Silverfleet in $675m medical exit

Sterigenics is being acquired by Chicago-based GTCR, which has just closed Fund IX on $3.25bn.

Silverfleet Capital has agreed to sell Sterigenics International, a service provider to the healthcare industry, to Chicago-based private equity firm GTCR for $675 million.

Silverfleet invested in Sterigenics alongside PPM America Capital Partners – an affiliated US private equity firm – back in 2004. The two firms acquired the business for $311.5 million.

Sterigenics: transplanted into a new portfolio

Sterigenics, which is headquartered in Chicago, provides sterilisation services to the medical device industry. Silverfleet has grown the business by investing “in new service centres in China and Germany as well as adding processing capacity to existing locations in the United States, France, Belgium and the UK”, said Neil MacDougall, managing partner of Silverfleet, in a statement.

Mid-market firm GTCR just closed its tenth fund with more than $3.25 billion in commitments after a “hot fundraise” lasting just seven months. When the fund closed earlier this week, David Donnini, a principal with the firm, told PEI the firm had capacity for one more new investment from Fund IX before it begins deploying the new fund.

Silverfleet is headquartered in London and specialises in mid-market buyouts. It closed its first fund as in independent manager on €670 million in April 2009, having formerly been the private equity arm of Prudential, and typically invests in businesses with an enterprise value between €100 million and €300 million. 

Advisors to the sellers on the Sterigenics deal were JPMorgan and Latham & Watkins.