RoundTable Healthcare Partners, a private equity firm focused exclusively on the healthcare industry, has established a platform business in the ophthalmology market.
The new platform company, Beaver-Visitec International, consists of ophthalmology products and assets recently acquired from BD (Becton, Dickinson and Company) and Medtronic.
Beaver-Visitec brings together the brands of Beaver blades, Visitec cannulas and instruments, Merocel and Weck-Cel ophthalmic fluid management products, and Wet-Field Eraser electrosurgery products.
Beaver-Visitec is the fifth platform company from RoundTable’s Fund II and the tenth in its current portfolio, joining five other medical device and four pharmaceutical entities.
"RoundTable’s platform investment in ophthalmology represents a highly strategic opportunity for us," says Joseph F. Damico, founding partner and co-chairman of RoundTable. "This market is poised for growth with the aging demographics and the development of new technologies. With the product brands we have acquired, Beaver-Visitec will have a considerable presence in the marketplace."
RoundTable has appointed Thomas P. Kapfer to the position of chief executive officer of Beaver-Visitec and Harlan K. Harris as chief financial officer. Both individuals have over 20 years of healthcare industry experience. Kapfer has served in numerous senior management, sales, marketing, and operations positions. Most recently, he was president of the medical products and services business at Cardinal Health. Harris has held senior financial positions in a variety of domestic and international settings, including Angiotech and Cardinal Health.
"I am excited to join the Beaver-Visitec team," says Kapfer. "We are a new company, but our trusted brands have a long-standing tradition of quality and innovation serving all areas of ophthalmic surgery. The direct sales force in the US and in Europe, combined with the manufacturing operations in Waltham, Massachusetts, and Bidford-on-Avon in the UK will provide a significant infrastructure for our future growth initiatives."
As part of the transaction RoundTable facilitated the completion of new senior credit facilities and a private placement of subordinated notes. The senior credit facilities were led by GE Capital, as administrative agent, co-lead arranger and co-bookrunner, and included Bank of Ireland as co-lead arranger and co-bookrunner, and PNC Bank National Association as syndication agent.
Beaver-Visitec’s subordinated notes were acquired by RoundTable Capital Partners, RoundTable’s captive subordinated debt fund. RoundTable and certain other investors made an equity investment in Beaver-Visitec as part of the transaction.
