• Services
    • M&A Advisory
    • Manufacturing Consulting
    • Executive Recruitment
  • Success Stories
  • Team
  • About
  • News & Blog
  • Contact

Due Diligence of $1B carve-out from Becton Dickinson

Services Performed

M+A Due Diligence / Operations, Manufacturing

Medical Area

Respiratory; ventilators and consumables

Background

Apax is a private equity firm based in London that invests in companies with enterprise values between €1 and €5B.  Their portfolio companies employ over 150,000 people and generate combined revenues over $21B.

Client Need

In 2015 Becton Dickinson had acquired Carefusion and on the day of the transaction announced it would sell the respiratory business (now Vyaire).  However, it would be a difficult transaction for Apax due to complicated transitional supply agreements (TSAs) and this business had not been a stand-alone business since Baxter acquired it from Air Life in the early 90’s.  This required a unique transaction:  Apax would acquire 51% of the business with BD keeping 49% of the business.  Once the TSAs and other milestones were met then Apax would acquire BD’s remaining shares.

How Did BCS Help?

BCS was engaged to provide operational due diligence and go forward recommendations to Apax.  BCS visited key manufacturing facilities, participated in management presentations and analyzed all provided financial and operational documents.  BCS outlined key manufacturing capabilities, areas of weakness, concerns, risks, recommendations, competitor benchmarking and areas for operational improvement

Results

Apax proceeded with the acquisition and Vyaire retained BCS for 3 months to offer transitional site leadership of its critical $150 VOP manufacturing operation in Mexico.  Within 18 months Vyaire purchased all remaining shares from BD.

 

Due Diligence and EMS Industry assessment for family office

More About BCS

The BCS team has developed solid relationships with exceptional people throughout Medical Device manufacturing. This has resulted in a network that is second to none. Our network is designed to be leveraged to achieve maximum enterprise value through world class operational excellence, aggressive business development and superior M&A execution.

More

BCS Events

  • MEDICA 2022: November 14-17
  • MD&M West 2022: April 12-14

More

Contact Info

(310) 683-3257
info@bonifacioconsulting.com
Twitter
LinkedIn
HomeM&A AdvisoryManufacturing ConsultingExecutive RecruitmentContact UsAbout UsBlog
© 2017 Copyright - Bonifacio Consulting Services