Altor divests Ferrosan Medical Devices to consortium of Nordic investors
Altor Fund III has signed an agreement to divest Ferrosan Medical Devices (“FMD”), a world-leading provider of gelatine-based topical haemostatic products, to a consortium of private investors. FMD was part of the Ferrosan Group that was acquired in 2005; in 2011 the consumer health business of Ferrosan was sold to Pfizer, while Altor Fund III became the majority owner of FMD. The company employs approximately 200 people at its headquarters in Søborg outside Copenhagen, Denmark and its facility in Szczecin, Poland.
”Altor have supported FMD’s large investments in product development which has enabled it to grow market share through the long term partnership with Ethicon. During Altor’s 11 year journey with the company, sales have tripled”, says Johan Blomquist, Partner at Altor Equity Partners and Board member of FMD. “We are pleased that FMD will have a new owner with a long-term horizon and a strong commitment towards growing the business through innovation.”
“The cooperation with Altor has been fruitful”, says Henrik Krøis, CEO of FMD. “Altor has demonstrated the necessary understanding of our industry which is characterized by long product cycles. Their willingness to invest in the business has been key to achieving the strong growth experienced by FMD over the past decade. I welcome our new owners and look forward to continuing the strong development of our business through our long term partnership with Ethicon (J&J)."
The new owner is a consortium of Danish and Swedish family offices and private individuals. Among the participants of the financing consortium are also two leading Danish pension funds, Danica Pension and PenSam.
“FMD’s consistently positive performance reflects both strong innovation and robust operations,” says Hans-Christian Bødker Jensen, lead investor and spokesperson for the investor consortium. “We look forward to working closely together with management and the employees in continued product and business development”.
Danske Bank and Nykredit Bank provide senior debt financing for the transaction. Danske Bank Corporate Finance has acted as financial adviser to Altor Fund III.
For more information, please contact:
Johan Blomquist, Partner at Altor Equity Partners, +46 8 678 9100
Tor Krusell, Head of Communication at Altor Equity Partners, +46 70 543 87 47
Henrik Krøis, CEO of Ferrosan Medical Devices, +45 7025 2860
Hans-Christian Bødker Jensen, lead investor and spokesperson for the investor consortium, +45 2270 2010
Since inception, the family of Altor funds has raised some EUR 5.8 billion in total commitments. The funds have invested in excess of EUR 3.6 billion in more than 40 companies. The investments have primarily been made in medium sized Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Sonion, Carnegie, Norican, Hamlet Protein, Rossignol and Orchid Orthopedic Solutions. For more information visit www.altor.com.
About Ferrosan Medical Devices
Ferrosan Medical Devices (FMD) is a leading provider of innovative products used by health care professionals in the fields of surgery and diagnostics. FMD is developing and manufacturing Biomaterials used as haemostatic agents for surgery to control bleeding, and miniature Electromechanics used in devices for regional anesthesia and biopsy. Key products are Spongostan® / Surgifoam® and Surgiflo®. FMD has a global partnership with Ethicon (Johnson & Johnson), a world leader within the human surgical supplies market. Production is located in Søborg outside Copenhagen, Denmark and in Szczecin, Poland; and the company employs c. 200 employees. For more information visit www.ferrosanmd.com.