KKR, a global investment firm, announced that KKR has agreed to acquire Clinisupplies, a market leader in continence care products in the UK, from Healthium. Clinisupplies’ management team will continue to hold a minority position. Financial details of the transaction were not disclosed.
Clinisupplies is a UK-based manufacturer and distributor of continence care products, including urinary collecting devices and catheters. Clinisupplies’ products are supplied to hospitals and pharmacies, while also available for delivery to patients directly through its home delivery services – “Clinidirect.” Clinisupplies is headquartered in Watford, London, and employs over 400 employees, the statement said.
Claus Bjerre, KKR Senior Advisor and former Chief Executive Officer of Atos Medical AB and former President, North America, of Coloplast, will serve as Chairman of Clinisupplies’ Board of Directors, where he will draw on his extensive sector experience and help guide the group on its future growth. In addition to leveraging KKR’s broader advisor and expert network, industry veteran Douglas Le Fort, who brings over 20 years of senior executive leadership experience, including as an Executive Committee Member at ConvaTec Group, will also join the Board of Directors, the statement said.
Paul Cook, CEO of Clinisupplies, commented: “We are thrilled to form this strategic partnership with KKR, and to be welcoming Claus and Douglas to our Board. This transaction presents a pivotal growth opportunity for the business, and to be able to leverage their collective skills and expertise will be invaluable as we position the business for the future. With KKR’s global network and market knowledge, and with this strong suite of industry advisors, we will be able to expand into new products and geographies, helping to support more and more people and bringing us one step closer to our goal of becoming an international leader in the chronic care market.”
Claus Bjerre, KKR Senior Advisor, commented: “Clinisupplies has an industry leading track record as a fully integrated provider of continence care solutions to clinics and patients across the UK. Its business model covers the entire value chain, from R&D and manufacturing to direct-to-patient sales and distribution, allowing the group to continuously understand and address the evolving needs of patients, clinicians, and caregivers alike. I look forward to collaborating with Clinisupplies’ outstanding management team in pursuing its ambitious growth plans.”
Kugan Sathiyanandarajah, Managing Director and Head of Europe for KKR Health Care Strategic Growth, said: “Clinisupplies is a proven market leader in collecting devices in the UK with a differentiated business model. This investment is another example of our Health Care Strategic Growth platform strategy in collaboration with proven operators in a thematic area we have been following for some time. We are delighted to be bringing together an exceptional management team led by Paul with a highly experienced advisory suite led by Claus.”
KKR is investing in Clinisupplies through KKR Health Care Strategic Growth Fund II, a $4.0 billion fund focused on investing in high-growth health care companies. KKR has a long track record of supporting health care companies globally, having invested approximately $17 billion in the sector since 2004, according to a statement.
KKR was advised by Houlihan Lokey (financial advisor), Gibson, Dunn & Crutcher LLP (legal counsel), PWC (financial & tax) and BCG (commercial).
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