Overview

Cirtec Medical ("Cirtec") is a leading global provider of outsourced medical device and components design, engineering and manufacturing, headquartered in Minnesota. Cirtec specialises in outsourced solutions for active implantable medical devices. Customers rely on Cirtec’s expertise to provide value-add solutions throughout the entire development cycle to help bring life-enhancing therapies to market.

The medical device outsourcing (MDO) market is expected to grow at a high single digit rate over the next five years and Cirtec is strategically indexed to the most innovative therapeutic end-markets that are growing at a rate beyond the broader MDO industry.

Highlights

• Helping Cirtec expand capabilities and footprint through the targeted acquisitions of Vascotube, Metrigraphics, NovelCath, Cardea, Cactus and Top Tool, and certain high-value IP assets in the highly fragmented MDO market
• Supporting the company’s organic growth initiatives, including expansion of capabilities, to increase vertically integrated offering to customers 
• Utilising our sector experience and international network to promote Cirtec’s organic growth plans, including low-cost Costa Rican footprint 
• Recruited William Hawkins (former Medtronic CEO) and William Ellerkamp (former ExtruMed CEO) to the Board of Directors

Regulatory information 
This transaction involved a recommendation of 3i Corporation, a US wholly owned subsidiary of 3i Group.

Overview

Havea Group is a leader in the Natural Consumer Healthcare industry in Europe. It manufactures, designs and distributes a wide range of products from functional and natural food supplements, to natural personal care products for babies and women through its world class plant in France. Havea is well positioned due to its multi-distribution channel strategy (pharma, mass market, D2C) and its 7 well-known strategic brands: Biolane, Vitavea, Nature Moi, Yves Ponroy, Aragan, Densmore and Dermovitamina. Havea has acquired 5 companies in the past 5 years to strengthen its presence in the pharmacy channel and internationally.

Since inception, Havea has grown at a double digit rate each year organically and is well positioned to benefit from the consolidation taking place in this highly fragmented market and will continue to expand its international footprint in Europe, Asia and the Americas.

Highlights

• Strong future organic growth expected stemming from global mega trends in natural healthcare and well-being
• Transitioned from a family-owned business with the nomination of a new management team including Nicolas Brodetsky, former CEO of Aragan
• Supporting the management team to implement a complete digital strategy
• Supporting M&A opportunities using our global network and strong experience which led to the acquisitions of Aragan within a few months of our ownership, Densmore in July 2018, Pasquali in Italy in April 2019, Laudavie in November 2020 and ixX pharma in Belgium in August 2021

Overview

Q Holding is a leading global manufacturer of highly-engineered, fully assembled medical devices and precision-molded elastomeric components used in a broad range of Life Sciences (medical and pharmaceutical) and Electrical Management (industrial, automotive and aerospace) applications. Headquartered in Ohio, it sells products in over 50 countries and has 13 manufacturing locations in North America, EMEA and Asia.

Q Holding has built a strong reputation as the supplier of choice to provide high-quality mission critical components for medical and harsh environment applications. It has developed longstanding relationships with a broad range of blue-chip customers who value Q’s ability to design and develop customized solutions and manufacture globally.

Highlights

• Sale of Q Holding’s QSR division, a leading developer and manufacturer of electrical connector seals, for $625m
• Acquisitions of Degania Medical (Dec. 2016), a leading global manufacturer of catheters and other medical devices and Silicone Altimex (July 2015), a silicone provider of medical device components and pharmaceutical assemblies
• Strong organic growth driven by favorable trends in medical (preference for minimally invasive therapies) and industrial / auto (content growth, connectivity, IoT) end markets
• Global manufacturing footprint aligned with customers. New facilities in Mexico, supporting investments in Europe, China and India
• Experienced management team with longstanding track record of driving innovation in product and service offering

Regulatory information 
Regulatory information: This transaction involved a recommendation of 3i Corporation, a US wholly owned subsidiary of 3i Group.

Overview

3i has established a scaled, global, pure-play platform in the bioprocessing market by bringing together SaniSure, Cellon, TBL, and Silicone Altimex (together, “SaniSure”). SaniSure is a vertically-integrated player in the single-use bioprocessing technology (“SUT“) space capable of providing highly customised and innovative solutions to leading biopharma and biotech customers. The SUT bioprocessing market is anticipated to grow at 13-20%+ across its various subsegments over the coming years, as the industry transitions to more flexible, clean, and operating cost advantaged technology relative to traditional multi-use counterparts.

Recognising an attractive market opportunity characterised by high growth and a need for a leading independent platform of scale, 3i began a journey to create a single use bioprocessing platform in January 2020 with the carve-out of Silicone Altimex from 3i portfolio company, Q Holding, along with the acquisitions of founder-owned businesses TBL and Cellon. 

Seven months later, in July 2020, the platform completed the transformative acquisition of founder-owned Sani-Tech West Inc. (Sani-Tech West and subsidiaries SaniSure® and SureTech), a leading US-based manufacturer, distributor and integrator of single-use bioprocessing systems and components. The acquisition significantly expanded the combined group’s global footprint and brought a complementary portfolio of innovative products and single-use solutions capabilities. The combined platform has robust manufacturing and cleanroom assembly operations in both North America and Europe, offering enhanced supply chain assurance to its customers with a global footprint and vertically integrated capabilities. 

Highlights

• Created a unified, vertically-integrated platform in the high-growth bioprocessing space by bringing together Cellon, TBL, and Silicone Altimex 
• Recruited key management members to complement the founders and other existing leaders, while professionalising the organisation and codifying business strategy
• Brought Sani-Tech West into the platform, doubling the size of the combined business and creating a global leader with well-established operations and reach in North America and Europe
• Positioned the platform to be a global strategic SUT solutions partner of choice for leading biopharma and biotech companies and CDMOs

Overview

ten23 health was founded in 2021 and is a development, manufacturing and testing company for biotech start-ups and the established pharmaceutical industry.

Headquartered in Basel, Switzerland, ten23 health’s core service offering includes formulation development, drug product development and manufacturing, as well as testing services for sterile pharmaceutical products. These high-value services are critical to helping pharma and biotech customers turn a scientific concept and therapeutic modality into a viable sterile medicine that is optimised for manufacturability, patient access and ease of administration, and logistical favourability.

ten23 health embeds fairstainability in all its practices and decisions and puts the focus on people - customers, employees, patients - and the planet. The company aims for a net zero emissions target from inception, exhibiting its patient-centricity not only in the quality of service that it delivers, but also in its sustainability focus.

Highlights

• Partnering with a highly experienced team of experts, including Prof. Dr Hanns Christian Mahler, with a proven track record in pharmaceutical product design and development
• As drug development activities across biologics modalities continue to accelerate, small biotechs and large pharma companies will increasingly outsource key services which require unique and market tested expertise
• ten23 health will deliver services in an engrained, fair and sustainable manner, respecting the future of the planet and people’s health
• Supported ten23’s acquisition of swissfillon, a leader in the sterile filling of complex pharmaceuticals into innovative containers and devices, creating a vertically integrated CDMO with ten23’s Basel development lab and swissfillon’s scaled fill & finish manufacturing