Advanced Medical Solutions Group plc (AIM:AMS) entered into an agreement to acquire Péters Surgical SASU from Eurazeo SE (ENXTPA:RF) and others for ?140 million on March 13, 2024. The total maximum cash consideration payable is ?141.4 million (approximately £120.8 million) structured as follows Initial cash payment of ?132.5 million (approximately £113.2 million) payable on completion on a debt-free, cash-free basis and Earnout of up to ?8.9 million (approximately £7.6 million) payable on delivery of US regulatory approvals, achievement of FY24 revenue and gross margin targets, and satisfying certain inventory and tax conditions. AMS has arranged new debt facilities to fund part of the cash consideration of the Acquisition which comprise: a ?70.1346 million (£60 million) by amortising term loan facility; and a ?35.0673 million (£30 million) by revolving credit facility.

Peters Surgical has revenues of ?84 million in 2023. The sale of Peters Surgical would allow funds managed by Eurazeo, to receive estimated proceeds of ?66 million upon closing. These proceeds are subject to adjustments based on completion accounts and earn-outs which could be triggered and paid in 2024 and 2025 Gary Clarence and David Anderson of Investec Bank PLC and Simon Elliott and Torera Oyewo of Evercore acted as Financial advisor to Advanced Medical Solutions.

The Acquisition is expected to complete at the end of June 2024 following the completion of the anticipated requirement for French Foreign Direct Investment screening, which the Directors are confident will be approved without condition. Simon Servan-Schreiber, Anne-Charlotte Rivière, Charles-Henri de Gouvion Saint Cyr from Goodwin Procter (France) LLP acted as legal advisors to Eurazeo and the other sellers. Alexandre Morel, Célia Mayran, Dan Roskis, Thomas Strange, Patrick Gerry, Anne Sauvebois-Brunel and Gaëtan Cordier of Eversheds Sutherland, Fabien Rasidic, Aurélie Cluzel d'Andlau of PwC Société d'Avocats acted as legal advisors to the AMS group, Sophie Pelé and Philippe Thomas of Dechert firm, Bruno Leroy of Paul Hastings firm acted as due diligence provider for sellers.