Trinity Biotech closes $30M sale of life sciences supply business to Biosynth

Trinity Biotech announced that it has closed the recently announced sale of its Fitzgerald Industries life sciences supply business, consisting of Benen Trading Ltd and Fitzgerald Industries International, Inc, to Biosynth for cash proceeds of approximately $30M, subject to customary adjustments. Biosynth is owned, amongst others, by KKR, Ampersand Capital Partners and management. "The company has used approximately $11M of the proceeds of the sale to repay approximately $10.1M of its senior secured debt held by Perceptive Advisors plus an approximately $900,000 early repayment penalty. In connection with this transaction, the company has entered into an amendment to its senior secured term loan credit facility with Perceptive Advisors, which significantly reduces the company’s minimum revenue covenants under that loan," Trinity stated.