KKR Asset Management announced that it provided mezzanine debt financing in the acquisition by EQT VI of BSN Medical, a medical device supplier headquartered in Germany. The financing package for the acquisition comprises a mezzanine tranche of €391.5 million that was provided by KKR, Highbridge Principal Strategies, J.P. Morgan Mezzanine, MezzVest and Partners Group.
KKR Asset Management today announced that it acted as provider of mezzanine debt financing in the acquisition by EQT VI of BSN Medical, the medical device supplier headquartered in Germany.
EQT VI today announced that it has agreed to acquire market leading medical supplies manufacturer BSN medical for an enterprise value of around €1.8 billion.
BSN medical is a global medical device company and one of the world’s leading suppliers in the product segments of casting, bandaging, wound care and compression stockings, focusing on developing world-class products that offer high quality solutions for both caregivers and patients.
The financing package for the acquisition comprises a mezzanine tranche of €391.5 million that was provided by KKR, Highbridge Principal Strategies, J.P. Morgan Mezzanine, MezzVest and Partners Group.
Patrick de Muynck, Partner at EQT Partners in Sweden, Investment Advisor to EQT VI, commented: “We are excited to partner with KKR Asset Management on this investment and for their professional support throughout the process.”
“This investment opportunity further builds our track record of partnering with prominent private equity sponsors such as EQT,” added Marc Ciancimino, Head of KKR’s mezzanine business in Europe. “We have a healthy pipeline of opportunities and we look forward to putting further capital to work in Europe this year.”
KKR’s mezzanine fund, KKR Mezzanine Partners I, was closed on August 31, 2011 on over $1.0 billion from a diverse group of global investors, including insurers, pension plans, family offices and sovereign pools of capital. Representative transactions include providing the mezzanine financing that facilitated Advent International Corp.’s and Bain Capital Partners’ acquisition of payment processor RBS WorldPay, Bain Capital Partners’ acquisition of chemical distributor IMCD Group, Permira’s acquisition of Genesys, the world’s leading provider of customer service and contact center software and services, Hellman & Friedman acquisition of OpenLink Financial, a global provider of cross-asset trading software solutions, Sycamore Partners acquisition of Mast, one of the largest global players in apparel sourcing and logistics value-added services, Abry Partners and Berkshire Partners acquisition of The Telx Group, a highly differentiated global interconnection and colocation solutions provider, and the sale of Kroll Inc to Altegrity Inc, an international screening and security solutions company owned by Providence Equity Partners.