William Blair acted as financial advisor to B Medical Systems, a company backed by Navis Capital (Navis) in connection with its pending sale to Azenta, Inc. (Nasdaq: AZTA) for a €410m cash purchase price to be paid at closing with an additional €50m in cash consideration to be paid upon achievement of certain future performance milestones. The transaction was signed on August 8, 2022, with an anticipated closing in October.
About the Companies
B Medical Systems, established in 1979 in Hosingen, Luxembourg, is the leading vaccine cold chain provider serving primarily fast-growing emerging markets, which require secure and reliable temperature-controlled storage and transport solutions. The portfolio includes vaccine transport systems with real-time monitoring solutions, medical refrigeration for ambient to -86°C temperatures, and blood management solutions. B Medical has an installed base of more than 500,000 units spanning approximately 150 countries across the globe.
Azenta, Inc. is a leading provider of life sciences solutions worldwide, enabling impactful breakthroughs and therapies to market faster. The company provides a full suite of reliable cold-chain sample management solutions and genomic services across areas such as drug development, clinical research and advanced cell therapies for the industry's top pharmaceutical, biotech, academic and healthcare institutions globally. As of December 1st, the company changed its name and ticker to Azenta, Inc. (Nasdaq: AZTA) from Brooks Automation, Inc, (Nasdaq: BRKS).
Navis manages roughly US$5 billion in private equity capital and focuses on investments primarily in Southeast Asia and its adjacent economies. Navis contributes both capital and management expertise to well-positioned companies with the objective of directing strategic, operational and financial improvements. The company has one of the largest private equity professional teams in Asia, comprising 60 individuals, supported by 30 administrative staff, in six offices across the region. Since its inception, Navis has completed over 90 control transactions, of which over 60 have been exited, and consistent with Navis investment strategy, almost all these exits have been to trade buyers.
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