Schivo announces strategic recapitalisation from Five Arrows as MML exits

November, 2024

Schivo announces strategic recapitalisation from Five Arrows as MML exits

Schivo, the leading global player in outsourced contract development and manufacturing for healthcare OEMs primarily in the medical device and life sciences spaces, is delighted to announce a new investment by Five Arrows, the alternative assets arm of Rothschild & Co. This transaction allows MML Growth Capital Partners Ireland to successfully exit our minority position in the company.

Headquartered in Waterford, Schivo has grown both organically and by acquisition since it was acquired by the existing shareholders in 2017. Schivo has made three North American acquisitions during that period, including New York-based SSP, Quebec-based APN and Connecticut-based ParMed, giving it a significant North American presence. The business has grown more than fivefold since 2017, now employing over 500 people across the group.

Graham Reeves, CEO of Schivo, said:

“We wish to thank MML for its strong support over the past nearly seven years. MML invested as part of a cornerstone investor group at a pivotal time for the business. Its partnership approach, scaling insights and capital have been key in executing our strategy of bringing more value to our customers globally as they seek to drive innovation. As part of MML’s exit, Schivo ran a comprehensive process to seek the right type of partner for the next phase of the company’s significant growth plans. The Board is delighted to welcome Five Arrows into the business and is very excited about the longer-term opportunities for Schivo.”

Rory Quirke, Partner and co-Head of Investment at MML Ireland, commented:

“We are pleased to announce the successful exit of our investment in Schivo. Our partnership with the Schivo team demonstrates MML’s typical approach to investing, with collaborative relationships and shared values. It has been a pleasure to work so successfully with Graham, the wider executive team and the Schivo Board. The new investment by Five Arrows comes at a great time for Schivo, and we wish the whole team continued success for the future.”

Kunal Pandit, Partner at Five Arrows, added:

“Schivo is an outstanding medical outsourced contract development and manufacturing business servicing leading customers in the sector, with significant opportunity to grow both organically and via acquisition. We were attracted by Schivo’s differentiated ability to manufacture complex micro-engineered components, the sizeable end markets that it serves and the ability of the management team to execute on an ambitious growth plan. We are very pleased at the opportunity to invest in the company and look forward to working with Graham and the team to grow the business in the coming years.”

The specific terms of the re-capitalisation are not being disclosed.

Schivo was advised by Deloitte, Shannon O’Connor, William Fry, PWC and Grant Thornton. Five Arrows was advised by Piper Sandler, Shoosmiths, A&L Goodbody and Alvarez & Marsal.