Warburg Pincus $2.3 billion acquisition of Sterigenics International

Acquisition finance, High-yield bond/note issue, Private acquisition

$ 2.3 billion




  • Private equity firm Warburg Pincus has acquired a majority stake in Sterigenics International in a $2.3 billion deal.
  • Sterigenics provides sterilization services for the medical products industry.
  • Previous majority shareholder GTCR retained a minority stake in the company.
  • As part of Sterigenics' acquisition and recapitalisation, the company obtained a $1.05 billion term loan and a $172.5 million revolving credit facility.
  • Sterigenics also made a high yield offering of $450 million 6.5% notes due 2023 as part of the recapitalisation.
  • JP Morgan Securities, Jefferies, Barclays Capital and RBC Capital Markets acted as joint lead arrangers and initial purchasers in connection with the financing and debt offering.
  • The acquisition was first announced in March 2015.

Kurt Stumpo - Journalist


United States

Deal types:

Acquisition finance
High-yield bond/note issue
Private acquisition

Practice areas:

Capital markets : High yield
Private equity

Governing law:

United States

Industry sector:

Pharmaceuticals and life sciences


Party: Warburg Pincus (Acquirer)

Party: GTCR Private Equity (Seller)

Party: Sterigenics (Target)

Party: JP Morgan Securities (Lead arranger, Initial purchaser)

Party: Jefferies Finance (Lead arranger, Initial purchaser)

Party: Barclays Capital (Lead arranger, Initial purchaser)

Party: RBC Capital Markets (Lead arranger, Initial purchaser)

Lawyer: Paul Denaro