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Permira Funds to Acquire Majority Stake in UK Orthopaedic Firm Corin
Monday 14 May 2018

14 May 2018 - A company backed by funds of UK-based investment firm Permira has signed a definitive agreement to acquire a majority stake in UK-based orthopaedic implant firm Corin Orthopaedics Holding Ltd from DeA Capital Alternative Funds SGR (controlled by DeA Capital Group), Hunt Capital, IP (Investimenti e Partecipazioni) and other investors, for an undisclosed sum, Permira said.

Corin chief executive Stefano Alfonsi and the management team will continue to lead Corin and will remain significant investors in the company alongside the Permira funds.

Headquartered in Cirencester, UK, Corin is an international orthopaedic company with a direct presence in a majority of the world's orthopaedic markets.

The announced acquisition of Corin marks the Permira funds' first investment in the orthopaedics' market and 14th investment in the healthcare industry since inception.

This transaction is expected to close in July 2018 following antitrust approvals. The fund's equity for the investment came from Permira's dedicated global buyout fund Permira VI (EUR 7.5bn, 2016).

Following the completion of this investment, Permira VI will be circa 50% deployed.

Permira is a global investment firm that finds and backs successful businesses with growth ambition. Founded in Europe in 1985, the firm advises funds with a total committed capital of approximately EUR 32bn.

Rothschild acted as financial advisers and Osborne Clarke as legal advisers to Corin. The Permira funds were advised by Vitale and Co, financial advisers, and Latham and Watkins LLP, legal advisers.
Date Published: 14/05/2018
Target: Corin Orthopaedics
Country: UK
Sector: Healthcare
Type: LBO
Financing: Cash
Status: Agreed
Vendor: DeA Capital Alternative Funds SGR, Hunt Capital, IP (Investimenti e Partecipazioni) , other investors
Buyer: Permira
Buyer Advisor: Vitale and Co , Latham and Watkins
Terms of the deal were not disclosed