ConvaTec up for sale?
GREENSBORO, N.C. – The private equity firms that own ConvaTec are preparing the company for sale, according to news reports. Nordic Capital and Avista Capital Partners have appointed investment bankers to prepare the groundwork for a sale potentially valuing ConvaTec in the billions of dollars, according to the Financial Times. ConvaTec, which is based in Luxembourg but has U.S. operations here, is a medical products and technologies company focused on therapies for the management of chronic conditions with leading market positions in advanced wound care, ostomy care, continence and critical care, and infusion devices. An initial public offering is the most likely avenue for exit for ConvaTec, the Times reported. Nordic and Avista, which previously tried to sell the company in 2014, bought ConvaTec for $4.1 billion from Bristol-Myers Squib in 2008. Nordic and Avista are reportedly working with bankers at Bank of America Merrill Lynch, Goldman Sachs and UBS.