NEW YORK, Nov. 4, 2011 /PRNewswire/ -- A consortium
comprised of funds advised by Apax Partners ("Apax"), together with
controlled affiliates of Canada Pension Plan Investment Board
("CPPIB") and the Public Sector Pension Investment Board ("PSP
Investments"), today announced the completion of its acquisition of
Kinetic Concepts, Inc. (NYSE: KCI) for $68.50 per common share in cash. KCI
shareholders approved the transaction at a special meeting held on
28th October.
KCI is a U.S.-based medical device company focused on the
design, manufacture, marketing and service of therapies and
products for the wound care, tissue regeneration and therapeutic
support system markets. The transaction is valued at
approximately $6.1 billion, including
KCI's outstanding debt.
The consortium plans to work actively in partnership with the
management of KCI to further invest in the global medical products
sector to expand the company's core business, develop innovative
products and extend into new geographies where significant
opportunities exist.
Morgan Stanley & Co. LLC acted as financial advisor to the
consortium. Debt financing was secured from Morgan Stanley
& Co. LLC, BofA Merrill Lynch and Credit Suisse AG.
Simpson Thacher & Bartlett LLP acted as legal advisor to
the consortium. Kirkland & Ellis LLP acted as legal
advisor on the financing to the consortium. Epstein Becker
Green acted as healthcare regulatory counsel to the consortium.
CPPIB was also separately advised by Torys LLP. PSP
Investments was also separately advised by Weil, Gotshal &
Manges LLP.
About Apax Partners
Apax Partners is one of the world's leading private equity
investment groups. It operates across the United States, Europe and Asia and has more than 30 years of investing
experience. Funds under the advice of Apax Partners total
over $40 billion around the world.
These Funds provide long-term equity financing to build and
strengthen world-class companies. Apax Partners Funds invest
in companies across its global sectors of Tech & Telecom,
Retail & Consumer, Media, Healthcare and Financial &
Business Services.
The Healthcare team at Apax has focused on the medical devices /
wound care sub-sector for many years, having previously invested in
Molnlycke Health Care Group (MHCG) in 2003. In the case of
Molnlycke, the team identified a consolidation opportunity in the
wound care space and combined three separate businesses to create a
leading global medical products company.
Apax has completed investments with a cumulative value of
$13.5 billion in 2011 to date.
In addition to KCI, Apax Funds have completed the following
investments in 2011: Trader Media / Dealer.com (Canada); iGate / Patni (US / India); Activant / Epicor (US); Takko
(Germany) and Golden Jaguar (China).
For further information about Apax, please visit
www.apax.com.
Apax Partners
Ben Harding / Georgiana Brunner
Tel: +44 (0)20 7872 6401 / 6429
Email: communications@apax.com
Todd Fogarty
Tel: +1 212 521 4854
Email: todd-fogarty@kekst.com
About Canada Pension Plan Investment Board
Canada Pension Plan Investment Board (CPPIB) is a professional
investment management organization that invests the funds not
needed by the Canada Pension Plan to pay current benefits on behalf
of 17 million Canadian contributors and beneficiaries. In
order to build a diversified portfolio of CPP assets, CPPIB invests
in public equities, private equities, real estate, inflation-linked
bonds, infrastructure and fixed income instruments.
Headquartered in Toronto,
with offices in London and
Hong Kong, CPPIB is governed and
managed independently of the Canada Pension Plan and at arm's
length from governments. At June 30,
2011, the CPP Fund totaled $153.2
billion. For more information about CPPIB, please
visit www.cppib.ca.
CPPIB
May Chong
Tel: +1 416 868 8657
Email: mchong@cppib.ca
About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is
a Canadian Crown corporation established to manage investments for
the pension funds of the Public Service, the Canadian Forces, the
Royal Canadian Mounted Police and the Reserve Force. PSP
Investments manages a diversified global portfolio including
stocks, bonds and other fixed-income securities, and investments in
Private Equity, Real Estate, Infrastructure and Renewable
Resources. As at March 31, 2011,
assets under management totalled over $58
billion. For more information about PSP Investments, please
visit www.investpsp.ca.
PSP Investments
Mark Boutet
Tel: +1 514 925 5431
Email: mboutet@investpsp.ca
About KCI
Kinetic Concepts, Inc. (NYSE: KCI) is a leading global medical
technology company devoted to the discovery, development,
manufacture and marketing of innovative, high-technology therapies
and products for the wound care, tissue regeneration and
therapeutic support system markets. Headquartered in
San Antonio, Texas, KCI's success
spans more than three decades and can be traced to a history deeply
rooted in innovation and a passion for significantly improving the
healing and the lives of patients around the world. The
company employs approximately 7,100 people and markets its products
in more than 20 countries. For more information about KCI and
how its products are changing the practice of medicine, please
visit www.KCI1.com.
SOURCE Apax Partners; PSP Investments; Canada Pension Plan
Investment Board (CPPIB)