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Barclays Private Equity sells Femcare to Utah Medical Products

21 mars 2011

Barclays Private Equity, one of Europe’s leading mid-market private equity investors, announces the sale of its holding in Femcare Group Limited (“Femcare“ or the “Company“) to Utah Medical Products Inc (NASDAQ: UTMD) for £25m. This represents a return on capital of 2x for BPE’s investors and follows the recent successful exits of Aerocan, New Schild (both completed) and Siteco (announced).  

Femcare-Nikomed is a leading firm in female surgical contraception, manufacturing and supplying the Filshie Clip System, recognised by leading surgeons around the world as the “Gold Standard” for surgical contraception. More than 10m Filshie Clips have been successfully applied since its launch in 1982. Femcare also supplies an extensive range of disposable surgical and laparoscopic instruments and a range of urological disposable products on a global basis.

Utah Medical Products Inc, quoted on NASDAQ, develops, manufactures, assembles and markets a broad range of well-established disposable and reusable specialty medical devices designed for better health outcomes for patients and their care-providers.

Barclays Private Equity backed the Management Buy Out (MBO) of Femcare in 2004 and introduced a new senior management team in 2005 including CEO Roy Smith. BPE has worked alongside the Femcare team to develop and grow the business. During BPE’s period of ownership, the group has successfully converted customers of basic applicators and clips to procedure kits containing a larger range of products as well as develop the product range with the launch of new products outside the core Filshie system.

Overseas sales growth has transformed Femcare into a truly international business with 70% sales from outside the UK and the creation of significant opportunities for further growth in countries including Brazil and Korea where the Filshie system has received regulatory approval. The Company has strong and stable profits and cashflow with expected EBITDA of £4.1m in the current financial year.

Commenting on the deal, Roy Smith, CEO of Femcare said: “ Barclays Private Equity has proved to be an excellent partner in developing the business over the last seven years, supporting us in building a highly profitable, sustainable business with widely-recognised brand across the world. The strategic fit and complementary strengths of Utah Medical Products and Femcare will provide excellent revenue opportunities across gynaecology, urology and general surgery in the years ahead”.

Phil Griesbach, Director at Barclays Private Equity said: “We have enjoyed working with the management team at Femcare which has successfully driven the business forward through intelligent product development and geographical expansion. The Company is in good shape to build on this and continue to prosper and grow as part of Utah Medical Products“.

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