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Transform in takeover talks.
by COOKIE 21st November 2014, 8:37 pm
One of the companies at the centre of the PIP implant scandal is in advanced talks about an overseas takeover, Sky News learns.
By Mark Kleinman, City Editor
One of the cosmetic surgery providers at the centre of the controversy surrounding PIP breast implants is in advanced talks about a sale to a German investment fund.
Sky News has learnt that Transform Cosmetic Surgery Group, which oversees thousands of procedures each year, is in detailed negotiations over a takeover by Aurelius Investments or another interested party.
An announcement about a change of ownership could be made as soon as this week.
Transform, which marked its 40th anniversary earlier this year, is majority-owned by Candlewick, a joint venture between TPG, the private equity firm, and an arm of Goldman Sachs, the Wall Street investment bank.
It was previously minority-owned by Lloyds Banking Group, the taxpayer-backed lender.
Insiders said on Thursday that among the options which had been explored for Transform was a pre-pack administration, a controversial process which allows the buyers of companies' assets to acquire them without taking on historic liabilities.
It is unclear whether such a mechanism could be used in the case of Transform to allow its new owner to shed financial responsibility for outstanding claims from patients who were given faulty PIP breast implants.
If such a move were to take place, it would be hugely controversial, although one source close to the process insisted that the focus was on "a straight share sale" rather than a pre-pack administration or another form of restructuring.
The controversy over PIP implants sprang to prominence in 2011 when some women reported that breast enlargement procedures using Poly Implant Protheses, an industrial-grade silicone, had ruptured.
Transform and other cosmetic surgery providers became embroiled in a row with the then Health Secretary Andrew Lansley in January 2012 when they refused to pay for the removal of the defective implants, citing their prior approval by the Government and health watchdogs.
Later in 2012, Transform launched what it claimed was the first cosmetic surgery patient charter, called Clear.
The company now operates more than 25 clinics across the UK, but detail about its current financial health is difficult to obtain from public sources.
Sources close to Transform, which had a large share of the market for PIP breast enhancement surgery, confirmed that there was "a large number" of outstanding claims against it.
Candlewick is understood to have decided earlier this year that Transform was a non-core asset and hired Zolfo Cooper, a professional services firm, to oversee an auction.
A source said that Aurelius, which owns the Scholl footwear business, could move to acquire Transform's debts within days.
A number of other medical groups and financial investors made offers for Transform, although sources said that Aurelius was the leading candidate to acquire the business.
It is thought that approval for a change of control of the company may be required from the Care Quality Commission, the industry regulator.
Spokesmen for Transform, which offers a wide range of other popular cosmetic surgery treatments, did not return calls seeking a comment.
Aurelius and Candlewick declined to comment.
Source HERE
bast@rds!
By Mark Kleinman, City Editor
One of the cosmetic surgery providers at the centre of the controversy surrounding PIP breast implants is in advanced talks about a sale to a German investment fund.
Sky News has learnt that Transform Cosmetic Surgery Group, which oversees thousands of procedures each year, is in detailed negotiations over a takeover by Aurelius Investments or another interested party.
An announcement about a change of ownership could be made as soon as this week.
Transform, which marked its 40th anniversary earlier this year, is majority-owned by Candlewick, a joint venture between TPG, the private equity firm, and an arm of Goldman Sachs, the Wall Street investment bank.
It was previously minority-owned by Lloyds Banking Group, the taxpayer-backed lender.
Insiders said on Thursday that among the options which had been explored for Transform was a pre-pack administration, a controversial process which allows the buyers of companies' assets to acquire them without taking on historic liabilities.
It is unclear whether such a mechanism could be used in the case of Transform to allow its new owner to shed financial responsibility for outstanding claims from patients who were given faulty PIP breast implants.
If such a move were to take place, it would be hugely controversial, although one source close to the process insisted that the focus was on "a straight share sale" rather than a pre-pack administration or another form of restructuring.
The controversy over PIP implants sprang to prominence in 2011 when some women reported that breast enlargement procedures using Poly Implant Protheses, an industrial-grade silicone, had ruptured.
Transform and other cosmetic surgery providers became embroiled in a row with the then Health Secretary Andrew Lansley in January 2012 when they refused to pay for the removal of the defective implants, citing their prior approval by the Government and health watchdogs.
Later in 2012, Transform launched what it claimed was the first cosmetic surgery patient charter, called Clear.
The company now operates more than 25 clinics across the UK, but detail about its current financial health is difficult to obtain from public sources.
Sources close to Transform, which had a large share of the market for PIP breast enhancement surgery, confirmed that there was "a large number" of outstanding claims against it.
Candlewick is understood to have decided earlier this year that Transform was a non-core asset and hired Zolfo Cooper, a professional services firm, to oversee an auction.
A source said that Aurelius, which owns the Scholl footwear business, could move to acquire Transform's debts within days.
A number of other medical groups and financial investors made offers for Transform, although sources said that Aurelius was the leading candidate to acquire the business.
It is thought that approval for a change of control of the company may be required from the Care Quality Commission, the industry regulator.
Spokesmen for Transform, which offers a wide range of other popular cosmetic surgery treatments, did not return calls seeking a comment.
Aurelius and Candlewick declined to comment.
Source HERE
bast@rds!
COOKIE- Admin
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Location : North West England -
Re: Transform in takeover talks.
by mirren001 21st November 2014, 9:16 pm
So depending on the type of take over would that then mean that outstanding pip claims re ops etc might no longer be met?
mirren001- Moderator
- Number of posts : 3459
Location : scotland
Re: Transform in takeover talks.
by COOKIE 21st November 2014, 9:18 pm
Yes. It would relinquish all responsibility 
COOKIE- Admin
- Number of posts : 28796
Location : North West England -
Re: Transform in takeover talks.
by mirren001 22nd November 2014, 3:38 pm
That would be disgusting if they were to do that, you see companies close & re open under a different name all the time & getting out of paying their debts but this is peoples lives they are dealing with not a sofa etc.... Shame on them if they take this option! 
mirren001- Moderator
- Number of posts : 3459
Location : scotland
Re: Transform in takeover talks.
by COOKIE 22nd November 2014, 5:24 pm
I've read somewhere just today that the sale has already gone through Mirren but can't remember where I saw it. Whether or not they cheat all the PIP ladies out of what's rightfully there's, well....only time will tell. Xx
COOKIE- Admin
- Number of posts : 28796
Location : North West England -
Re: Transform in takeover talks.
by COOKIE 24th November 2014, 12:18 pm
Found it! The deal has been done but the horrible little sharks aren't yet revealing whether it's going to affect all of the ladies THEY implanted with PIPS yet. This is people's lives they're messing with. If they take the pre-pack administration deal this could well mean all the women with a case against Transform will get NOTHING!
Here's the article:
A German fund has agreed a deal to buy Transform, one of the UK's biggest cosmetic surgery providers, Sky News learns
By Mark Kleinman, City Editor
A secretive German investment fund has snapped up the cosmetic surgery provider at the centre of a controversy over PIP breast implants involving thousands of British women.
Sky News has learned that the owners of Transform Cosmetic Surgery Group agreed a sale earlier this week to Aurelius Investments.
And both the new owners and Transform itself have refused to publicly rule out using a contentious takeover mechanism called a pre-pack administration, which enables the buyers of companies' assets to acquire them without taking on historic legal liabilities.
An announcement about the Aurelius takeover could be made as soon as this week, although a Transform spokesman said there were "no current plans" to announce the deal.
The price and exact terms of the transaction, or its scheduled completion date, were unclear on Thursday.
Transform, which marked its 40th anniversary earlier this year, was majority-owned by Candlewick, a joint venture between TPG, the private equity firm, and an arm of Goldman Sachs, the Wall Street investment bank.
It was previously minority-owned by Lloyds Banking Group, the taxpayer-backed lender.
The controversy over PIP implants sprang to prominence in 2011 when some women reported that breast enlargement procedures using Poly Implant Protheses, an industrial-grade silicone, had ruptured.
Transform and other cosmetic surgery providers became embroiled in a row with then-health secretary Andrew Lansley in January 2012 when they refused to pay for the removal of the defective implants, citing their prior approval by the Government and health watchdogs.
It is unclear whether a pre-pack administration would allow Transform's new owner to shed financial responsibility for outstanding claims from patients who were given faulty PIP breast implants.
Insiders say that Transform, which had a large share of the market for PIP breast enhancement surgery, continues to have "a large number" of outstanding claims against it.
The company operates more than 25 clinics across the UK, and it is thought that approval for a change of control may be required from the Care Quality Commission, the industry regulator.
Representatives for Transform, which offers a wide range of other cosmetic surgery treatments, Aurelius and Candlewick all declined to comment on the deal.
Aurelius and Transform also refused to discuss the prospective use of a pre-pack administration or other corporate restructuring procedure.
Source HERE
Here's the article:
A German fund has agreed a deal to buy Transform, one of the UK's biggest cosmetic surgery providers, Sky News learns
By Mark Kleinman, City Editor
A secretive German investment fund has snapped up the cosmetic surgery provider at the centre of a controversy over PIP breast implants involving thousands of British women.
Sky News has learned that the owners of Transform Cosmetic Surgery Group agreed a sale earlier this week to Aurelius Investments.
And both the new owners and Transform itself have refused to publicly rule out using a contentious takeover mechanism called a pre-pack administration, which enables the buyers of companies' assets to acquire them without taking on historic legal liabilities.
An announcement about the Aurelius takeover could be made as soon as this week, although a Transform spokesman said there were "no current plans" to announce the deal.
The price and exact terms of the transaction, or its scheduled completion date, were unclear on Thursday.
Transform, which marked its 40th anniversary earlier this year, was majority-owned by Candlewick, a joint venture between TPG, the private equity firm, and an arm of Goldman Sachs, the Wall Street investment bank.
It was previously minority-owned by Lloyds Banking Group, the taxpayer-backed lender.
The controversy over PIP implants sprang to prominence in 2011 when some women reported that breast enlargement procedures using Poly Implant Protheses, an industrial-grade silicone, had ruptured.
Transform and other cosmetic surgery providers became embroiled in a row with then-health secretary Andrew Lansley in January 2012 when they refused to pay for the removal of the defective implants, citing their prior approval by the Government and health watchdogs.
It is unclear whether a pre-pack administration would allow Transform's new owner to shed financial responsibility for outstanding claims from patients who were given faulty PIP breast implants.
Insiders say that Transform, which had a large share of the market for PIP breast enhancement surgery, continues to have "a large number" of outstanding claims against it.
The company operates more than 25 clinics across the UK, and it is thought that approval for a change of control may be required from the Care Quality Commission, the industry regulator.
Representatives for Transform, which offers a wide range of other cosmetic surgery treatments, Aurelius and Candlewick all declined to comment on the deal.
Aurelius and Transform also refused to discuss the prospective use of a pre-pack administration or other corporate restructuring procedure.
Source HERE
COOKIE- Admin
- Number of posts : 28796
Location : North West England -
Re: Transform in takeover talks.
by mirren001 24th November 2014, 11:33 pm
For all those poor ladies still out there with Transform implanted PIPS! It should be against the law for cosmetic surgery companies to use pre pack administration as a get out of doing the right thing ,also I feel that the surgeons themselves have a duty of care to their patients not just be happy to take their pay cheque at the end of the day then wash there hands of them!
mirren001- Moderator
- Number of posts : 3459
Location : scotland
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