Eurazeo Small-mid buyout strategy and the management of Peters Surgical announce that they have signed an agreement to sell all the share capital of Peters Surgical to Advanced Medical Solutions Group plc (AIM: AMS), a world-leading specialist in tissue-healing technologies listed in the London Stock Exchange.
Eurazeo has been supporting Peters Surgical, a leading global provider of specialty surgical sutures, mechanical haemostasis and internal cyanoacrylate devices, as a majority shareholder, since 2013. Over the past years, Eurazeo has enabled the company to expand its presence in the operating room by developing organically and by acquiring new product ranges, such as haemostatic clips or surgical glue. Thanks to numerous acquisitions, Peters Surgical has also increased its shares of direct-selling capabilities, and expanded its geographical presence in the United States, in Asia and in key European countries (Germany, Poland, among others).
The transaction will allow Peters Surgical to benefit from significant complementarities with Advanced Medical Solutions Group plc in terms of portfolio of surgical products, of sales capabilities and commercial footprint in key territories as well as distribution networks.
The transaction remains subject to approval of French authorities for foreign direct investment control. The sale of Peters Surgical would allow funds managed by Eurazeo, to receive estimated proceeds of €66m (of which c. €46m for Eurazeo’s Balance Sheet) upon closing. These proceeds are subject to adjustments based on completion accounts and earn-outs which could be triggered and paid in 2024 and 2025.
