Handicare Group completes the divestment of Patient Handling Europe

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Handicare Group AB (publ) (“Handicare”) has completed the previously announced divestment of Patient Handling Europe, including all Patient Handling operations outside North America.

On April 9, 2020 Handicare announced that the company had signed an agreement to divest Patient Handling Europe, including all Patient Handling operations outside North America, to Direct Healthcare Group. The divestment is a result of the strategic review announced in connection with the report for the third quarter 2019.

The purchase price amounts to MEUR 29.7 on a cash and debt-free basis (Enterprise Value). The transaction results in a capital loss, before transaction costs, of approximately MEUR 12. The final capital loss will be reported in Handicare’s financial statements for the second quarter. From the second quarter 2020, Patient Handling Europe will be recognized as discontinued operations.
 

For more information, contact:

Pernilla Lindén, CFO & Investor relations, Tel: +46 708 775 832

 

About Handicare

Handicare offers solutions to increase the independence of disabled or elderly people, and to facilitate for their care providers and family. The offering encompasses a comprehensive range of curved and straight stairlifts, transfer, lifting and repositioning aids and vehicle adaptations. Handicare is a global company with sales in more than 40 countries and is one of the market leaders in this field. The head office is in Stockholm, Sweden and manufacturing and assembly is located at five sites distributed across North America, Asia and Europe. In the twelve-month period to March 2020, revenue amounted to MEUR 265 and the adjusted EBITA margin was 7.6%. Employees amounted to 1,034 and the share is listed on Nasdaq Stockholm. For more information, www.handicaregroup.com.

About Direct Healthcare Group

No one better understands the importance of movement and its relationship to both physical and mental health than Direct Healthcare Group, especially when the need to move directly affects the quality of daily living. DHG develops, manufactures and continuously refines a complete range of medical devices focused on early mobilization of patients in order to prevent health challenges associated with non-movement. The use of Direct Healthcare Group’s products and services means serious medical issues associated with reduced patient movement are anticipated, managed, and resolved. DHG is committed to better health outcomes, accelerated recovery and easier daily living. For more information, www.directhealthcaregroup.com