TPG Capital Acquires Beaver-Visitec International

TPG Capital, the North American- and European-focused private equity fund of leading global alternative asset firm TPG, is purchasing Beaver-Visitec International (BVI) from RoundTable Healthcare Partners (RoundTable). BVI is a global developer, manufacturer, and marketer of specialized surgical devices for the ophthalmic marketplace. The sale is expected to close during the third quarter. Additional terms of the transaction were not disclosed.
 
The investment in BVI reflects TPG’s strategy of identifying exceptional companies and management teams across the healthcare industry. Since 2007, TPG has invested more than $8 billion in its healthcare portfolio across the platform.
 
“TPG has a long history of partnering with companies in the healthcare sector that hold significant growth potential,” said Jeffrey Rhodes, a 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 and Company, Medtronic plc, and Aspen Surgical. The company operates two manufacturing plants in Waltham, Mass., and Bidford, United Kingdom. BVI brings together various 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.
 
“BVI’s products and brands, commitment to quality, and focus on enabling ophthalmic surgeons to achieve the best patient outcomes position the company well for continued success and growth,” said John Schilling, a partner at TPG. “We look forward to working with the BVI team, building on the foundation they have established, and creating a global ophthalmology platform together.”
 
Tom Kapfer, Chief Executive Officer of BVI, added, “RoundTable was invaluable in helping us execute on the vision of combining separate ophthalmic businesses into a well-run, global organization. Their support and resources have helped us accelerate organic growth initiatives and complete strategic acquisitions. We look forward to our new partnership with TPG and continuing to grow our business.”
 
TPG’s healthcare investments have spanned disciplines and geographies around the world, including pharmaceutical services providers like IMS, Quintiles and EnvisionRX; blood transfusion therapy and diagnostics manufacturers Fenwal and Immucor; and orthopedic device company Biomet Inc.; providers 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.
 
TPG is a global private investment firm founded in 1992 with more than $70 billion of assets under management and offices in Austin Texas; Beijing China; Dallas, Texas; Fort Worth, Texas; Hong Kong, China; Houston, Texas; Istanbul, Turkey, London, England; Luxembourg; Melbourne, Australia; Moscow, Russia; Mumbai, U.A.E.; New York, N.Y.; San Francisco, Calif.; São Paulo, Brazil; Singapore; and Tokyo, Japan. TPG’s investment platforms are across a wide range of asset classes, including private equity, growth venture, real estate, credit, and public equity.
 
Headquartered in Waltham, Mass., Beaver-Visitec International develops, manufactures and markets ophthalmic and other specialty microsurgical products. Beaver-Visitec distributes products in more than 90 countries worldwide and operates manufacturing facilities in Waltham and Bidford-on-Avon, United Kingdom. Beaver-Visitec offers products and services for all aspects of ophthalmic surgery, including cataract, refractive, oculoplastic, and vitreoretinal sub-specialties as well as other specialty microsurgery procedures.