Apax Partners’ Acquisition of Remaining Minority Stake in Vyaire Medical


Simpson Thacher advised Apax in the deal

Funds advised by Apax Partners have entered into a definitive agreement to purchase from BD (Becton, Dickinson and Company) its remaining ownership interest in Vyaire Medical, Inc., a global leader in respiratory care.

Upon completion of the transaction, which is expected to occur by the end of April (subject to customary closing conditions),Vyaire Medical will be 100% controlled by the Apax Funds.

The Apax Funds acquired a majority stake in Vyaire Medical, previously BD’s Respiratory Solutions business, in October 2016. BD initially retained a minority stake in the newly independent company through a joint venture with the Apax Funds. Today, Vyaire Medical is the leading pure play medical device company in the respiratory space. With approximately $800 million in annual sales, Vyaire Medical is active in manufacturing and distributing both respiratory and anesthesia/surgical consumables as well as capital equipment for respiratory diagnostics and ventilation. Vyaire thereby supports the care of chronic and acute respiratory patients as well as the airway management of surgical patients across the healthcare continuum.

Vyaire Medical supports and improves the lives of patients with a laser-focus on improving patient outcomes and increasing value for customers. The Chicago, IL.-headquartered company was formed in October 2016 to serve healthcare customers with innovative device and service solutions across the respiratory and anesthesia continua of care. Vyaire’s legacy brands have a 65-year track record of pioneering, innovating, and advancing respiratory diagnostics, ventilation, and anesthesia delivery & patient monitoring. From industry-pioneering brands that include Bird, Bear, and Jaeger to respected industry leaders AirLife®, Vital Signs®, Viasys, and many others – Vyaire Medical has nearly 27,000 distinct part numbers recognized, trusted and preferred by specialists in the respiratory therapy and anesthesiology healthcare markets worldwide.

Apax Partners is a leading global private equity advisory firm. Over its more than 35-year history, the Firm, led by Andrew P. Sillitoe and Mitchell L. Truwit, has raised and advised funds with aggregate commitments of over $50 billion.

The Simpson Thacher team includes Ryerson Symons and Joseph Bishop-Boros (M&A); Adam Shapiro and Christine Marshall (Credit); Gary Mandel (Picture), Sophie Staples and William Smolinski (Tax); Brian Robbins and Patricia Adams (Executive Compensation and Employee Benefits); and Lori Lesser and Amber Harezlak (Intellectual Property).

Involved fees earner: Ryerson Symons – Simpson Thacher & Bartlett; Joseph Bishop-Boros – Simpson Thacher & Bartlett; Adam Shapiro – Simpson Thacher & Bartlett; Christine Marshall – Simpson Thacher & Bartlett; Gary Mandel – Simpson Thacher & Bartlett; Sophie Staples – Simpson Thacher & Bartlett; William Smolinski – Simpson Thacher & Bartlett; Brian Robbins – Simpson Thacher & Bartlett; Patricia Adams – Simpson Thacher & Bartlett; Lori Lesser – Simpson Thacher & Bartlett; Amber Harezlak – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Apax Partners;

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Author: Ambrogio Visconti