KKR Asset Management today announced that it acted as provider of
mezzanine debt financing in the acquisition by EQT VI of BSN Medical,
the medical device supplier headquartered in Germany.
EQT VI today announced that it has agreed to acquire market leading
medical supplies manufacturer BSN medical for an enterprise value of
around €1.8 billion.
BSN medical is a global medical device company and one of the world's
leading suppliers in the product segments of casting, bandaging, wound
care and compression stockings, focusing on developing world-class
products that offer high quality solutions for both caregivers and
The financing package for the acquisition comprises a mezzanine tranche
of €391.5 million that was provided by KKR, Highbridge Principal
Strategies, J.P. Morgan Mezzanine, MezzVest and Partners Group.
Patrick de Muynck, Partner at EQT Partners in Sweden, Investment Advisor
to EQT VI, commented: "We are excited to partner with KKR Asset
Management on this investment and for their professional support
throughout the process."
"This investment opportunity further builds our track record of
partnering with prominent private equity sponsors such as EQT," added
Marc Ciancimino, Head of KKR's mezzanine business in Europe. "We have a
healthy pipeline of opportunities and we look forward to putting further
capital to work in Europe this year."
KKR's mezzanine fund, KKR Mezzanine Partners I, was closed on August 31,
2011 on over $1.0 billion from a diverse group of global investors,
including insurers, pension plans, family offices and sovereign pools of
capital. Representative transactions include providing the mezzanine
financing that facilitated Advent International Corp.'s and Bain Capital
Partners' acquisition of payment processor RBS WorldPay, Bain Capital
Partners' acquisition of chemical distributor IMCD Group, Permira's
acquisition of Genesys, the world's leading provider of customer service
and contact center software and services, Hellman & Friedman acquisition
of OpenLink Financial, a global provider of cross-asset trading software
solutions, Sycamore Partners acquisition of Mast, one of the largest
global players in apparel sourcing and logistics value-added services,
Abry Partners and Berkshire Partners acquisition of The Telx Group, a
highly differentiated global interconnection and colocation solutions
provider, and the sale of Kroll Inc to Altegrity Inc, an international
screening and security solutions company owned by Providence Equity
About KKR Asset Management
Launched by KKR in 2004, KAM invests on behalf of its managed funds,
clients and accounts across long/short equities and the corporate credit
spectrum, including secured credit, bank loans and high yield securities
and alternative assets such as mezzanine financing, distressed investing
and structured finance. With more than 100 employees, including 50
investment professionals, KAM's investment teams are closely aligned
with KKR's wealth of private equity investment and industry resources.
As of March 31, 2012, KAM had $16.3 billion in assets under management.
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a
leading global investment firm with $62.3 billion in assets under
management as of March 31, 2012. With offices around the world, KKR
manages assets through a variety of investment funds and accounts
covering multiple asset classes. KKR seeks to create value by bringing
operational expertise to its portfolio companies and through active
oversight and monitoring of its investments. KKR complements its
investment expertise and strengthens interactions with investors through
its client relationships and capital markets platform. KKR is publicly
traded on the New York Stock Exchange (NYSE: KKR). For additional
information, please visit KKR's website.
Anjali Unnikrishnan, +44 (0)20 7251 3801
Kravis Roberts & Co. L.P.
Kristi Huller, +1 (212) 750-8300
Source: KKR Asset Management
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