Nordic Capital acquires Sunrise Medical from Equistone
Nordic Capital Fund VII (“Nordic Capital”) acquires Sunrise Medical, a world leader in premium mobility products, from Equistone Partners Europe (“Equistone”).
Sunrise Medical is a world leader in the development, design, manufacturing and distribution of manual wheelchairs, power wheelchairs, scooters, as well as seating and positioning products. The Company’s products are sold in over 130 countries. Sunrise Medical’s headquarters are based in Malsch, Germany and the company has 2,000 employees worldwide.
Thomas Roßnagel, President & CEO of Sunrise Medical commented:
“With Equistone’s outstanding support, for which I am very thankful, we were able to develop Sunrise Medical to its next level of performance as the Global Leader in premium mobility products. I am extremely pleased that with Nordic Capital we were able to attract one of the most knowledgeable and experienced financial sponsors in our space. This new partnership puts Sunrise Medical in a perfect position to significantly grow the business over the coming years, organically and also by way of acquisitions.”
In November 2012, funds managed by Equistone, took a majority stake in Sunrise Medical. Following this investment, Sunrise Medical has achieved strong organic growth in its core markets, as well as in developing countries. The Company has also successfully completed 4 add-on acquisitions between November 2012 and today, most recently with SwitchIt (USA, March 2015) and RGK Wheelchairs Ltd. (UK, April 2015).
Dirk Schekerka, Managing Director at Equistone Partners Europe, said:
“Since our initial investment in Sunrise Medical, we’ve pursued a clear growth strategy and strengthened the Company’s international market position. Today, following astute acquisitions and successful growth, Sunrise Medical is a leading international manufacturer of individual high-tech mobility products. We wish Thomas Roßnagel and his team all the best and lots of success.”
With the addition of Sunrise Medical, Nordic Capital invests further in the high quality mobility products and services sector, and expands its holdings within mobility products both in Northern Europe and internationally.
Fredrik Näslund, Partner, NC Advisory AB, advisor to the Nordic Capital Funds comments:
“Nordic Capital is very enthusiastic about this investment and to further build upon its platform in the mobility solution segment. With both Handicare, acquired in 2010, and now Sunrise Medical in Nordic Capital’s portfolio, there are plenty of opportunities to strengthen both businesses. Over the coming months we will work with both Management Teams to identify these opportunities.”
The parties have agreed to not disclose the transaction value.The transaction is subject to approval by the competition authorities.
Press contacts:
Nordic Capital
Katarina Janerud, Communication Manager,
NC Advisory AB, advisor to the Nordic Capital Funds
Tel: +46 8 440 50 69
e-mail: katarina.janerud@nordiccapital.com
Equistone
Ira Wülfing Kommunikation GmbH
Dr. Reinhard Saller
+49 89 2000 3038
+49 176 70031725
e-mail: reinhard.saller@wuelfing-kommunikation.de
Sunrise Medical
Julia Mattern
Phone +49 7253 980204
e-mail: j.mattern@sunrisemedical.de
About Nordic Capital
Nordic Capital private equity funds have invested in mid-market companies primarily in the Nordic region since 1989. Through committed ownership and by targeting strategic development and operational improvements, Nordic Capital enables value creation in its investments. Nordic Capital Funds invest in companies in northern Europe and in selected investment opportunities internationally. The most recent fund is Nordic Capital Fund VIII with EUR 3.5 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Funds are based in Jersey, Channel Islands, and are advised by the NC Advisory companies in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital please see www.nordiccapital.com
About Equistone Partners Europe
Equistone is an independent management investment firm wholly-owned and managed by its executives. The company is one of Europe’s leading investors in mid-market buyouts with a strong, consistent track record spanning over 30 years, with more than 350 transactions completed in this period. Equistone has a strong focus on change of ownership deals and aims to invest between €25m and €125m of equity in businesses with enterprise values of between €50m and €300m. The company has a team of 35 investment professionals operating across France, Germany, Switzerland and the UK, investing as a strategic partner alongside management teams. Equistone is authorised and regulated by the Financial Conduct Authority. Further information can be found at www.equistonepe.com
About Sunrise Medical
Sunrise Medical is a world leader in the development, design, manufacture and distribution of manual wheelchairs, power wheelchairs, motorized scooters and both standard and customized seating and positioning systems. Sunrise Medical manufactures products in their own facilities in the United States, Mexico, Germany, United Kingdom, Spain and China. Their key products, marketed under the Quickie, Sopur, Zippie, Breezy, Sterling and Jay proprietary brands, are sold through a network of homecare medical product providers or distributors in over 130 countries. The company is headquartered in Malsch, Germany with North American headquarters in Fresno, CA and employs over 2,000 associates worldwide. For further information please see www.sunrisemedical.com