Argos Wityu acquires Bellco through a BIMBO
Milan – Argos Wityu, announces the acquisition through a BIMBO of BELLCO, the Renal Care division of Sorin Group – a company listed on the Milan Stock Exchange.
Bellco operates in the End Stage Renal Disease treatments, both for chronic and acute applications, with a focus on advanced therapies (HDF [HemoDiaFiltration], HF [HemoFiltration], CPFA [Coupled Plasma Filtration Adsorption], CRRT [Continuous Renal Replacement Therapies])) and a strong relationship with European top nephrologists.
The funds managed by ARGOS WITYU (about 60% of the equity) and MPS Venture SGR – on behalf of Emilia Venture fund – completed the acquisition of BELLCO and LABORATOIRE SOLUDIA. Five key managers, led by Carlo Vanoli and Stefano Rimondi, will finally have a stake of about 10%, showing their strong commitment in the deal.
The deal was particularly complex, being a carve-out from a multinational group, with two production sites (Italy and France), associated IP rights and three European commercial branches (UK, Spain and Belgium). It was funded entirely by equity provided by ARGOS WITYU, MPS Venture and the management team.
Created in 1972, BELLCO is among the European leaders in the development and sales of Renal Care medical devices, operating from its production sites in Mirandola (Italy) and Forquevaux (France) through a worldwide sales network, and active in all fields of kidney diseases. Before the transaction, the ARGOS WITYU team and its advisors worked closely with the company’s management to redefine its shape and to professionalize the business. ARGOS WITYU also provided key guidance and contacts to start developing the French market and helped BELLCO secure net working capital credit lines which will be used to finance expected growth.
Bellco’s consolidated revenues in 2008 were €100 million.
Mirco Dilda, Partner, ARGOS WITYU, said : « BELLCO is a well reputed and reliable company, led by a skilled management team. It operates in the healthcare industry, which shows a solid growth path due to the ageing population effect and is basically immune to business cycle. Our goal in this transaction is to complete the carve-out, to stay focus on renal care, and in particular to give the group all the necessary support to grow and to become a key player in highly innovative therapies and machines ».
About Argos Wityu :
Created in 1989, Argos Wityu is an independent European Private Equity firm with offices in Milan, Paris and Geneva, wholly owned and operated by its partners. Argos Wityu focuses on management buy-outs and buy-ins in small and medium sized companies across Europe, but primarily in France, Italy and Switzerland. The group of funds managed by the firm typically take majority stakes ranging from €10m to €50m in companies with revenues of €20m to €400m. The operations Argos Wityu has carried out include Buffet Crampon, Roc-Eclerc, Oxbow, Du Pareil au Même and Kermel in France, Sparco, GPP and CH&F in Italy, and Maillefer, Kägi and ORS in Switzerland.
In 2006, the firm announced the closing of a new €275m fund, ARGOS WITYU V, which has allowed the firm to carry out 12 transactions to date: six MBOs (Driver/Sitour, GPP, FHB, Kägi, Orsyp and LEXSI), two BIMBOs (Axyntis, Marie Laure PLV and Bellco), one spin-off (Alkan) and two MBIs (Chronolyss, Mertz). Despite 2008 being a challenging year for buy-out firms, Bellco represents the 4th acquisition of the year for Argos Wityu. In addition, the firm completed 4 exits, including Italian luxury packaging group GPP.
For further information, we invite you to visit www.argos-soditic.com
ARGOS WITYU: Mirco Dilda, Francesco Pintucci
BELLCO: Carlo Vanoli, Stefano Rimondi, Mauro Atti, Mauro Aldrovandi, Fabrizio Cappi
SENIOR FINANCING: Gruppo Intesa (De Marinis, Biglieri, Benaglia); Cariparma (Piana, Dell’Apice)
Advisors: Buyer – legal : Negri, Clementi, Toffoletto, Montironi & Soci (Plattner, Trapani); Due diligence financial : PriceWaterhouseCoopers (De Vilas); tax: Studio Chiaravalli Reali e Associati (Reali); legal : NCTM (Trapani, Acerbi); strategic: L.E.K. (Calia); environment: URS (Perissinotto); insurance: Willis (Doria, Ronconi); IT: Sempla (Puglisi).
Management – legal : D’Urso Gatti e Associati (Valerio, Zaffaroni) Sellers – legal : Sorin Group In-House Legal: Sheridan, Stefani and Gianni, Origoni, Grippo & Partners (Zacca, Cadore)
Press contact Argos Wityu
Tel : 33-(0)6 20 41 39 82