TPG Capital, the private equity fund of Fort Worth-based TPG, announced July 18 it has entered into a definitive agreement to purchase specialized surgical device firm Beaver-Visitec International from RoundTable Healthcare Partners
BVI is a leading global developer, manufacturer, and marketer of specialized surgical devices for the ophthalmic marketplace. The sale is expected to close during the third quarter. Terms of the transaction were not disclosed.
“TPG has a long history of partnering with leading companies in the healthcare sector that hold significant growth potential,” said Jeffrey Rhodes, Partner at TPG. “We’ve worked with a wide variety of companies, from blood transfusion therapies business Fenwal to drug maker Par Pharmaceutical, to discover and invest in new opportunities.”
BVI was created in 2010 through the combination of three separate ophthalmic product businesses from Becton Dickinson, Medtronic, and Aspen Surgical. The company operates two state-of-the-art manufacturing plants in Waltham, Massachusetts and Bidford in the United Kingdom. BVI brings together high-quality brands, including Beaver blades, Visitec cannulae and instruments, Merocel and Weck-Cel ophthalmic fluid management products, and Wet-Field Eraser electrosurgery products. These products serve a wide variety of ophthalmic surgeries, including cataract, refractive, oculoplastic, and vitreoretinal sub-specialty procedures.
Since 2007, TPG has invested more than $8 billion in its healthcare portfolio across the platform.
TPG’s healthcare investments have spanned disciplines and geographies around the world, including pharmaceutical services firms such as IMS, Quintiles and EnvisionRX; blood transfusion therapy and diagnostics manufacturers Fenwal and Immucor; orthopedic device company Biomet; providers across the globe such as Surgical Care Affiliates, IASIS, Parkway, Chindex and Manipal Hospitals; and pharmaceutical manufacturers Adare, Aptalis and Par Pharmaceutical.
Deutsche Bank Securities Inc., Guggenheim Securities LLC, RBC Capital Markets and UBS Investment Bank acted as financial advisors to TPG. UBS Investment Bank, Deutsche Bank Securities Inc., Antares Holdings and RBC Capital Markets provided committed financing to TPG. Ropes & Gray LLP served as legal counsel to TPG.