Author: Ailyn Fun

New York, NY – Altaris, LLC (collectively with its affiliates, “Altaris”) announced today that it has entered into a definitive agreement to acquire Trean Insurance Group, Inc. (Nasdaq: TIG) (“Trean” or the “Company”) in a take-private transaction. Following the completion of the acquisition, Trean will become a privately held company and its common stock will no longer be traded on the NASDAQ. The transaction, which implies total equity value for the Company of approximately $316 million, is expected to close during the first half of 2023, subject to certain closing conditions.

Altaris currently owns approximately 47% of Trean’s outstanding common stock. Under the terms of the agreement, Altaris will acquire all of the remaining common stock it does not own for $6.15 in cash per share. A Special Committee comprised solely of independent and disinterested directors evaluated Altaris’ proposal and alternatives thereto. The Special Committee unanimously recommended to Trean’s Board of Directors that it approve the merger agreement and recommend adoption of the merger agreement to stockholders.

Trean is a leading provider of products and services to the specialty insurance market. The Company underwrites workers’ compensation and specialty casualty insurance products through its producers, program partners and its owned managing general agencies. Trean also provides its program partners with a variety of services including issuing carrier services, claims administration and reinsurance brokerage. Trean is licensed to write business across 49 states and the District of Columbia.

Following the closing of the transaction, it is expected that Julie Baron will remain President and Chief Executive Officer of Trean and that Andrew O’Brien, the founder of Trean and Executive Chairman of the Board, will continue to serve on the Board. The Company is expected to maintain its headquarters in Wayzata, Minnesota.

Houlihan Lokey is acting as independent financial advisor to the Special Committee, and Morris, Nichols, Arsht & Tunnell LLP is acting as independent legal advisor to the Special Committee. Bass Berry & Sims PLC is serving as legal advisor to the Company. Kirkland & Ellis LLP is serving as legal advisor to Altaris.

Altaris is a healthcare investment firm with an exclusive focus on building companies that deliver value to the healthcare system through innovation and efficiency. Since inception in 2003, Altaris has invested in 49 healthcare companies which have generated significant value appreciation for investors. Altaris is headquartered in New York City and manages approximately $5 billion of equity capital.

New York, NY — Altaris, LLC (collectively with its affiliates, “Altaris”) announced today that it has completed the combination of its operating companies, Kindeva Drug Delivery (“Kindeva”) and Meridian Medical Technologies (“Meridian”). The combination has created a leading global contract development and manufacturing organization (“CDMO”) focused on drug-device combination products. The combination will operate under the Kindeva name, with Meridian operating as “Meridian Medical Technologies, a Kindeva Company”.

The new Kindeva will have a broader range of drug delivery capabilities, with expertise and technology spanning the parenteral, inhalation, transdermal, and intradermal routes of administration. Milton Boyer, formerly the CEO of Meridian, has been named CEO of the newly combined company.

Kindeva, formerly known as 3M Drug Delivery Systems, was acquired by Altaris in 2020 from 3M Company (NYSE: MMM). Kindeva is a global leader in drug-device combination products with a focus on inhalation, transdermal, and intradermal drug delivery. The company has a long track record of innovation, having invented the first metered dose inhaler in the 1950s.

Meridian was acquired by Altaris in December 2021 from Pfizer Inc. (NYSE:PFE). Meridian is a leading manufacturer of emergency autoinjectors, having pioneered the emergency auto-injector technology in the 1950s. Meridian owns over 300 patents related to autoinjector drug-device combination products.

ArentFox Schiff LLP and Kirkland & Ellis LLP acted as legal counsel. JPMorgan Chase Bank, N.A., Truist Securities, Inc. and KeyBanc Capital Markets Inc. acted as joint lead arrangers for the transaction.

About Altaris:

Altaris is a healthcare investment firm with an exclusive focus on building companies that deliver value to the healthcare system through innovation and efficiency. Since inception in 2003, Altaris has invested in 49 healthcare companies which have generated significant value appreciation for its investors. Altaris is headquartered in New York City and manages approximately $5 billion of equity capital. For more information, please visit www.altariscap.com.

About Kindeva:

Kindeva is a global contract development manufacturing organization focused on drug-device combination products. Kindeva develops and manufactures products across a broad range of complex drug-delivery formats, including autoinjectors, inhalers, transdermal patches, and microneedles. Its service offering spans early-stage feasibility through commercial scale drug product fill-finish, container closure system manufacturing and drug-device product assembly. Kindeva serves a global client base from its nine manufacturing and research and development facilities located in the U.S. and U.K. For more information, please visit www.kindevadd.com

New York, NY —Altaris, LLC (collectively with its affiliates, “Altaris”) announced today the combination of its portfolio companies, Kindeva Drug Delivery (“Kindeva”) and Meridian Medical Technologies (“Meridian”). The combination will create a leading global drug-device combination product Contract Development and Manufacturing Organization (“CDMO”). Kindeva and Meridian will continue to operate independently until closing.

The combined company will have a substantial breadth of drug delivery capabilities, with expertise and technology spanning the parenteral, inhalation, transdermal, and intradermal routes of administration. Milton Boyer, CEO of Meridian, will be CEO of the newly combined company. “We are incredibly excited about the opportunities that will result from the combination of two companies with deep roots in complex drug delivery,” said Mr. Boyer. “The integrated, complementary offerings of Kindeva and Meridian create a CDMO with a broad portfolio of capabilities and proprietary technology platforms across multiple drug delivery formats, enabling us to serve customers and communities across multiple large and growing end markets.”

Kindeva, formerly known as 3M Drug Delivery Systems, was acquired by Altaris in 2020 from 3M Company (NYSE: MMM). Kindeva is a global leader in drug-device combination products with a focus on inhalation, transdermal, and intradermal drug delivery. The company has a long track record of innovation, having invented the first metered dose inhaler in the 1950s.

Meridian was acquired by Altaris in December 2021 from Pfizer Inc. (NYSE:PFE). Meridian focuses on the manufacture of rescue autoinjectors, having pioneered the rescue auto-injector technology in the 1950s and owning over 300 patents related to autoinjector drug-device combination products.

ArentFox Schiff LLP and Kirkland & Ellis LLP acted as legal counsel for Altaris and its portfolio companies. JPMorgan Chase Bank, N.A., Truist Securities, Inc. and KeyBanc Capital Markets Inc., acted as joint lead arrangers for the combination’s financing.

About Altaris:

Altaris is a healthcare investment firm with an exclusive focus on building companies that deliver value to the healthcare system through innovation and efficiency. Since inception in 2003, Altaris has invested in 49 healthcare companies which have generated significant value appreciation for its investors. Altaris is headquartered in New York City and manages over $5.0 billion of equity capital.

About Kindeva:

Headquartered in Woodbury, Minnesota, Kindeva Drug Delivery is a leading global contract development and manufacturing organization, with major manufacturing and R&D sites in the U.S, and U.K. Kindeva provides broad technologies and services to its customers, ranging from formulation and product development to commercial manufacturing. Kindeva focuses on complex drug programs, and its current offering spans inhalation, transdermal and intradermal drug delivery. For more information, please visit www.kindevadd.com.

About Meridian:

Headquartered in St. Louis, Missouri, Meridian Medical Technologies, LLC has been manufacturing more tomorrows for more than 60 years, by developing, manufacturing, and commercializing pharmaceuticals administered through proprietary auto-injector technology. Offering both sterile filling and auto-injector capabilities, Meridian’s mission is to be the premier contract development and manufacturing organization for complex sterile drug products and the ideal strategic partner for the health security and pharmaceutical industries. For more information, please visit www.meridianmeds.com.

New York, NY— Solesis, an operating company of Altaris, LLC (collectively with its affiliates, “Altaris”), announced today that it has completed the acquisition of Polyzen, LLC. Polyzen is a leading developer and manufacturer of polymer-based films, coatings, components and assemblies for the medical device and biopharmaceutical industries. Polyzen is based in Apex, NC. Following the acquisition, Polyzen will operate as a subsidiary of Solesis.

Solesis is an advanced biomaterials company that develops, manufactures and sells critical components and technologies for customers in the medical device, biopharmaceutical and life sciences industries. The acquisition of Polyzen expands Solesis’ capabilities to include polymer-based coating and film technologies, which have complementary applications across Solesis’ existing customer base and end markets, including implantable medical devices, bioprocessing, drug delivery and cell and gene therapy. Solesis is headquartered in Telford, PA with manufacturing facilities in Pennsylvania and North Carolina. Altaris acquired a majority ownership interest in Solesis as part of a corporate partnership transaction with Michelin in 2021.

Cleary Gottlieb acted as legal counsel to Solesis. Polyzen was advised by Piper Sandler & Co. and Bagchi Law.

Altaris is a healthcare investment firm with an exclusive focus on building companies that deliver value to the healthcare system through innovation and efficiency. Since inception in 2003, Altaris has invested in 49 healthcare companies which have generated significant value appreciation for investors. Altaris is headquartered in New York City and manages over $5.0 billion of equity capital.