Global private equity firm The Riverside Company is mulling an exit from its New Zealand-based animal health business Simcro, sources told Street Talk.
This column understands First NZ Capital was appointed to manage an auction of the company whose products include animal health applicators, injectors and drench guns.
Riverside made the investment in Simcro in 2013 and two years ago beefed up its operations by acquiring the assets of ISL Animal Health and the shares of NJ Phillips. ISL is based in Hamilton, New Zealand, while NJP is based in Gosford, Australia.
It looks as though Riverside has employed the roll-up strategy and sought to expand geographically before heading for the exits.
The company will be pitched to mid-market private equity players and strategic buyers as a provider of animal health-delivery systems largely used for production animals with customers spanning Australia, Europe, North and South America, Asia and South Africa.
According to the company's website Simcro's customers are pharmaceutical companies that package the devices so that vaccines and other medications can be administered.
Simcro is chaired by Riverside partner Simon Feiglin and the chief executive is veterinarian Roger Wakelin.
Riverside is an active player in the healthcare sector globally and has also made portfolio investments including in a supplier of medical incontinence products and a company that provides treatment for eating disorders.
Elsewhere, as first reported by Street Talk, Morgan Stanley executive director Simon Palagyi is leaving the bank to join a global infrastructure investor. The infrastructure and utilities banker is joining Canadian giant Borealis Infrastructure and will be based in Sydney.
