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Nordic, Avista, eye 2015 ConvaTec exit

19 Aug 2014

convotecThe private equity backers of ConvaTec are reportedly planning to sell the medical devices maker next year.

Interest from US healthcare companies for the Luxembourg-based business is on the rise as they are looking to move their tax domiciles abroad, said Reuters, citing people familiar with the matter.

Suitors for ConvaTec, which is backed by Avista Capital and Nordic Capital, include diversified manufacturer 3M Co and medical equipment makers CareFusion Corp and CR Bard, said the report.

The company posted an EBITDA of $502.5m in 2013 and is hoping to post earnings of more than $600m this year.

Avista and Nordic bought the company from Bristol-Myers Squibb Co in a $4.1bn deal in 2011.

Meanwhile, Nordic has hired Goldman Sachs and Nordea to lead an IPO of roof rack maker Thule.

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