Gyrus Capital and Livanova enter into agreement to carve out Livanova’s heart valve business
London, December 3rd, 2020 – Gyrus Capital is pleased to announce that it has reached an agreement with LivaNova PLC (NASDAQ:LIVN), a market-leading medical technology and innovation company, to acquire the LivaNova’s Heart Valve (“HV”) business.
Gyrus Capital (Gyrus), an investment firm dedicated to investments in the healthcare and sustainability sectors and LivaNova PLC (NASDAQ:LIVN), a market-leading medical technology and innovation company, today announced they have entered into an agreement whereby entities wholly owned and controlled by funds advised by Gyrus will acquire the LivaNova heart valve (HV) business.
“The LivaNova HV business is a global player in surgical heart valves with world-class products and compelling growth opportunities,” said Guy Semmens, Managing Partner at Gyrus Capital. “This business fits squarely within our strategy to invest in transformational projects in the healthcare and sustainability sectors. We believe that, with a focus on the core products, this new independent company can maximize its potential through our investment in its products and people.”
“We are committed to making this the leading company dedicated to heart surgeons and their patients by providing the best solutions to fight structural heart disease,” said Christian Mazzi, future CEO of the HV company and a member of the Gyrus Operational and Advisory Partnership.
“For LivaNova, the divestiture of our HV business is an important milestone in the execution of our strategy to optimize our portfolio so that we are best positioned to serve our patients and deliver value to our shareholders.” said Damien McDonald, Chief Executive Officer of LivaNova.
The LivaNova heart valve business is a comprehensive portfolio of products, including Perceval, a unique sutureless aortic valve, along with tissue and mechanical valves to fit the differing needs of cardiac surgeons and patients worldwide. The business employs approximately 900 employees worldwide with manufacturing operations in Saluggia, Italy and Vancouver, Canada. The divestiture is expected to be completed in the first half of 2021. Strictly Private and Confidential 2
Gyrus Capital is a European private equity firm focused on transformational investments in the healthcare and sustainability sectors. Based in Geneva, Switzerland, Gyrus leverages its sector focus to source, build and transform businesses in the healthcare and sustainability industries that have long-term, sustainable growth potential. Gyrus has a focus on complex transactions, with particular focus on corporate carve outs. In 2019 Gyrus supported the carve out of DuPont Sustainable Solutions (one of the world’s leading occupational health, risk and safety consultancy companies) from E.I. DuPont de Nemours.
The investment in the HV Business will be from the 2020 Gyrus Investment Programme which was formed in July. To learn more, please visit www.gyruscapital.com
LivaNova PLC is a global medical technology and innovation company built on nearly five decades of experience and a relentless commitment to provide hope for patients and their families through innovative medical technologies, delivering life-changing improvements for both the Head and Heart. Headquartered in London, LivaNova employs approximately 4,000 employees and has a presence in more than 100 countries for the benefit of patients, healthcare professionals and healthcare systems worldwide. For more information, please visit www.livanova.com.
ADVISORS
Advisors to Gyrus include: Medeor – Transaction and business advisory; Deloitte – Financial, Tax & Carve Out; Alira Health, Medpass International - Commercial; DuPont Sustainable Solutions - Environmental, NCTM, Gowling WLG and Eversheds-Sutherland - Legal.
Advisors to LivaNova include: Goldman Sachs – Financial and Cleary Gottlieb Steen & Hamilton LLP - Legal
