Privately held Acelity may go public again, according to news reports this week.
London-based Apax Partners and a pair of Canadian pension funds acquired wound-care company Kinetic Concepts Inc. (now Acelity) for $6.1 billion in a leveraged buyout in 2011. Apax is now mulling an initial public offering for Acelity by mid-2019, Bloomberg and the San Antonio Express-news reported. Bloomberg cited unnamed sources with knowledge of the possible IPO, the Express-News report said.
Apax has begun discussing a potential listing with advisers, the news outlets said. Sources told Bloomberg that an IPO could value Acelity at $5 billion.
In 2016, Acelity called off an initial public offering that could have fetched as much as $1 billion, citing market conditions.
Earlier this year, Acelity agreed to sell its Systagenix facility in Gargrave, England, to Scapa Healthcare and inked a deal to buy Crawford Healthcare. Then-KCI had acquired Systagenix for $485 million in 2013. The company united Systagenix, LifeCell and KCI under the Acelity brand in 2014 and sold LifeCell to Allergan for $2.9 billion in 2016.
Jim Leininger, M.D., an accident and emergency physician, founded KCI in 1976 to manufacture a critical care bed. KCI raised $50 million in its first IPO in 1988 and took itself private again in 1997, according to the Express-News. The company went public again in 2004, landing a listing on the New York Stock Exchange.
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