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Sorin ‘generating private equity interest’
Posted on Thursday, 21 June 2012 10:03
Listed Italian surgical device maker Sorin could be the target of a takeover bid, according to a Reuters report.
The news provider, citing two sources close to the situation, said at least three private equity investors are holding discussions with the firm concerning a possible offer.
UK-based Charterhouse Capital Partners has been named among the potential acquirors, with the identities of the two remaining suitors remaining undisclosed.
La Repubblica, the Italian daily newspaper, is quoted by Reuters as saying that the London-headquartered investor offered EUR 2.00 per share, but the US news provider’s sources said no formal bid has been submitted.
Sorin is headquartered in Milan and specialises in the manufacture of devices used in the treatment of cardiovascular diseases, including surgical technology and rhythm disorder therapies.
The company employs more than 3,750 people worldwide and is listed on the Milan Stock Exchange.
According to its website, over one million patients are treated using Sorin’s products in more than 80 countries every year.
It also claims that over 5,000 hospitals worldwide utilise the firm’s technology.
Sorin generated net revenue of EUR 12.90 million in fiscal 2011, down 7.2 per cent on 2010.
Charterhouse Capital Partners specialises in large European buyouts, according to its website, and has carried out more than 135 transactions worth over EUR 50.00 billion.
The business is headquartered in London and was founded in 1982.
It manages funds in excess of EUR 8.00 billion and is headed by executive chairman Gordon Bonnyman.
Charterhouse’s portfolio includes greetings card designer and retailer Card Factory, research products provider and mining consultancy Wood MacKenzie, and French cosmetics retailer Nocibe.
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