BD, Apax Partner to Form Joint Venture for Respiratory SolutionsBy
BD (Becton, Dickinson and Company), a medical technology company, has agreed to sell 50.1% of its Respiratory Solutions business to funds advised by Apax Partners, a global private equity firm, and form a joint venture that will operate as a new, independent company.
The new company will include all business lines within BD's Respiratory Solutions business including Ventilation, Respiratory Diagnostics, Vital Signs and AirLife, and have estimated annual revenue of approximately $900 million. BD's Respiratory Solutions facilities will transfer to the new company, including locations in Yorba Linda, California.; Palm Springs, California.; Plymouth, Minnesota.; Mexicali, Mexico; Cotia, Brazil; Hoechberg, Germany and Shenzen, China. The new company will employ more than 5,000 associates around the world. BD will retain 49.9% of the company as a significant but non-controlling minority owner. The transaction is expected to close in late fiscal year 2016 or early fiscal year 2017.T he completion of the transaction is subject to pending regulatory approval, consultations with employee representative bodies in Europe and customary closing conditions.