Warubrg Pincus is investedin in Sterigenics International through a recapitalization transaction in partnership with Chicago private equity firm GTCR.
Sterigenics provides sterilization services to the medical device, pharmaceutical, food safety and high-performance materials industry. In 2014, the business acquired Nordion, a supplier of medical isotopes and sterilization technology for $727 million. In 2013, the company bought Food Technology Service Inc. for $20.5 million. Terms of the recapitalization were not disclosed.
GTCR has been invested in the business since 2011, but this is the first investment for Warburg Pincus, which is making the deal through an affiliate. New York-based Warburg has more than $35 billion in assets under management.
When GTCR invested in 2011, it partnered with veteran executives Michaelk Mulhern and Phil Macnabb, as part of the Leaders Strategy, under which GTCR partners with executives to build companies. The firm's recent investments include GTCR-backed AssuredPartners' purchase of Amtech Insurance Brokers in February, and deal for Fairway Media Group LLC in January. GTCR won Mergers & Acquisitions M&A Mid-Market Private Equity Firm of the Year award for 2013.
Goldman Sachs & Co. (NYSE: GS) and Jefferies LLC (NYSE: JEF) acted as financial advisers, and Kirkland & Ellis LLP and Gowling Lafleur Henders LLP provided legal counsel to Sterigenics and GTCR. J.P. Morgan Securities LLC provided both financial advice and financing to GTCR. Cleary Gottlieb Steen & Hamilton LLP was Warburg's legal adviser.