Australia’s Ansell buys PE-backed glove maker for $615m
US-based Odyssey Investment Partners has agreed to sell BarrierSafe Solutions International, a provider of disposable gloves, to Ansell for approximately $615 million.
Odyssey acquired BarrierSafe in November 2011 for an undisclosed amount.
The company is the leading North American provider of single-use gloves to verticals such as industrial, auto aftermarket, emergency medical services, dental and life sciences, all under the flagship brand Microflex. It also manufactures and distributes a market leading range of branded protective footwear.
The company has sales of around $290 million per annum and will help Melbourne-based Ansell expand its position in in the North American market. Ansell claims to hold leading positions in the personal protective equipment and medical gloves market, as well as in the sexual health and well-being category worldwide.
The acquisition will be funded by a $300 million debt facility and the sale of new shares through a private placement of A$338 million ($308 million) and a share purchase plan of as much as A$100 million.
The deal is subject to US antitrust clearance and is expected to be completed in the first quarter of 2014.
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