RoundTable Healthcare Partners ("RoundTable"), an operating-oriented private equity firm focused exclusively on the healthcare industry, announced today that it has established a platform business in the ophthalmology market. The new platform company, Beaver-Visitec International, Inc. ("Beaver-Visitec"), consists of ophthalmology products and assets recently acquired from BD (Becton, Dickinson and Company) and Medtronic, Inc.
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. These brands have leadership positions in their respective markets and a worldwide presence with more than half of the company's revenues coming from outside the United States. 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," said 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 also announced the appointment of 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 twenty years of healthcare industry experience. Mr. 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. Mr. Harris has held senior financial positions in a variety of domestic and international settings, including Angiotech Corporation and Cardinal Health.
"We are pleased to welcome Tom and Harlan to Beaver-Visitec and to RoundTable," said Mr. Damico. "Both Tom and Harlan are outstanding executives who have a wealth of healthcare industry experience, expertise, and insight. Their appointments are a key element of our strategy to complement the management teams of our portfolio companies with world-class talent and accelerate their prospects for growth."
"I am excited to join the Beaver-Visitec team," said Mr. 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 United States and in Europe, combined with the manufacturing operations in Waltham, MA and Bidford-on-Avon in the United Kingdom will provide a significant infrastructure for our future growth initiatives."
As part of the transaction, and to finance further growth opportunities for Beaver-Visitec, RoundTable facilitated the successful 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 ("Capital Fund I"), RoundTable's captive subordinated debt fund. Capital Fund I is a dedicated subordinated debt fund that makes fixed rate subordinated debt investments alongside the equity investments of RoundTable's equity funds. RoundTable and certain other investors made an equity investment in Beaver-Visitec as part of the transaction.
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