Decision Nº M/03/023 from Competition and Consumer Protection Commission, 2003-08-13

Decision NumberM/03/023
PartiesBMR,ICC
StatusCleared (Phase 1)
Determination of the Competition Authority
Determination No. M/03/023 of the Competition Authority, dated 13 August
2003, under Section 21 of the Competition Act, 2002
Notification No. M/03/023 – Acquisition of shares in Bio-Medical Research Ltd
by the Bank of Scotland (Ireland) Limited (BOSI), through its subsidiaries ICC
Equity Partners Limited and ICC Enterprise Partners Limited.
Introduction
1. On 24 July 2003 the Competition Authority, in accordance with Section 18(1) of
the Competition Act, 2002 (“the Act”) was notified, on a mandatory basis, of a
proposal whereby the Bank of Scotland (Ireland) Limited (BOSI), through its
subsidiaries ICC Equity Partners Limited (ICC Equity Partners) on behalf of ICC
Private Equity Investment Fund and ICC Private Equity Parallel Fund, and ICC
Enterprise Partners Limited (ICC Enterprise Partners) on behalf of the ICC
Regional Fund would acquire control (within the meaning of the Act) of Bio-
Medical Research Ltd (BMR) through the acquisition of shares by subscription.
The Parties
2. BMR designs, manufacturers and distributes Electrical Muscle Stimulation
(EMS) equipment and Transcultaneous Electrical Nerve Stimulation (TENS)
equipment in Ireland. This equipment is used in body shaping products and
medical devices. BMR is comprised of two business divisions, Slendertone and
Neurotech. Through its Slendertone division, BMR designs, manufacturers and
sells consumer products for body shaping and other products such as a product
designed for facial toning. It designs, manufactures and markets medical devices
for use in Orthopaedices, Neurology, Urology, Sports, Pain Clinics and
Obstetrics through its Neurotech division.
3. ICC Equity Partners is a wholly owned subsidiary of Bank of Scotland (Ireland)
Limited (BOSI). BOSI is a subsidiary within the HBOS Group. It is the general
partner and manager of the venture capital funds, ICC Private Equity Investment
Fund and ICC Private Equity Parallel Fund.
4. ICC Enterprise Partners is also a wholly owned subsidiary of Bank of Scotland
(Ireland) Limited (BOSI). It is the general partner and manager of the venture
capital fund, ICC Regional Fund.
Analysis
5. ICC Equity Partners, ICC Enterprise Partners, the funds managed by these
companies and the other members of the HBOS Group do not have any interests
related to the design, manufacture or distribution of EMS or TENS equipment.
Accordingly, the acquisition will not effect the level of competition in the design,
manufacture or sale of these products, or other products or services in the State.
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