Clearwater International has advised Barclays Private Equity (“BPE”) on the £25m sale of Femcare Group Limited (“Femcare”) to NASDAQ-listed Utah Medical Products Inc (“UTMD”). The sale is Clearwater’s tenth cross-border deal in the last 12 months.
Femcare-Nikomed, part of Femcare Group Limited, is a world leader 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 ten million 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. US-based UTMD 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. The deal sees BPE’s investors achieving a 2x return on capital. BPE backed the MBO of Femcare in 2004 and worked alongside the Femcare team, led by CEO, Roy Smith, to develop and grow the business. The strategic fit and complementary strengths of UTMD and Femcare will provide excellent revenue opportunities across gynaecology, urology and general surgery. The Clearwater team that advised Femcare on the sale comprised partner Andy Moore, director Gareth Iley, assistant director Mark Day and senior healthcare analyst Ramesh Jassal. Andy Moore, head of healthcare at Clearwater Corporate Finance, said: “The sale of Femcare is another example of the ongoing globalization of the medical device industry, triggered by companies looking to access both new products and distribution channels. “More than 50% of Clearwater’s M&A transactions are cross-border. The sale is further evidence of Clearwater’s ability to access global buyers and its continuing expertise in the medical device sector.” Clearwater also recently advised on the sale of the Mobility and Rehab Division of DCC Healthcare to Patterson Medical, part of US-based Patterson Companies Inc. Barclays Private Equity was advised by Clearwater Corporate Finance in Birmingham and Pinsent Masons LLP (legal). Utah Medical Devices was advised by Osborne Clarke (legal).