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Silverfleet sells med business Sterigenics to GTCR

24 Feb 2011

European mid-market buy-out house Silverfleet has sold medical sterilisation service provider Sterigenics to the US private equity firm GTCR for $675m.

Silverfleet had hoped it might raise as much as $800m when it called in JPMorgan to arrange the sale last September.

Sterigenics, which is based in Oak Brook on the outskirts of Chicago, is the world’s largest provider of sterilisation services for surgical gowns, gloves and scalpels. It uses a variety of technologies including ethylene oxide, gamma ray, electron beam and x-ray processing.

The company is also active in food safety and semiconductor and polymer treatment.

In 2004 it was acquired by Silverfleet from Belgium-based Ion Beam Applications for $311.5m, in conjunction with the company’s management.

Since then, Sterigenics has expanded its international presence, particularly in China. The company has built two new facilities – in China and Germany – and expanded eight others, at a cost of $100m. It’s earnings have increased by 75 per cent.

Silverfleet has some $1.4m in assets under management (AUM), with offices in London, Paris, Munich and Chicago. It was previously the buy-out arm of insurance and finance giant Prudential, and operated under the name PPM Capital Partners.

Chicago-based GTCR has just closed its largest fund to date on $3.25bn. It has nearly $7bn in AUM.

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