Cinven, Carlyle, Apax divest MediMedia USA

Private equity firms Cinven, The Carlyle Group and Apax Partners have made a fourth disposal from their 2002 buyout of the business publishing division of Vivendi Universal Publishing, selling MediaMedia USA in a secondary buyout to Vestar Capital Partners.

Vestar Capital Partners, a US-based private equity firm, has acquired MediMedia USA, a US healthcare marketing services and health management business, in a secondary buyout from buyout firms Cinven, The Carlyle Group and Apax Partners.
 
No details of the transaction were disclosed, but the Financial Times reported today that MediMedia USA was sold for approximately €500 million ($635 million). Carlyle declined to comment on the price and Cinven, Apax Partners and Vestar Capital Partners were not immediately available from comment.
 
Goldman Sachs advised the vendors on the transaction.
 
Carlyle, Apax Partners and Cinven acquired MediMedia in April 2002 when it was the healthcare division of Vivendi Universal Publishing. The firms acquired Aprovia, the former business publishing division of Vivendi Universal Publishing in a €1.2 billion buyout, with Cinven holding a 37.5 percent interest, Carlyle 28 percent and Apax 9.5 percent. Vivendi Universal held the balance.
 
In a release the consortium said that MediMedia USA was the fourth disposal from the business as part of a restructuring with total enterprise value from the divestments amounting to €1.1 billion.
 
In July 2003, the three private equity firms sold Aprovia UK to United Business Media for €111 million. Groupe Moniteur was sold to French-Canadian private equity fund Sagard in a €275 million secondary buyout in March 2004.
 
In July 2004, United Business Media acquired MediMedia’s drug information businesses in continental Europe and Asia, along with trade press, patient education and pharma marketing businesses in Germany, Benelux and Asia Pacific for €282.5 million.
 
Based in New Jersey, MediaMedia USA provides health information and educational content to doctors, healthcare professionals, care organisations, hospitals, patients and consumers. The business has approximately 1,400 employees in offices across the US.