Sandvik (OMX: SAND) is divesting its Medical Solutions business, a unit with Sandvik Venture, which manufactures medical implants and instruments for orthopaedic and dental applications. Sandvik says this is a part of its strategy to divest non-core businesses. The buyer is Orchid Orthopedic Solutions (Orchid), owned by Altor Fund III.
Sandvik Medical Solutions had sales of around 600 million SEK in 2011. The purchase price was not disclosed. It has productions in US and in the UK and employs some 550 people. Together with Orchid, the combined entity will become the leading orthopaedic implant supplier globally.
Orchid Orthopedic Solutions provides contract design and manufacture of implants, and instruments for orthopaedic, dental and cardiovascular markets. Altor has stated that in certain situations it may acquire firms to create additional value through strategic refocusing or divestitures of non-core assets, although its usual investment is such where it sees the opportunity for substantial and enduring performance improvements in other manners.
Altor Equity Partners is the investment advisor to Altor Funds. Altor is a Nordic region focused private equity firm targeting medium sized companies. Altor Fund III closed in 2008 with a committed capital of 2 billion Euros. It is domiciled in Jersey, Channel Islands. The fund says it normally takes a longer term view than your average private equity investor.
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