CANADA/US - Apax Partners, the Canada Pension Plan Investment Board and the Public Sector Pension Investment Board have teamed up to purchase Kinetic Concepts in a $6.3bn deal.
The consortium agreed to pay $68.50 per share for the US-based medical device company. The firm reported revenues of $2bn in 2010.
André Bourbonnais, senior vice president of private investments for CPPIB said: "KCI is the market leader in its businesses with strong growth potential particularly outside of the core U.S. market. KCI's business is well positioned for growth based on global trends such as demographics, including longevity and an aging population. Together with KCI's management, Apax and PSP Investments, we look forward to building upon KCI's leading market shares and positioning the company for continued long-term success."
PSP Investments first vice president of private equity at Derek Murphy said: "This is an attractive opportunity to acquire a global market leader offering stable core revenues and significant growth opportunities through new products and geographic expansion. Apax brings significant expertise in the healthcare sector, while CPPIB is a like-minded investor with a long-term investment horizon."
PP has analysed the accounts of the biggest pension consulting firms and recorded the turnover (revenue) in their most recent accounts. The full leaderboard is below…
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Marsh & McLennan Companies (MMC), the parent company of Mercer, has agreed to buy JLT for a total of $5.6bn (£4.3bn).
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