RoundTable Healthcare Partners, a health care private equity firm, announced that it has entered into a definitive agreement to sell Beaver-Visitec International Holdings to TPG Capital, a global private investment firm with over $70 billion of assets under management.
Terms of the transaction were not disclosed. The transaction is expected to close during the third quarter.
Waltham, Massachusetts-based BVI is a developer, manufacturer, and marketer of specialized surgical devices for the ophthalmic marketplace. Its brands include Beaver blades, Visitec cannulae and instruments, Merocel and Weck-Cel ophthalmic fluid management products, and Wet-Field Eraser electrosurgery products. The products serve a wide variety of ophthalmic surgeries, including cataract, refractive, oculoplastic and vitreoretinal sub-specialty procedures. The company operates two manufacturing plants in Waltham and Bidford in the United Kingdom. RoundTable formed BVI in 2010 by acquiring and integrating three separate ophthalmic product businesses from Becton Dickinson, Medtronic, and Aspen Surgical, respectively.
“BVI’s management team has done a tremendous job building a world-class ophthalmic device company. They have created a market-leading product portfolio, a strong sales and marketing organization, and a lasting reputation for service and quality,” Joseph F. Damico, Founding Partner of RoundTable and Chairman of BVI, said in a company news release. “We believe that TPG will be an excellent partner to help BVI achieve its next phase of growth.”
William Blair & Company, LLC acted as exclusive financial advisor to BVI, and Sidley Austin LLP acted as exclusive legal advisor to RoundTable in this transaction.