New York-based SK Capital Partners is spinning out a new company – IBA Molecular Imaging – from the radiopharmaceutical division of Ion Beam Applications S.A., the firm announced. IBA Molecular is a manufacturer and distributor of radioactive isotopes used for medical imaging, with more than 50 locations across the world. The transaction is valued at approximately €180 million ($234 million). SK Capital will own 60% of the recapitalized entity, and IBA will retain a 40% stake, the firm said.
SK Capital Partners, a New York based private investment firm, has signed a definitive agreement to create IBA Molecular Imaging, a jointly-owned new company derived from the radiopharmaceutical division of IBA (Ion Beam Applications S.A.). IBA Molecular Imaging is a leader in the manufacturing and distribution of radioactive isotopes used for medical imaging, with over 50 locations in Europe, the U.S. and Asia, and employs over 1,000 people. The transaction is valued at approximately €180 million ($234 million). SK Capital will own 60% of the recapitalized entity and IBA will retain a 40% stake.
Jamshid Keynejad, a Managing Director of SK Capital, said, “We are excited to have been chosen as a partner by IBA in the continuing growth and development of their radiopharmaceutical business. We believe we can build upon a solid business foundation by leveraging SK Capital’s unique strengths and capabilities to drive future value by enhancing its manufacturing assets, expanding its geographic coverage, and investing in new product development.”
SK Capital is a private investment firm with a disciplined focus on the specialty materials, chemicals, and healthcare sectors that utilizes an integrated, multi-disciplinary team to help transform businesses into higher performing organizations.
Pierre Mottet, CEO of IBA group, said “Today marks a major achievement for IBA. With SK Capital as our new partner, we ensure that IBA Molecular Imaging can strengthen its leadership position in the nuclear medicine market and reach its full potential of providing patients with early detection, better characterization, and real-time monitoring of cancer and other major diseases.”
Aaron Davenport, a Managing Director of SK Capital added “IBA Molecular Imaging fits extremely well with the prior experience of the SK Capital team, which includes investment and operating experience in diagnostic imaging; pharmaceutical manufacturing, development, and distribution; and pharmacy operations.”
Former IBA radiopharmaceutical division President Renaud Dehareng will continue to lead the business as CEO of IBA Molecular Imaging, where he will oversee an experienced management team with extensive industry expertise.
Pending regulatory approval, the transaction is expected to close by the second quarter.
ING is leading the debt financing of the transaction. UBS Limited (UBS) acted as sole financial advisor to IBA on the transaction. Houlihan Lokey and ING were financial advisors to SK Capital.
ABOUT SK CAPITAL PARTNERS
SK Capital is a private investment firm with a disciplined focus on the specialty materials, chemicals and healthcare sectors. Our integrated, multi-disciplinary team utilizes its industry, operating and investment experience to help transform businesses into higher performing organizations. Located in New York, NY and Boca Raton, FL, we are currently investing from SK Capital Partners III, L.P., a $500 million fund of committed capital. Our portfolio companies generate revenues of over $3.0 billion annually and employ more than 3,400 people. For more information, please visit www.skcapitalpartners.com.
ABOUT IBA GROUP
IBA Group develops and markets leading edge technologies, pharmaceuticals and tailor-made solutions for healthcare with a focus on cancer diagnosis and therapy. The company is also active in the field of industrial sterilization and ionization, with decades of scientific expertise in health-related hygiene and safety. IBA is listed on the Pan-European stock exchange EURONEXT, IBA is included in the BelMid Index.