Reva Medical (RVA:AU) is the leading medical device company developing a bioresorbable stent something of the holy grail in the cardiology field. Danny Frank (ex Cerberus, ex Fidelity) our head of Asset Management and Managing Member of our Healthcare Fund is an investor in Reva and a past board member. M.M. Dillon completed a $24 million private placement of the shares of Reva. The buy side of the placement was designed to be filled by a combination of a strategic investor to validate the science and a large fund who could not get their desired 10% in the open market. I
We met with various funds and strategic investors and the likely sellers who were depressing the price. Based upon a long term relationship with both major buyers Elliott Management and Medtronic we secured our anchor buyers. In the case of Medtronic, we were assisted by Jim Lenehan (Cerberus, ex J&J Vice Chairman) a board member of Medtronic and a shareholder in both Reva and the Dillon Healthcare Fund. We added both other buyers and sellers such as Domain whom we knew and ultimately came up with an optimal market clearing $24 million placement signed in late March and announced at the opening in Australia.
About M.M. Dillon & Co.
M.M. Dillon & Co. (formerly CRT Investment Banking LLC) is an employee owned partnership where industry and product specialists collaborate closely to provide creative, idea-driven advice and solutions to its institutional and corporate clients. M.M. Dillon offers public and private financing, M&A advisory and restructuring advisory services. M.M. Dillon’s team of experienced professionals provides execution capabilities for companies across a range of industry sectors. The firm’s senior banking professionals have a minimum of 20 years of experience with major Wall Street firms.