Avista and Nordic Capital Announce Shareholding Sale
The CEO of Avista Capital Partners since 2005, Thompson Dean oversees the company’s investments in several sectors. In March of 2017, Thompson Dean’s team at Avista, along with private equity fund Nordic Capital, announced the sale of 19.95 percent of a shareholding in medical products company ConvaTec Group Plc to Novo A/S, the Novo group’s investment holding company.
In total, 389.3 million shares at a price of 260 pence per share changed hands as part of the transaction. A statement from Raj Shah, a partner with Nordic Capital Funds advisor NC Advisory (UK) LLP, noted that the investment served as validation for the quality of ConvaTec’s offering and its long-term strategy.
Further, Novo A/S gained the right to appoint a director to ConvaTec’s board of directors. The new director will replace one of the current shareholder-nominated directors.
This agreement has led to the nomination of Novo A/S CEO Kasim Kutav to the ConvaTec board. Mr. Kutav will take his place following the completion of the transaction.
In total, 389.3 million shares at a price of 260 pence per share changed hands as part of the transaction. A statement from Raj Shah, a partner with Nordic Capital Funds advisor NC Advisory (UK) LLP, noted that the investment served as validation for the quality of ConvaTec’s offering and its long-term strategy.
Further, Novo A/S gained the right to appoint a director to ConvaTec’s board of directors. The new director will replace one of the current shareholder-nominated directors.
This agreement has led to the nomination of Novo A/S CEO Kasim Kutav to the ConvaTec board. Mr. Kutav will take his place following the completion of the transaction.
