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Bridgepoint in the News

25 September 2015

Bridgepoint invests in French MedTech company Balt

Balt, the specialist manufacturer of 'Interventional Neuro Radiology’ (‘INR’) devices used to treat strokes and aneurysms, has been acquired by Bridgepoint for an undisclosed sum. Bridgepoint will work in partnership with Balt’s family founders to help the company accelerate its growth and capture market share within the expanding market for neurovascular devices.

Since it was established in 1977, Balt has worked with neurovascular radiologists to treat complex life-threatening conditions such as strokes, aneurysms and arteriovenous malformations. A pioneer in its field, Balt designs, manufactures and distributes the INR devices such as catheters, stents and coils that are essential in treating such conditions. Key globally renowned products include: LEO®, SILK®, MAGIC® or SONIC®.

Balt is one of the leading pure play MedTech companies in Europe, and is a supplier to all major French and international hospitals practising Neuro Radiology. Headquartered in France, it boasts a number of proprietary, patent-protected products focusing on minimally invasive neurovascular techniques. In 2014, the company produced over 16,000 medical devices and generated business volumes of €100 million, 95% of which are realised outside France via its own sales network and over 100 distributors worldwide.

Balt President, Nicolas Plowiecki, said: 'Balt is synonymous with product innovation, and with a like-minded shareholder working alongside us, we will now unlock further market share across the world and increase manufacturing capacity, enabling us to harness the strong demand from our customers.'

Bridgepoint partner, Frédéric Pescatori, responsible for the firm's investment activities in France, added: 'Balt is the undisputed leader in the vital and growing field of Neuro Radiology. With its best-in-class patented technology and wide product range, Balt will be able to accelerate its growth, add further production capacity, enlarge its distribution network, and attract new customers, while maintaining its innovative edge. We are proud to partner with the Plowiecki family in this next stage of Balt's development.'

Volumes of INR devices, worth an estimated €1 billion in 2015, are expected to increase significantly as the number of patients diagnosed with neurovascular problems grows on the back of an ageing population and increased rates of obesity. The ability to respond quickly to practitioners' medical needs with the introduction of new INR techniques (instead of traditional surgery) and continuous device improvements will be critical, and plays to Balt's innovation-led approach to the market. The INR market is forecast to grow between 12% and 15% in the next five years.

Debt financing for the transaction was provided by Bank of Ireland, CIC, HSBC, ING, Natixis and Societe Generale.

Advisers involved in this transaction included:

Balt /Plowiecki Family

M&A: Natixis Partner

Legal: SEGIF

Bridgepoint

Legal: Sekri Valentin Zerrouk, Bredin Prat

Commercial DD: Arthur D Little

Financial DD: Eight Advisory

Legal DD: PwC

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