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

• Jurisdiction: Ireland
• Parties: BMR,ICC
• Date: 13 August 2003
• Decision Number: M/03/023
• Status: Cleared (Phase 1)
• Court: Competition and Consumer Protection Commission (Ireland)
• Decision Date: 13 August 2003

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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