L Catterton has invested JPY 20 billion (about $180.6 million) into PHC Holdings Corporation. Deutsche Bank acted as financial advisor to L Catterton while Morrison Forester was legal advisor. Based in Japan, PHCHD is a provider of medical equipment and solutions for diabetes management and other diagnostics, life sciences and healthcare IT.
TOKYO and GREENWICH, Conn., March 30, 2021 – L Catterton, the largest global consumer-focused private equity firm, today announced an investment of JPY 20 billion into PHC Holdings Corporation (“PHCHD” or the “Company”), a premier global diversified healthcare company with leading market positions in the diabetes management, life science and diagnostics, and healthcare services businesses.
Working together to create value, L Catterton joins a prestigious group of shareholders, KKR, Mitsui & Co., Ltd. (“Mitsui”), Life Science Institute, Inc. (a member of the Mitsubishi Chemical Holdings Group), and Panasonic Corporation. The investment will continue to fuel PHCHD’s expansion in high-growth healthcare verticals.
L Catterton has significant experience investing in leading consumer healthcare services businesses including FYI Doctors, ClearChoice, 98Point6, dentalcorp, FEMME – Laboratório da Mulher, and Patient Point, among others, and this investment signifies the Firm’s expansion into the medical devices and health data businesses. This transaction also marks L Catterton’s growing partnership with Mitsui, a partner the firm is collaborating with on PHCHD and other strategic investments.
PHCHD is a healthcare company that provides value-added products and services across diabetes management, life sciences and diagnostics globally, and healthcare services in Japan. In 2019, the company acquired the anatomical pathology business (currently operating as Epredia) from Thermo Fisher Scientific Inc. and LSI Medience Corporation which mainly conducts clinical testing business. These transactions were designed to diversify PHCHD’s business portfolios, strengthen its global business base and support future growth.
Chinta Bhagat, Managing Partner at L Catterton Asia said, “We are excited to join such a renowned group of shareholders at PHCHD to help build an innovative, global healthcare solutions company. The healthcare industry, and medical devices in particular, are rapidly shifting from a scientific and engineering orientation towards greater consumer-centricity. This positions L Catterton to leverage our deep insights and play a valuable role in the development of PHCHD’s future businesses, particularly in the U.S. and Asia. We look forward to supporting and working closely with PHCHD’s deeply experienced management team in these areas.”
John Marotta, President and CEO of PHCHD, noted, “I’m delighted that we’ve completed this transaction and am excited to welcome L Catterton as our new shareholder. PHCHD is a truly global diversified healthcare platform of established brands that has achieved tremendous success worldwide. Through the combination of our innovative product and service portfolios, alongside our business system as a driver of continuous improvement, PHCHD is well positioned for continued global expansion and is ready to further execute on its strategic growth priorities. We are confident that L Catterton is the right partner for our next chapter of growth.”
Deutsche Bank acted as financial advisor and Morrison Forester acted as legal advisor to L Catterton.
About L Catterton
With over $25 billion of equity capital across its fund strategies and 17 offices around the world, L Catterton is the largest global consumer-focused private equity firm. L Catterton’s team of nearly 200 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad partnership network. Since 1989, the firm has made over 200 investments in leading consumer brands. For more information about L Catterton, please visit www.lcatterton.com.
About PHC Holdings Corporation
Incorporated in 2014, PHC Holdings Corporation is a global healthcare company with subsidiaries including PHC Corporation, Ascensia Diabetes Care Holdings AG, Epredia, and LSI Medience Corporation. Committed to its corporate mission that states, “We contribute to the health of society through our diligent efforts to create healthcare solutions that have a positive impact and improve the lives of people,” the company develops, manufactures, sells and services solutions across diabetes management, life sciences and diagnostics globally, as well as providing healthcare services in Japan. The PHC Group’s consolidated net sales in FY2019 were 272 billion yen with global distribution of products and services in more than 125 countries.