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UPDATE 1-Acelity Holdings expects to raise $1 bln in IPO

Published 2015-10-07, 06:35 p/m
© Reuters. UPDATE 1-Acelity Holdings expects to raise $1 bln in IPO
BAC
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GS
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BARC
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CSGN
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MS
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JNJ
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Oct 7 (Reuters) - Medical technology company Acelity
Holdings Inc IPO-ACHL.N expects to raise up to $1 billion in
its IPO, according to a filing with the U.S. Securities and
Exchange Commission.
The San Antonio, Texas-based company, which develops
regenerative medicine and sells health care products in 75
countries, filed for an initial public offering in August.
The company is a portfolio company of private equity firm
Apax Partners, Canadian pension investment manager PSP
Investments and the Canada Pension Plan Board.
Acelity was founded in 1976 as Kinetic Concepts Inc (KCI).
KCI acquired LifeCell Corp for $1.7 billion in 2008 and bought
UK-based Systagenix, formerly a part of Johnson & Johnson (NYSE:JNJ)
JNJ.N , for $485 million in 2013. KCI renamed itself as Acelity
after the Systagenix takeover.
The company was leveraged at 6.74x at June 30, and plans to
use the IPO to repay its debt, Thomson Reuters IFR reported in
August. urn:newsml:reuters.com:*:nIFP72kDYz
Acelity intends to list on the New York Stock Exchange, but
has yet to decide on a ticker symbol. The company has not
revealed the number of shares it will be offering or their
expected price.
The company, which generated $1.86 billion in revenue last
year, sells and rents its negative pressure wound therapy
systems for use in surgical procedures such as post-mastectomy
breast reconstruction and abdominal wall reconstructions.
JP Morgan, Goldman Sachs (NYSE:GS) and Bank of America Merrill Lynch (NYSE:BAC)
are the top-line bookrunners, while Morgan Stanley (NYSE:MS), Barclays (LONDON:BARC),
Credit Suisse (SIX:CSGN), RBC Capital Markets and UBS are joint
bookrunners.

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