Altaris Capital Partners’ $475 Million Acquisition of Solesis

McDermott Will & Emery represented Compagnie Générale des Établissements Michelin SCA (Michelin) in the transaction. Cleary Gottlieb represented Altaris Capital Partners in the transaction.

Compagnie Générale des Établissements Michelin SCA (Michelin) completed the sale of a controlling interest in one of its US subsidiaries, Solesis, to private equity firm Altaris Capital Partners. The transaction was announced by Michelin and Altaris on April 15, 2021 and is valued at $475 million.

Michelin is a French multinational company and the world’s largest tire manufacturer, listed on the Euronext Paris stock exchange as ML.PA. Altaris Capital Partners is a New York-based private equity fund that focuses exclusively on the healthcare industry that actively manages over $5.2 billion of equity capital.

Solesis is an innovative provider of biomaterials, tools and services for the life science and medical technology industries. Solesis operates through two primary business divisions, Charter Medical and the Secant Group. Charter Medical is a manufacturer of storage solution products used in the blood, biotech and regenerative medicine industries. Secant Group, which includes Sanavita Medical, is a manufacturer of innovative components for implantable and non-implantable medical devices. Sanavita Medical provides custom contract manufacturing services to medical device companies. Solesis’ differentiated biomaterials enable its customers to deliver advancements in life-saving therapies, with a specific focus on medical device technologies and biopharmaceuticals.

As part of the transaction, Solesis will formalize a research partnership with the Advanced Research Group of Michelin to develop novel polymer technologies for medical applications. This includes the Company’s [PGS] biopolymer platform, which is currently being commercialized in several therapeutic categories as Regenerez® and Hydralese™.

Morgan Stanley provided financial advisory services to Michelin in connection with the transaction.

The McDermott team advising Michelin was led by Kristian Werling (Picture) and included Eric Orsic, Daniel Marino, Daniel Layfield, Ben Strauss, Richard Tsay, Mathilde Peschard, Deepak Tamasker, Michael Siekman, Brennan Baylor, Dan Zucker, Alex Ruiz, Gary Karch, Alex Farr, Anisa Mohanty, Terry Dee, Greg Heltzer, Andrea Hamilton,  Jeff Holdvogt, Dan Doron, Margaret Cremin, Michael Boykins, Josh Lerner, Jacob Hollinger and Andrew Liazos.

Cleary Gottlieb represented Altaris Capital Partners with partner Kim Spoerri, associates Charlie Allen and Pierre Allegaert and law clerks Emory Cook and Brydne Slattery. Partner Katie Reaves, senior attorney Victor Chiu and associates Daniel Binette, Christopher Reszczynski, Emerson Lovell and Jesse Benov advised on financing matters. Partner Meyer Fedida and associate Ben Hanson advised on tax matters. Partner Audry Casusol and associate Emily Barry advised on employee benefits matters. Partner Daniel Ilan and associate Nico Weisman advised on intellectual property matters, with assistance from associate Jaehwan Park. Partner Ken Reinker, counsel Kathy Bradish and Steven Kaiser and associate Gabriel Lazarus advised on antitrust matters. Counsel Beau Sterling and associate Madison Bush advised on environmental matters. Senior attorney Josh Panas and law clerk Maggie Wilkinson advised on real estate matters. Partner Jared Gerber and associate Adrienne Dahrouge provided assistance with litigation diligence matters.

Involved fees earner: Pierre Allegaert – Cleary Gottlieb Steen & Hamilton; Charles Allen – Cleary Gottlieb Steen & Hamilton; Emily Barry – Cleary Gottlieb Steen & Hamilton; Jesse Benov – Cleary Gottlieb Steen & Hamilton; Daniel Binette – Cleary Gottlieb Steen & Hamilton; Kathleen Bradish – Cleary Gottlieb Steen & Hamilton; Madison Bush – Cleary Gottlieb Steen & Hamilton; Audry Casusol – Cleary Gottlieb Steen & Hamilton; Victor Chiu – Cleary Gottlieb Steen & Hamilton; Adrienne Dahrouge – Cleary Gottlieb Steen & Hamilton; Meyer Fedida – Cleary Gottlieb Steen & Hamilton; Jared Gerber – Cleary Gottlieb Steen & Hamilton; Benjamin Hanson – Cleary Gottlieb Steen & Hamilton; Daniel Ilan – Cleary Gottlieb Steen & Hamilton; Steven Kaiser – Cleary Gottlieb Steen & Hamilton; Gabriel Lazarus – Cleary Gottlieb Steen & Hamilton; Emerson Lovell – Cleary Gottlieb Steen & Hamilton; Joshua Panas – Cleary Gottlieb Steen & Hamilton; Jaehwan Park – Cleary Gottlieb Steen & Hamilton; Katherine Reaves – Cleary Gottlieb Steen & Hamilton; Kenneth Reinker – Cleary Gottlieb Steen & Hamilton; Christopher Reszczynski – Cleary Gottlieb Steen & Hamilton; Kimberly Spoerri – Cleary Gottlieb Steen & Hamilton; Beau Sterling – Cleary Gottlieb Steen & Hamilton; Nicholas Weisman – Cleary Gottlieb Steen & Hamilton; Brennan Baylor – McDermott Will & Emery; Michael Boykins – McDermott Will & Emery; Margaret Cremin – McDermott Will & Emery; Terrence Dee – McDermott Will & Emery; Daniel Doron – McDermott Will & Emery; Alex Farr – McDermott Will & Emery; Andrea Hamilton – McDermott Will & Emery; Gregory Heltzer – McDermott Will & Emery; Jeffrey Holdvogt – McDermott Will & Emery; Jacob Hollinger – McDermott Will & Emery; Gary Karch – McDermott Will & Emery; Daniel Layfield – McDermott Will & Emery; Joshua Lerner – McDermott Will & Emery; Andrew Liazos – McDermott Will & Emery; Daniel Marino – McDermott Will & Emery; Anisa Mohanty – McDermott Will & Emery; Eric Orsic – McDermott Will & Emery; Mathilde Peschard – McDermott Will & Emery; Alejandro Ruiz – McDermott Will & Emery; Michael Siekman – McDermott Will & Emery; Benjamin Strauss – McDermott Will & Emery; Deepak Tamasker – McDermott Will & Emery; Richard Tsay – McDermott Will & Emery; Kristian Werling – McDermott Will & Emery; Daniel Zucker – McDermott Will & Emery;

Law Firms: Cleary Gottlieb Steen & Hamilton; McDermott Will & Emery;

Clients: Altaris Capital Partners; Michelin Group;

Author: Martina Bellini