Leeds based Tissuemed, medical device manufacturers of a unique synthetic surgical sealant developed in house and used to enhance outcomes for patients undergoing mainly cancer operations, has been acquired by one of the world’s largest medical device businesses.
Headquartered in Franklin Lakes, United States, Becton Dickinson (BD), employs more than 70,000 people worldwide and has added Tissuemed alongside its two existing UK facilities.
Tissuemed’s unique offering will broaden BD’s existing products within the surgical sector whilst providing Tissuemed significant new sales channels worldwide.
Tissuemed was entirely equity funded throughout its many years of development and supported by more than 200 shareholders. More recently, equity rounds were led by Paul Banner ( Chairman ) and Jeremy Sampson ( Deputy ), both holding NED positions for more than 14 years. Jeremy Sampson is also a Director of Brown Butler in Leeds. Terms of the recommended offer to shareholders were not disclosed.
Paul Banner said, “This has provided our shareholders with an exciting exit opportunity in addition to positioning the business exactly where it needs to be to succeed in the future, so great news for both our shareholders and Tissuemed’s employees. Many thanks to the Knights team for helping steer the board through this transaction.”
Jeremy Sampson also said, “It’s a great testament to the patience and determination of Tissuemed’s people, including its employees, stakeholders and partners over the years - BD is exactly the right business to move it forward and is fully committed to do so.”
Knights’ Corporate team, led by Philip Goldsborough and Henry Hill, supported by Kate Featherstone, Jade Edgar and Isabelle Leonard, advised the Board of Tissuemed Limited.
Philip Goldsborough, Partner at Knights, commented, “This has been an exciting project for us and we are delighted to have supported the Board of Tissuemed in what was a most unusual transaction, namely a takeover offer for a private company with multiple shareholders. We congratulate the Board of Tissuemed and wish BD every success with the business in the future.”