CHICAGO and LONDON, March 19,
2018 /PRNewswire/ -- Funds advised by Apax Partners
("the Apax Funds") today announced they have entered into a
definitive agreement to purchase from BD (Becton, Dickinson and
Company) its remaining ownership interest in Vyaire Medical, Inc.,
a global leader in respiratory care.
Upon completion of the transaction, which is expected to occur
by the end of April (subject to customary closing
conditions),Vyaire Medical will be 100% controlled by the Apax
Funds.
The Apax Funds acquired a majority stake in Vyaire Medical,
previously BD's Respiratory Solutions business, in October 2016. BD initially retained a minority
stake in the newly independent company through a joint venture with
the Apax Funds. Today, Vyaire Medical is the leading pure play
medical device company in the respiratory space. With approximately
$800 million in annual sales, Vyaire
Medical is active in manufacturing and distributing both
respiratory and anesthesia/surgical consumables as well as capital
equipment for respiratory diagnostics and ventilation. Vyaire
thereby supports the care of chronic and acute respiratory patients
as well as the airway management of surgical patients across
the healthcare continuum.
Steven Dyson, Partner at Apax
Partners, said, "Since the Apax Funds acquired a majority stake in
Vyaire Medical in October 2016,
strong progress has been made by the business. A new senior
management team led by CEO Dave
Mowry has established key functions, delivered operational
improvements, upgraded commercial capabilities, and made two
accretive acquisitions. It was on the basis of this progress, and
the promise that we continue to see for the business, that we
sought to acquire BD's minority stake. We would like to thank the
BD team for being excellent partners and supporting the company
through its history."
Dave Mowry, Vyaire's President
and Chief Executive Officer, said, "We are pleased with the
progress our team has achieved over the past 18 months in
establishing Vyaire Medical as a focused and leading global
respiratory solutions provider with the objective of improving
patient outcomes and increasing value for our customers. Our
success in standing up Vyaire Medical as an independent company
also has been made possible by the support of BD and the
contributions from Apax Partners, which has provided our team with
a range of capabilities, including the expertise from its
Operational Excellence team of dedicated functional
specialists."
About Vyaire Medical
Vyaire Medical supports
and improves the lives of patients with a laser-focus on improving
patient outcomes and increasing value for customers. The
Chicago, IL.-headquartered company
was formed in October 2016 to serve
healthcare customers with innovative device and service solutions
across the respiratory and anesthesia continua of care. Vyaire's
legacy brands have a 65-year track record of pioneering,
innovating, and advancing respiratory diagnostics, ventilation, and
anesthesia delivery & patient monitoring. From
industry-pioneering brands that include Bird, Bear, and Jaeger to
respected industry leaders AirLife®, Vital Signs®, Viasys, and many
others - Vyaire Medical has nearly 27,000 distinct part numbers
recognized, trusted and preferred by specialists in the respiratory
therapy and anesthesiology healthcare markets worldwide. Learn more
at www.vyaire.com.
About Apax Partners
Apax Partners is a leading
global private equity advisory firm. Over its more than 35-year
history, Apax Partners has raised and advised funds with aggregate
commitments of over $50 billion. Apax
Partners' Main Buyout Funds invest in companies across four global
sectors of Healthcare, Tech & Telco, Services and Consumer.
These funds provide long-term equity financing to build and
strengthen world-class companies. Apax Partners has a strong track
record in corporate carve-outs, supported by its Operational
Excellence Practice, a team of dedicated operating specialists who
support deal teams and drive value creation in the
portfolio.
For more information see www.apax.com.
Media Contacts
For Apax Partners:
Global Media: Andrew Kenny, Apax
| +44 20 7 872 6371 | andrew.kenny@apax.com
USA Media: Todd Fogarty, Kekst | +1 212-521 4854 |
todd.fogarty@kekst.com
UK Media: Matthew Goodman /
James Madsen, Greenbrook | +44 20
7952 2000 | apax@greenbrookpr.com
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SOURCE Apax Partners