McDermott Steers Michelin in Cross-Border $475 Million Sale of its Subsidiary Solesis to Altaris Capital
Leading international law firm McDermott Will & Emery represented Compagnie Générale des Établissements Michelin SCA (Michelin), in the sale of a controlling interest in one of its US subsidiaries, Solesis, to private equity firm Altaris Capital Partners. Michelin is a French multinational company and the world’s largest tire manufacturer, listed on the Euronext Paris stock exchange as ML.PA. Altaris Capital Partners is a New York-based private equity fund that focuses exclusively on the healthcare industry that actively manages over $5.2 billion of equity capital.
The transaction was announced by Michelin and Altaris on April 15, 2021 and is valued at $475 million.
Solesis is an innovative provider of biomaterials, tools and services for the life science and medical technology industries. Solesis operates through two primary business divisions, Charter Medical and the Secant Group. Charter Medical is a manufacturer of storage solution products used in the blood, biotech and regenerative medicine industries. Secant Group, which includes Sanavita Medical, is a manufacturer of innovative components for implantable and non-implantable medical devices. Sanavita Medical provides custom contract manufacturing services to medical device companies. Solesis’ differentiated biomaterials enable its customers to deliver advancements in life-saving therapies, with a specific focus on medical device technologies and biopharmaceuticals.
As part of the transaction, Solesis will formalize a research partnership with the Advanced Research Group of Michelin to develop novel polymer technologies for medical applications. This includes the Company’s [PGS] biopolymer platform, which is currently being commercialized in several therapeutic categories as Regenerez® and Hydralese™.
Morgan Stanley provided financial advisory services to Michelin in connection with the transaction.
McDermott Will & Emery is the nation’s leading health law firm. The Health Industry Advisory group is the only health practice to receive top national rankings from U.S. News – Best Lawyers “Best Law Firms,” Chambers USA, The Legal 500 US, and Law360. The practice was also recognized by Chambers as “Health Team of the Year” in 2010, 2013, 2017 and 2019. globally. McDermott has held the top spot in PitchBook’s League Tables as the most active firm for healthcare private equity since 2017. Pitchbook also ranked McDermott #3 in PE in the US and #5 in PE globally.
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