Bloomberg News

EQT, CVC-BC Said to Advance in BSN Sale as Permira Exits

May 16, 2012

EQT Partners AB and the duo of BC Partners Ltd. and CVC Capital Partners Ltd. have advanced in the bidding for German bandages-supplier BSN Medical, one of the largest assets being sold by a financial investor in Germany this year, according to people familiar with the matter.

Permira Advisers LLP and ConvaTec Inc., the wound-treatment maker owned by Nordic Capital Svenska AB and Avista Capital Partners LLC, are out of the running, said the people, who declined to be identified because talks are private. An unidentified trade company may also still be in the process, the people said.

A sale of the Hamburg-based medical equipment company, which may fetch 1.5 billion euros to 2 billion euros ($2.5 billion), would end six years of ownership by Montagu Private Equity LLP, a London-based firm. Montagu, which manages a 2.5 billion euro buyout fund and split from HSBC Holdings Plc. in 2003, has tried to dispose of the German medical equipment company at least twice in the last four years.

Spokesmen for the private equity firms EQT, Permira, CVC, Montagu and BC declined to comment. A representative of ConvaTec couldn’t be reached immediately.

Montagu bought BSN in 2006 for about 1 billion euros, according to its website. Before the purchase, BSN was a joint venture of the German personal care company Beiersdorf AG (BEI) and Smith & Nephew Plc (SN/), Europe’s biggest maker of artificial hips and knees.

To contact the reporter on this story: Aaron Kirchfeld in Frankfurt at akirchfeld@bloomberg.net

To contact the editor responsible for this story: Jacqueline Simmons at jackiem@bloomberg.net


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