Funds advised by Apax Partners announced they has entered into a definitive agreement to purchase from BD (Becton, Dickinson and Company) its remaining ownership interest in Vyaire Medical.
Upon completion of the transaction, which is expected to occur by the end of April (subject to customary closing conditions), Vyaire Medical will be 100 percent controlled by the Apax Funds.
The Apax Funds acquired a majority stake in Vyaire Medical, previously BD’s Respiratory Solutions business, in October 2016. BD initially retained a minority stake in the newly independent company through a joint venture with the Apax Funds. Today, Vyaire Medical is the leading pure play medical device company in the respiratory space. With approximately USD 800 million in annual sales, Vyaire Medical is active in manufacturing and distributing both respiratory and anesthesia/surgical consumables as well as capital equipment for respiratory diagnostics and ventilation. Vyaire thereby supports the care of chronic and acute respiratory patients as well as the airway management of surgical patients across the healthcare continuum.
Steven Dyson, Partner at Apax Partners, said, “Since the Apax Funds acquired a majority stake in Vyaire Medical in October 2016, strong progress has been made by the business. A new senior management team led by CEO Dave Mowry has established key functions, delivered operational improvements, upgraded commercial capabilities and made two accretive acquisitions. It was on the basis of this progress, and the promise that we continue to see for the business, that we sought to acquire BD’s minority stake. We would like to thank the BD team for being excellent partners and supporting the company through its history.”
Dave Mowry, Vyaire’s President and Chief Executive Officer, said, “We are pleased with the progress our team has achieved over the past 18 months in establishing Vyaire Medical as a focused and leading global respiratory solutions provider with the objective of improving patient outcomes and increasing value for our customers. Our success in standing up Vyaire Medical as an independent company also has been made possible by the support of BD and the contributions from Apax Partners, which has provided our team with a range of capabilities, including the expertise from its Operational Excellence team of dedicated functional specialists.” - Medical Buyer Bureau