Romney PE firm acquires NHS blood supplier Romney PE firm acquires NHS blood supplier Bain Capital, which used to be led by former US presidential candidate Mitt Romney, has acquired Plasma Resources UK (PRUK) in a £230 million deal..
PRUK is a major blood plasma supplier to the NHS and a government-owned asset.
The private equity house will buy an 80% stake in the business while the government will retain a 20% stake.
PRUK operates two business units: one is Bio Products Laboratory which makes plasma products given by donors at 32 centres operated in the US by PRUK’s other business unit DCI Biological. (UK donors cannot be used due to concerns of transmitting variant Creutzfeldt-Jakob disease.) The company has over 1,200 employees and annual sales are approximately £110 million.
Lazard advised on the sale process, according to Reuters.
Law firm Pinsent Masons and financial advisors Mansfield Partners advised the Department of Health.
Sky News reports that a source close to Bain Capital said the firm wanted to create a “UK champion” and would invest in growing the company’s Elstree plant.
After initial reservations about selling a significant supplier of NHS blood, the government announced it would sell the majority of its shares in the company in January 2013.
Louise Fullwood, Legal Director at Pinsent Masons, said: "This deal represents an excellent outcome for the Department of Health and for the PRUK business – it should allow PRUK to innovate and grow in the sector on a global platform – the deal includes guarantees safeguarding UK jobs and investment. More broadly, we expect this deal to fulfill its potential as part of the strategically important bioscience sector of the UK economy."
Bain is reported to have faced off competition from companies such as German blood plasma specialist Biotest and South Korean drug maker Green Cross Corp.