Bellco

Bellco is among the European pioneers in haemodialysis renal care, with 40 years of experience in machines and disposables.

Bellco is a company with an Italian identity and an extensive international outlook, which has built a solid platform to treat both chronic and acute renal disease in a very innovative way.

At the end of 2008, its owner the Sorin Group was suffering from heavy debt and decided to focus on cardio-pulmonary business, while selling certain non-core activities. The Renal Care division was part of the divestment plan, although the carve-out led to many complexities from an operational and legal standpoint.

Bellco’s management took the initiative, and actively sought a financial partner with an international network able to structure a full-equity takeover, in a period when, after the Lehman Brothers collapse, the Italian banking system was under heavy stress and not able to finance leveraged buy-outs.

After several in-depth meetings, we decided to back the management team in this complex spin-off plan. Management found a qualified partner able to craft, despite the difficult times, a financial structure that best suited the firm’s objectives and capabilities.

Obtaining its independence has not been the end of the story for Bellco : we supported the management in a comprehensive plan to strengthen the business :

• Reinforcement of the management team with key hires
• Innovation effort to launch new, highly performing, products
• International expansion
• New IT system
• Working capital management
• Strengthen the company’s image in the nephrologists and opinion leaders’ community through international symposia and Collaborative Research

As Carlo VANOLI, Chairman of Bellco Srl, testified: “Argos Wityu actively helped us to complete a very complex carve-out, and then has always been supportive and focalised on innovation and growth.”