Edmond de Rothschild Investment Partners, controlled by a branch of the eponymous family, is to sell health technology firm Vessix Vascular, netting itself huge returns in the process.
In a statement on 8 November, the venture capital group said US firm Boston Scientific was to acquire Vessix, a business founded in 2003 that has developed radiofrequency balloon catheter technology.
The move comes less than 18 months after Edmond de Rothschild Investment Partners invested $10 million (€7.9 million) in Vessix. It expects to sell the company for $425 million – achieving up to 10 times return on its investment.
“The total transaction value allows us to make up to 10 times on the investment we made one and a half years ago. This exit demonstrates our ability to support the best US companies in their clinical development in Europe," said Raphael Wisniewski, Edmond de Rothschild Investment Partners' representative on Vessix's board, in a statement.
The company, which specialises in investing in small and medium-sized firms, is an independently managed affiliate of Compagnie Financiere Edmond de Rothschild Banque. The Edmond de Rothschild Group was set up by Edmond de Rothschild in the 1950s and is now headed by his son, Benjamin.
Click here to read our interview with Baron David de Rothschild.