construction

Edmonton, Alberta, Canada

Voice Construction Ltd. is a provider of civil construction services to the major operators in the Alberta oil sands and surrounding areas.

Buy -
Buyer

Nordic Capital

Stockholm, Sweden

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1989
PE ASSETS 30.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Nordic Capital is a private equity investment firm that targets mid to large-sized company investments located in Northern Europe as well as the US. Nordic seeks investments across a wide range of industries and prefers situations where there are 'opportunities for new industrial combinations, strategic repositioning, international expansion and operational improvements'. Nordic Capital was formed in 1989 and is based in Stockholm, Sweden.


DEAL STATS #
Overall 50 of 133
Sector (Medical Products) 5 of 10
Type (Divestiture) 4 of 11
Country (United Kingdom) 2 of 9
Year (2008) 2 of 4
Size (of disclosed) 2 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-06-27 Unomedical AS

Birkerod, Denmark

Unomedical is a leading provider of single-use medical devices with global operations. Within Hospital Care, Unomedical is one of Europe’s leading companies and it has strong niche positions overseas. Within Infusion Devices, Unomedical is a global market leader within infusion sets used by diabetics on pump therapy.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-09-01 SafeRoad

Oslo, Norway

SafeRoad is a supplier of road safety and road infrastructure solutions. The Group offers a broad range of innovative and high-quality products and solutions to those who own, build, and maintain roads. SafeRoad was founded in 1947 and is based in Oslo, Norway.

Buy -

Seller(S) 1

SELLER

Bristol-Myers Squibb

New York, New York, United States

website


Category Company
Founded 1887
Sector Life Science
Employees32,200
Revenue 46.2B USD (2022)
DESCRIPTION

Bristol-Myers Squibb is a life science company engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of biopharmaceutical products on a global basis. The Company's pharmaceutical products include chemically-synthesized drugs, or small molecules, and an increasing portion of products produced from biological processes. The majority of Bristol-Myers Squibb's revenue comes from products in the following therapeutic classes: cardiovascular; virology, including human immunodeficiency virus (HIV) infection; oncology; neuroscience; immunoscience; and metabolics. Bristol-Myers Squibb was incorporated in 1887 and is based in New York City.


DEAL STATS #
Overall 5 of 13
Sector (Medical Products) 3 of 5
Type (Divestiture) 4 of 9
Country (United Kingdom) 1 of 1
Year (2008) 1 of 1
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-29 Kosan Biosciences

Hayward, California, United States

Kosan Biosciences is an established cancer therapeutics company focused on advancing two new classes of anticancer agents through clinical development: heat shock protein 90 (Hsp90) inhibitors and epothilones.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-07-22 Medarex

Princeton, New Jersey, United States

Medarex, Inc. is a developer of therapeutic products for cancer, autoimmune disease and other life-threatening and debilitating diseases.

Buy $2.1B