Investment firm Altaris Capital Partners has completed the acquisition of a 51% stake in US biomaterials company Solesis from Michelin. The deal retains 49% of Michelin’s stake in Solesis, which now operates as an independent company.
Solesis operates through three subsidiaries, namely, the Secant Group, Charter Medical and SanaVita Medical. The company develops, manufactures and sells critical components for implantable medical devices and single-use technologies for the biopharmaceutical market, including cell and gene therapies.
The transaction, meanwhile, demonstrates French tyre maker Michelin’s 2030 strategic plan – “Michelin in Motion” – which is to expand in non-tyre business.
The Michelin-Altaris partnership, aside from the acquisition, also includes a joint research and development between Michelin and Solesis to continue co-developing biopolymers focused on the intersection of polymer science and biology.