PPM Ventures and PPM American Capital Partners, the private equity arms of UK insurance group Prudential, have completed the spin-out of the sterilisation and ionisation business of Belgian’s Ion Beam Applications (IBA) for $311.5 million (€259 million).
The new company, Sterigenics International, will retain its headquarters outside of Chicago.
Sterigenics contracts sterilisation and ionisation services for medical devices, food safety and the treatment of high performance and specialty materials. the company operates 38 service centers in North America, Europe and Asia. David
Meyer, the former head of IBA's medical sterilisation business, will become head of the new company.
PPM Ventures and PPM America Capital jointly control nearly $4 billion in committed capital across the globe.
In February, PPM Ventures sold microbiology products supplier Oxoid to US trade buyer Fisher Scientific International for £177 million, reporting an IRR of 33 percent on the business unit acquired from Cinven in 2000. In January, the firm announced the $575 million acquisition of the diagnostics business of Pfizer, the US-based pharmaceutical corporation.
PPM America also completed a transaction in January when it joined Chicago investor Frontenac Company in a $50 million investment in WNC Insurance Services.