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Blackstone, KKR, Carlyle among LTS Lohmann suitors

14 Oct 2013

german_flag_170sqSeveral private equity firms have reportedly made offers for LTS Lohmann, which value the German medical skin patch maker at €1.1bn to €1.3bn.

Investment firms Blackstone, KKR, EQT, CVC, Nordic Capital, Carlyle and Wendel have placed offers alongside Japan’s Hisamitsu Pharmaceutical, said Reuters, citing three people familiar with the sale.

LTS is 43 per cent owned by Novartis with billionaire Dietmar Hopp and investment firm BWK holding stakes of 30 and 24 per cent respectively.

The bids value the business at 12 times its EBITDA of €95m, while listed European healthcare companies are valued at a multiple of ten, according to StarMine.

Blackstone plans to merge LTS with its drug contract manufacturing business Catalent, while KKR is looking to combine it with hard capsules maker Capsugel.

Evonik and Beiersdorf also showed initial interest in the company, but did not participate in the auction, said the people.

Earlier this month it was reported that Blackstone was interested in making a bid for a minority stake in Italian fashion house Versace.

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