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Permira exits medical device maker LSNE after European market debut

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Private equity major Permira has exited medical device maker Lyophilization Services of New England (LSNE) to PCI Pharma Services.

Founded in 1997, LSNE provides development and manufacturing services to the pharmaceutical, biotechnology and medical device industries.

 

Permira said the company had grown significantly in its sterile capabilities, expanded capacity and broadened its geographic footprint since the firm’s investment in 2017. The company has also invested in new capacity at its headquarters, acquired a facility in Wisconsin and another in Spain to debut into the European market.

Henry Minello, partner in the global healthcare group of Permira, said, “Over the last four years, we have been proud to partner with Matt and the LSNE team to pursue an ambitious growth strategy in the US and abroad. LSNE has become a clear market leader with differentiated capabilities and an outstanding quality record, and is well-positioned to excel for years to come. We wish Matt and his team ongoing success and know the company will continue to thrive under PCI.”

It was reported yesterday that the UK buyout house is among a string of private equity giants circling GlaxoSmithKline’s consumer unit in a deal which could see it valued at up to £40bn. Other potential bidders include Blackstone, Carlyle, Advent, CVC and KKR.

The firm also acquired European pharma company Neuraxpharm from Apax Partners last year.

Permira was reported in June to be back in the fundraising market eyeing about $2.5bn for its second growth fund. The firm collected $1.7bn for the final close of its debut Permira Growth Opportunities fund two years ago. 

It collected €11bn for Permira VII towards the end of 2019marking a massive jump from the €7.5bn it gathered for its predecessor vehicle just two years earlier. 

Reports began emerging in May that the firm was already prepping for its Fund VIII raise, which could collect more than $15bn. 

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