Healthcare Industry News: Baxter International
News Release - January 17, 2007
New Transfusion Therapies Company to Be Named 'Fenwal'DEERFIELD, IL--(HSMN NewsFeed)--Texas Pacific Group (TPG) and Maverick Capital, Ltd. announced today that the transfusion therapies business being acquired from Baxter International Inc. will be named Fenwal, Inc. when the transaction closes later this quarter. Fenwal was the original name of the business when it was established in 1949.
As a new, independent company, Fenwal will be one of the world's largest suppliers of products and services to the blood banking industry. For nearly 60 years this business has pioneered the science of transfusion medicine, introducing technological breakthroughs that have helped make blood collection and blood therapy a reality.
"Choosing the name Fenwal was an easy decision," explained Ron K. Labrum, the incoming CEO of the new company. "The Fenwal brand is recognized around the world as being synonymous with innovation in transfusion medicine. The name signals a renewed vigor to bring about new and better technologies, backed by the service and support expected from an industry leader."
In 1949, a medical student named Carl Walter, with a $2,000 investment from his entrepreneurial neighbor, T. Legare Fenn, founded Fenwal Laboratories. Walter had developed the first flexible, disposable blood-collection container, which revolutionized blood banking. In addition to eliminating complications associated with blood collected in glass bottles, such as air embolism, contamination and breakage, Fenwal's Blood-Pack system made it possible to separate whole blood into its components through a series of connected disposable containers. This created an industry wide shift from whole-blood transfusion to blood-component therapy, allowing each unit of blood to benefit more patients by allowing physicians to administer only that component of blood needed by the patient. Current product development is focused on innovative technologies that automate the process of cell separation and other processes to aid in ensuring a safe and available global blood supply.
Under the terms of the sale, announced last October, assets of Baxter's global product portfolio of manual and automated blood collection products and storage equipment will transfer to Fenwal, including five manufacturing plants and employees dedicated to the business.
TPG is a private investment partnership that was founded in 1992 and currently has more than $30 billion of assets under management. With offices in San Francisco, London, Hong Kong, Fort Worth and other locations globally, TPG has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, joint ventures and restructurings. TPG seeks to invest in world-class franchises across a range of industries, including healthcare (IASIS Healthcare, Oxford Health Plans, Quintiles Transnational), retail/consumer (Debenhams, Ducati, J. Crew, Neiman Marcus, Petco), airlines (America West, Continental), media and communications (Findexa, MGM, TIM Hellas), industrials (Altivity Packaging, British Vita, Grohe, Kraton Polymers, Texas Genco), technology (Lenovo, MEMC, Seagate) and financial services (Endurance Specialty Holdings, Fidelity National Information Services, LPL Financial Services), among others. Visit www.tpg.com.
About Maverick Capital, Ltd--Boilerplate.
Dallas and New York-based Maverick Capital, Ltd. is a manager of private investment funds.
Source: Texas Pacific Group
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