New York, NY—Altaris Capital Partners, LLC (collectively with its affiliates, “Altaris”) announced today that it has completed the acquisition of a 51% stake in Solesis LLC (“Solesis”) from Michelin. As part of the transaction, Michelin retained a 49% stake in Solesis, which will now operate as an independent company.
Founded in 2002, Solesis is a market leader specializing in biomaterials for the life sciences industry. Operating through three subsidiaries, The Secant Group, Charter Medical and SanaVita Medical, Solesis develops, manufactures and sells critical components for implantable medical devices and single-use technologies for the biopharmaceutical market, including cell and gene therapies. Based in the United States, Solesis employs 360 people across four production facilities located in Pennsylvania and North Carolina.
Altaris is an investment firm focused exclusively on the healthcare industry. Altaris targets companies that deliver value to the healthcare system by improving patient outcomes, eliminating unnecessary costs, increasing efficiency and aligning stakeholder incentives. Since inception in 2003, Altaris has made more than 40 platform investments. Altaris has $5.6 billion of equity capital under active management and is headquartered in New York, NY. For more information, please visit www.altariscap.com.
J.P. Morgan and Piper Sandler & Co. acted as financial advisors to Altaris. J.P. Morgan served as Lead Left Arranger and Capital One as Arranger to Altaris. Cleary Gottlieb acted as legal counsel to Altaris. Michelin and Solesis were advised by Morgan Stanley and McDermott Will & Emery LLP.