Author: Julie Kaloides

New York, NY—Altaris Capital Partners, LLC (collectively with its affiliates, “Altaris”) announced today that it has entered into an agreement to sell BK Medical to General Electric (“GE”) (NYSE:GE) for a cash purchase price of $1.45 billion. The transaction is expected to close in 2022, subject to customary closing conditions.
Headquartered in Boston and Copenhagen, BK Medical is a global leader with over 40 years of experience in intraoperative imaging and surgical navigation. BK Medical’s Active Imaging technology provides surgeons with critical information to enable real-time, data-based decisions during surgical procedures, resulting in better clinical outcomes and increased cost efficiencies for the healthcare system. With a global installed base of more than 14,000 platforms, BK Medical’s ultrasound technology is used to guide clinicians during minimally-invasive and robotic surgeries, and to visualize deep tissue during ultrasound urology procedures as well as neuro- and abdominal surgeries. BK Medical has more than 650 employees across its offices.
BK Medical’s President and CEO, Brooks West, said, “We are immensely proud of the intraoperative imaging and surgical navigation platform that we have developed at BK. The partnership with Altaris has enabled BK to accelerate our growth and thrive as an independent organization, and we now look forward to integrating our technology with GE Healthcare’s formidable imaging expertise and global presence as we continue to advance the standard of care for surgical interventions.”
J.P. Morgan Securities LLC served as lead financial advisor, Morgan Stanley & Co. LLC served as financial advisor and Latham Watkins LLP and Schiff Hardin LLP acted as legal counsel for BK Medical.
Altaris is an investment firm focused exclusively on the healthcare industry. Altaris seeks to invest in companies that deliver value to the healthcare system and improve patient outcomes by providing innovative products and services. Since inception in 2003, Altaris has invested in more than 40 companies across its five main investment funds. Altaris has $5.9 billion of equity capital under active management and is headquartered in New York, NY. For more information, please visit www.altariscap.com.

New York, NY—Altaris Capital Partners, LLC (collectively with its affiliates, “Altaris”) announced today that it has completed the sale of Paramit to the Tecan Group (SIX Swiss Exchange: TECN) for total upfront consideration of $1.0 billion.
Headquartered in Morgan Hill, CA, Paramit is a developer and manufacturer of complex electronic medical devices and life science instruments for industry leaders in many of the fastest growing segments of healthcare. Paramit utilizes its proprietary “transfer-less” workflow and vPoke^® computer directed assembly process to partner with its customers to deliver high quality products from initial concept to scaled commercial production. Paramit employs approximately 1,000 people across its global design and manufacturing footprint in California, Massachusetts, and Malaysia.
Morgan Stanley & Co. LLC acted as financial advisor, and Schiff Hardin LLP acted as legal counsel to Paramit.
Altaris is an investment firm focused exclusively on the healthcare industry. Altaris seeks to invest in companies that deliver value to the healthcare system and improve patient outcomes by providing innovative products and services. Since inception in 2003, Altaris has invested in more than 40 companies across its five main investment funds. Altaris has $5.9 billion of equity capital under active management and is headquartered in New York, NY. For more information, visit www.altariscap.com.

New York, NY—Altaris Capital Partners, LLC (collectively with its affiliates, “Altaris”) announced today that it has completed the acquisition of Padagis LLC (“Padagis”), formerly the generic prescription pharmaceuticals business of Perrigo Company plc (NYSE; TASE: PRGO), for total consideration equal to $1.55 billion.

Padagis is a leader in the generic prescription pharmaceutical industry and has more than 1,300 employees across six locations in the United States and Israel. The company’s diversified portfolio consists of over 200 product families and 800 SKUs, with a focus on extended topical dosage forms, including creams, ointments, lotions, gels, foams, liquids and nasal sprays.

The company has a long track record of launching first-to-file and first-to-market generic pharmaceutical products that have helped to make prescription products more affordable for patients and reduce costs for the healthcare system.

J.P. Morgan served as lead financial advisor and Lead Left Arranger, Goldman Sachs & Co. served as financial advisor and Arranger, and UBS served as Arranger to Altaris. Schiff Hardin LLP,

Cleary Gottlieb, and Yigal Arnon & Co. provided legal counsel to Altaris.

Altaris is an investment firm focused exclusively on the healthcare industry. Altaris seeks to invest in companies that deliver value to the healthcare system and improve patient outcomes by providing innovative products and services. Since inception in 2003, Altaris has invested in more than 40 companies across its five main investment funds. Altaris has $5.6 billion of equity capital under active management and is headquartered in New York, NY. For more information, visit www.altariscap.com.

New York, NY–Altaris Capital Partners, LLC (collectively with its affiliates, “Altaris”) is pleased to announce the appointment of Tim Callahan, Shawn Cavanagh and Rafael Torres as Operating Partners. Messrs. Callahan, Cavanagh and Torres bring a broad range of experience across the pharmaceutical, medical devices and life sciences sectors, and will leverage their expertise to support Altaris’ investment and portfolio company development activities.
Mr. Callahan has over 25 years of board and operational leadership experience in the biopharmaceutical industry, most recently serving as SVP, Commercial Operations for Actavis Plc (subsequently sold to AbbVie). Mr. Callahan has served on the boards of public, private, and non-profit healthcare organizations, he served as a Senior Advisor to McKinsey & Company, and he holds a Bachelor of Science degree in Applied Economics and Business Management from Cornell University. Mr. Callahan currently serves on the Board of Directors of CMP Pharma and will be joining the board of Padagis upon the completion of the carveout from Perrigo, which is expected to close in the third quarter of 2021.
Mr. Cavanagh has over thirty years of experience in the pharmaceutical services industry, predominantly with contract development and manufacturing organizations. Previously, Mr. Cavanagh was President, Chief Operating Officer, and member of the Board of Directors at Cambrex Corporation. Mr. Cavanagh has also held leadership roles at Lonza, where he served as President of Lonza Bioscience. He holds a degree in Chemical Engineering from the University of New Hampshire. Mr. Cavanagh serves as the Executive Chairman of Kindeva.
Mr. Torres was previously the head of Corporate Development & Strategy at Varian Medical Systems (NYSE:VAR), which was recently sold to Siemens Healthineers for $16.4 billion. Prior to Varian, Mr. Torres spent 14 years at GE, where he led the healthcare investing teams at GE Equity and GE Ventures. Mr. Torres received a BA in Economics from Universidad del Pacifico in Lima, Peru, and an MBA from Harvard Business School. Mr. Torres serves on the Board of Directors of Analogic and HealthTronics.
Altaris is an investment firm focused exclusively on the healthcare industry. Altaris seeks to invest in companies that deliver value to the healthcare system and improve patient outcomes by providing innovative products and services. Since inception in 2003, Altaris has invested in more than 40 companies across its five main investment funds. Altaris has $5.6 billion of equity capital under active management and is headquartered in New York, NY. For more information, visit www.altariscap.com.

Nashville, TN/PRNewswire—Tivity Health, Inc. (Nasdaq: TVTY) (the “Company”), a leading provider of healthy life-changing solutions, including SilverSneakers^®, today announced the pricing of a $400 million senior secured term loan B facility (the “term facility”) and a $100 million senior secured revolving facility (the “revolving facility”, and together with the term facility, the “credit facilities”).
The loans under the term facility will be issued at 99.5% of their face value and bear interest at a rate equal to LIBOR plus 4.25%, with a zero percent LIBOR floor. Loans under the revolving facility will bear interest at a rate equal to LIBOR plus 3.75% to 4.25% based on the Company’s total net leverage ratio from time to time. The Company intends to use the proceeds of the credit facilities to repay all outstanding amounts under its existing credit agreement and for general corporate purposes.
“The syndication of the new term facility was significantly oversubscribed, and as a result, achieved more favorable terms than the initial price talk,” said Adam Holland, Chief Financial Officer. “Our new credit facilities will provide us with a solid financial foundation to grow the business with enhanced flexibility and extended tenor. The reduction in margin spread is expected to result in cash interest savings of over $3 million during the first 12 months, and the lower amortization is expected to reduce our annual required principal payments by $56 million, positioning us well to execute on our new strategic direction and fund growth initiatives.”
The closing of the proposed term facilities is expected to occur by early July 2021 and is subject to customary closing conditions. The commitments in respect of the credit facilities and the terms and conditions thereof remain subject to the finalization and execution of definitive documentation.
Morgan Stanley, Credit Suisse and Truist Bank are acting as joint lead arrangers and bookrunners for the transaction.

New York, NY—Altaris Capital Partners, LLC (collectively with its affiliates, “Altaris”) announced today that it has entered into an agreement to sell Paramit Corporation (“Paramit”) to The Tecan Group (SIX Swiss Exchange: TECN) for a total consideration of $1.0 billion. The transaction is expected to close in the third quarter, subject to customary closing conditions.

Headquartered in Morgan Hill, CA, Paramit is a developer and manufacturer of complex electronic medical devices and life science instruments for industry leaders in many of the fastest growing segments of healthcare. Paramit utilizes its proprietary “transfer-less” workflow and vPoke^® computer directed assembly process to partner with its customers to deliver high quality products from initial concept to scaled commercial production. Paramit employs approximately 1,000 people across its global design and manufacturing footprint in California, Massachusetts, and Malaysia.

“It has been an incredible journey establishing Paramit as a global leader in the life sciences and medical device industries alongside Altaris. We are incredibly proud of the organization we have built together and look forward to our future with Tecan,” said Billoo Rataul, Co-founder and CEO of Paramit. “Becoming part of the Tecan Group will take our industry-leading capabilities to new customers in expanding markets, including Europe and Asia, and enable us to leverage Tecan’s expertise across a broad range of life science, clinical diagnostics and scientific applications to better serve our customers.”

Altaris is an investment firm focused exclusively on the healthcare industry. Altaris invests in companies that deliver value to the healthcare system and improve patient outcomes by providing innovative products and services. Since inception in 2003, Altaris has invested in more than 40 companies across its five main investment funds. Altaris has $5.6 billion of equity capital under active management and is headquartered in New York, NY. For more information, please visit www.altariscap.com.

Morgan Stanley & Co. LLC acted as financial advisor and Schiff Hardin LLP acted as legal counsel for Paramit.

Wayzata, MN/(Globe Newswire)—Trean Insurance Group, Inc. (Nasdaq: TIG), a leading provider of products and services to the specialty insurance market, announced today that it is promoting Chief Financial Officer Julie Baron to the new position of President and Chief Operating Officer, and Chief Accounting Officer Nicholas Vassallo to Chief Financial Officer, effective June 23, 2021.
“We are excited to promote both Julie and Nick, who have contributed greatly to our ongoing success and will be well-positioned as we move ahead to add incremental value in their new roles and responsibilities,” stated Andrew M. O’Brien, Chief Executive Officer of Trean. “Julie has proven her strong understanding of all aspects of the insurance industry and her leadership abilities over many years with Trean. As President and COO, she will be able to devote her time completely toward executing on our multiple growth opportunities and long-term strategic objectives.”
Ms. Baron has served as Trean’s CFO since 2015 and Treasurer and Secretary since 2020. Prior to becoming CFO, Ms. Baron served as the Controller for Benchmark, Trean’s wholly-owned subsidiary. Prior to joining Trean, Ms. Baron was Controller for a mortgage broker and title company in the Twin Cities. Ms. Baron holds a B.S. in Accounting from Arizona State University and is a Certified Public Accountant (inactive).
“Since joining Trean, Nick has been instrumental in developing our finance and accounting teams, as well as ensuring the financial stability of our balance sheet and portfolio,” added Mr. O’Brien. “We are confident that Nick will seamlessly transition into the CFO role and continue to be a truly effective leader for our finance team.”
Mr. Vassallo has served as Chief Accounting Officer since 2020. Prior to joining Trean, Mr. Vassallo served in multiple roles for iMedia Brands, Inc., including Chief Accounting Officer and Senior Vice President – Corporate Controller. Mr. Vassallo began his career with Arthur Anderson LLP, where he spent eight years in its audit practice group. Mr. Vassallo holds a B.S. in Accounting from St. John’s University and is a Certified Public Accountant (inactive).

Loughborough, U.K.—Kindeva Drug Delivery L.P. (Kindeva) has announced a collaboration with Monash University (Monash) to study alternative propellants for pressurized metered-dose inhalers (pMDIs) and develop more sustainable pMDI products. The collaboration will be jointly funded by Kindeva, Monash, and the Australian Research Council (ARC).
The collaboration with Monash will expand Kindeva’s research and development capabilities in the use of alternative propellants used in pressurized metered-dose inhalers (pMDIs). There is emerging interest within the industry to evaluate the potential use of propellants with lower Global Warming Potential (GWP) in order to develop more sustainable pMDI products. This partnership will leverage the extensive research facilities at Monash and bring together Monash’s expertise in measurement and inhalation device technologies with Kindeva’s innovative approach to bringing state-of-the-art inhalation drug products to market. A focal point of this opportunity is to gain a fundamental understanding of the atomization of pMDIs using low-GWP propellants in order to optimize drug delivery from these systems.
Kindeva, a leading global contract development and manufacturing organization (CDMO), has a long track-record of innovation in complex drug and combination products. The company has a history of over 65 years in innovating inhaled drug products, stretching back to the development of the first-ever pMDI. A proven leader in promoting sustainability in the industry, Kindeva led the transition from CFC- to HFA-based inhalers, developing the world’s first CFC-free pMDI and the world’s first CFC-free nasal pMDI.
“At Kindeva, we’re excited about the future of inhalation drug delivery,” said Aaron Mann, CEO of Kindeva. “A thoughtful, science-based development of low-GWP propellants is reminiscent of the industry’s transition from CFC-based to HFA-based inhalers—a transition that Kindeva helped to lead. Now, with better experimental processes and enhanced modelling capabilities, Kindeva and the industry are more equipped than ever to advance another propellant transition.”
“We are proud to be working with Monash, a leading academic innovator in the space,” added Mann. “Our partnership will accelerate the development of the more sustainable pMDI products that patients need.”
“We are excited to have the opportunity to work with Kindeva,” said Dr. Daniel Duke, the Lead Investigator on the project from Monash University’s Department of Mechanical and Aerospace Engineering. “Kindeva’s leadership in the development of CFC-free inhalers, combined with Monash’s unique optical, X-ray and simulation capabilities, affords us the best possible opportunity to address the challenge of reducing the environmental impact of pMDIs. This is a surprisingly complex scientific and engineering problem that requires innovative solutions.”

Toronto/(Business Wire)—Perimeter Medical Imaging AI, Inc. (TSX-V:PINK)(OTC:PYNKF) (FSE:4PC) (“Perimeter” or the “Company”), a medical technology company driven to transform cancer surgery with ultra-high-resolution, real-time, advanced imaging tools to address high unmet medical needs, today announced that it has successfully completed the technology transfer of its manufacturing process for the production of its optical coherence tomography (OCT) imaging systems with Minnetronix Medical, a leading medical technology and operations partner to global medical device companies.
Jeremy Sobotta, Perimeter’s Chief Executive Officer stated, “The completed technology transfer marks a significant achievement for Perimeter. For the first time, the Perimeter S-Series OCT was manufactured at commercial scale, and we believe this collaboration results in a highly scalable, fast, and efficient commercial manufacturing process that enables us to meet our customers’ needs in a capital-efficient manner.”
Mr. Sobotta continued, “The partnership with Minnetronix Medical provides us access to cutting-edge manufacturing techniques and the scale of a leading medical device manufacturer. This, combined with their expertise and focus on optical systems, makes them an ideal partner as we execute on our commercial plans going forward.”
Jeremy Maniak, CEO of Minnetronix commented, “We are proud of the strong partnership we have formed with Perimeter Medical. We’re leveraging our strategic supplier base and state-of-the-art manufacturing capabilities in optics to accelerate their commercialization goals for the ground-breaking Perimeter OCT S-Series technology.”

New York, NY—Altaris Capital Partners, LLC (collectively with its affiliates, “Altaris”) announced today that it has completed the acquisition of a 51% stake in Solesis LLC (“Solesis”) from Michelin. As part of the transaction, Michelin retained a 49% stake in Solesis, which will now operate as an independent company.
Founded in 2002, Solesis is a market leader specializing in biomaterials for the life sciences industry. Operating through three subsidiaries, The Secant Group, Charter Medical and SanaVita Medical, Solesis develops, manufactures and sells critical components for implantable medical devices and single-use technologies for the biopharmaceutical market, including cell and gene therapies. Based in the United States, Solesis employs 360 people across four production facilities located in Pennsylvania and North Carolina.
Altaris is an investment firm focused exclusively on the healthcare industry. Altaris targets companies that deliver value to the healthcare system by improving patient outcomes, eliminating unnecessary costs, increasing efficiency and aligning stakeholder incentives. Since inception in 2003, Altaris has made more than 40 platform investments. Altaris has $5.6 billion of equity capital under active management and is headquartered in New York, NY. For more information, please visit www.altariscap.com.
J.P. Morgan and Piper Sandler & Co. acted as financial advisors to Altaris. J.P. Morgan served as Lead Left Arranger and Capital One as Arranger to Altaris. Cleary Gottlieb acted as legal counsel to Altaris. Michelin and Solesis were advised by Morgan Stanley and McDermott Will & Emery LLP.