Argos Soditic and MPS Venture SGR have offered to acquire the Renal Care business of Italy-based Sorin Group (Milan: SRN), for an undisclosed amount.
Sorin Group (Reuters code: SORN.MI)(MIL:SRN) announced today that it has received an offer for the acquisition of its Renal Care Business and has granted exclusivity to an investment consortium led by Argos Soditic, an independent European private equity firm, and MPS Venture SGR, for the purpose of finalising negotiations. Completion of the transaction is subject to conditions including completion of regulatory procedures for anti-trust and with employee representatives of the Renal Care business in Italy and in France.
Once the deal terms are finalised, and approved by the Board of Directors of Sorin S.p.A., the company will provide full financial details resulting from the transaction, including EBITDA margin expansion and Net Debt reduction.
“As previously announced, the planned transaction for our Renal Care business is an important milestone in our strategy, and directs the Group’s focus on growth and innovation in Sorin’s core cardiovascular franchise”, said Andre-Michel Ballester, C.E.O. of Sorin Group.
“I am confident that the management and employees of Sorin’s Renal Care business will view this offer very favourably. We believe the strategic focus under new ownership will enhance our ability to deliver both financial success and therapeutic benefits to our patients and customers”, said Stefano Rimondi, Vice President, Renal Care Business Unit.
About the Sorin Group
The Sorin Group (www.sorin.com), a world leader in the development of medical technologies for cardiac surgery, offers innovative therapies for cardiac rhythm dysfunctions, interventional cardiology, and the treatment of chronic kidney diseases. At the Sorin Group, more than 4,000 employees work to serve over 5,000 public and private treatment centers. Every year, over 1 million patients are treated with the devices of Sorin Group in more than 80 countries.
For more information, please visit: www.sorin.com
About Argos Soditic
Created in 1989, Argos Soditic is an independent European private equity firm with offices in Paris, Geneva and Milan, wholly owned and operated by its partners. Argos Soditic focuses on management buy-outs and buy-ins in small and medium sized companies across Europe, but primarily in France, Italy and Switzerland. The firm has developed a unique strategy of carrying our projects that require deep involvement with the financial shareholders and managers of companies (MBO, MBI, BIMBO, spin-off, reorganization, build-up) it acquires. The group of funds managed by the firm typically takes majority stakes ranging from €5m to €50m in companies with revenues of €20m to €400m. Argos Soditic prefers to invest in companies with the capacity to become a leader in a business niche. Examples of the operations Argos Soditic has carried out include Buffet Crampon (musical instruments), Roc-Eclerc (services), Oxbow (surf wear brand), Du Pareil au Même (children’s clothing), Kermel (flame retardant chemicals), and Eau Ecarlate (stain removing brand) in France, Sparco (racing accessories) and GPP (packaging) in Italy, and Maillefer (machinery), Axyntis (specialty pharma and chemicals) and ORS (services) in Switzerland. In 2006, the firm announced the closing of a new €275m fund, Argos Soditic V, which has allowed the firm to carry out nine transactions to date: four MBOs (Driver/Sitour, GPP, FHB and Orsyp), two BIMBOs (Axyntis and Marie Laure PLV), one spin-off (Alkan) and two MBI (Chronolyss and Mertz).
For further information, we invite you to visit: www.argos-soditic.com
About MPS Venture SGR Spa
Mps Venture SGR, a company of the Montepaschi banking group, operates since 2003 in the management of closed-end investment funds for the Italian domestic territory. At present, MPS Venture, leader in Italy for the number of managed funds, manages 6 private equity funds for a total of approximately Euro 400 million.
MPS Venture SGR invests in medium size companies operating in the industrial, commercial and service industry sectors providing professional support throughout investment development projects. To date MPS Venture has made 31 investments in Italy and 15 divestments.