Harris Williams & Co. was the exclusive advisor to Alma Lasers, a portfolio company of TA Associates, on its recent sale to Fosun International at an enterprise value of $220 million.
Alma Lasers is a manufacturer of medical and cosmetic energy-based (including light, laser, radio frequency and ultrasound) devices. TA Associates invested in Alma in March 2006. The company is headquartered in Caesarea, Israel and has a US office in Buffalo Grove, IL (www.almalasers.com).
The transaction closed on May 27 and was led by Thierry Monjauze, Julien Darmon, Francois Morin and Alex Murrill from Harris Williams & Co.’s London office along with Turner Bredrup from the firm’s Healthcare and Life Sciences Group. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services. The firm is part of the PNC Financial Services Group (NYSE:PNC). Harris Williams & Co. is headquartered in Richmond, VA (www.harriswilliams.com).
“The acquisition of Alma Lasers by Fosun International is the largest technology-focused investment in Israel by a Chinese acquirer and represents a landmark transaction. We were delighted to work with the management of Alma Lasers and TA Associates on the sale. The management team and TA Associates have built an exceptionally high quality platform by focusing on delivering innovative multi-application treatment systems that offer considerable value to aesthetic and medical practitioners,” said Thierry Monjauze, managing director at Harris Williams & Co.
Fosun Group is one of the largest private holding companies in China with $25.8 billion of total assets and $12.5 billion of assets under management. Fosun has holdings in diverse sectors ranging from pharmaceuticals and property to financial services. The company is headquartered in Shanghai (www.fosun.com).
“Following the transaction, Fosun International will leverage Alma Lasers’ market-leading product portfolio to drive growth globally and capitalize on the strong underlying market drivers for aesthetic and medical energy-based devices. The transaction also demonstrates the increasingly international appetite of Chinese strategic acquirers for high quality middle market businesses,” said Julien Darmon, managing director at Harris Williams & Co.
TA Associates makes buyouts and minority recapitalizations of profitable growth companies in the technology, financial services, business services, healthcare and consumer industries. Since founding in 1968, TA has invested in over 425 companies globally and has raised more than $18 billion in capital. The firm was founded in 1968 and has offices in Boston, Menlo Park, London, Mumbai and Hong Kong (www.ta.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 5-31-13
